Hyperliquid Fees Explained: The Complete Fee Guide

Hyperliquid uses a maker-taker fee model with seven volume-based tiers (VIP 0 through VIP 6). Tiers are assessed daily based on your trailing 14-day weighted volume. Maker orders (limit orders that add liquidity to the book) pay lower fees than taker orders (market orders that remove liquidity). At the base tier, perpetual taker fees are 0.045% and maker fees are 0.015%. At the highest tier ($7B+ in 14-day volume), taker fees drop to 0.024% and maker fees are zero.

Spot trading has a separate fee schedule with higher base rates (0.07% taker, 0.04% maker) but spot volume counts double toward your tier qualification. This means $1 of spot volume counts as $2 toward your 14-day weighted volume calculation, making it easier to reach higher fee tiers if you trade spot actively.

The seven tiers are: VIP 0 (under $5M volume, 0.045% taker / 0.015% maker), VIP 1 ($5M+, 0.040% / 0.012%), VIP 2 ($25M+, 0.035% / 0.008%), VIP 3 ($100M+, 0.030% / 0.004%), VIP 4 ($500M+, 0.028% / 0.000%), VIP 5 ($2B+, 0.026% / 0.000%), and VIP 6 ($7B+, 0.024% / 0.000%). Maker fees become zero at VIP 4 and above.

High-volume market makers who contribute significant maker volume relative to the entire venue can earn additional rebates. Makers providing more than 0.5% of total 14-day maker volume earn -0.001% (paid to trade), with rebates increasing to -0.003% for makers above 3% of total volume. These rebates make Hyperliquid extremely competitive for professional market-making operations.

Hyperliquid's fee system layers three types of discounts. First, your volume tier sets the base rate. Second, staking HYPE tokens reduces fees by 5% (Wood, 10+ HYPE) up to 40% (Diamond, 500,000+ HYPE). Third, using a referral code like HIPERWIRE gives an additional 4% discount on taker fees for your first $25M in volume.

These discounts compound multiplicatively. At the highest combination — VIP 6 volume tier with Diamond staking — the effective perpetual taker fee is just 0.0144%. This is lower than any major centralized exchange's advertised rate, including Binance's VIP 9 tier at 0.017%. For active traders, the fee savings over months of trading can be substantial.

Over 97% of all Hyperliquid trading fees flow into the Assistance Fund, which automatically buys HYPE tokens on the open market. These buybacks create sustained buy pressure correlated with trading volume. In 2025, Hyperliquid spent over $716 million on HYPE buybacks — representing 46% of all token buybacks across the entire crypto industry. In December 2025, validators voted to permanently burn 37.5 million HYPE (approximately $912 million) accumulated in the Assistance Fund.

The remaining fee revenue supports the HLP market-making vault and protocol operations. Builder fees (charged by third-party applications on top of protocol fees) go directly to the builder. There are no fees extracted by venture capital investors — Hyperliquid had zero VC allocation.

Binance charges 0.050% taker / 0.020% maker at base tier for USD-M futures. Bybit starts at 0.055% taker / 0.020% maker. dYdX v4 charges 0.030% taker but offers maker rebates. GMX charges a flat ~0.1% swap fee with no maker-taker distinction. Hyperliquid's 0.045% base taker is cheaper than Binance and Bybit, and at elite tiers with staking, it undercuts every major venue.

Hyperliquid's structural advantage is zero gas fees — trading on HyperCore costs nothing beyond the maker/taker fee. On Ethereum-based DEXs, gas costs can add significantly to effective trading costs, especially for smaller positions. This makes Hyperliquid the cheapest venue for high-frequency strategies and small-position traders alike.