Hyperliquid Fee Schedule 2026: 0.015% Maker / 0.045% Taker

Hyperliquid uses a maker-taker fee model with seven volume-based tiers (VIP 0 through VIP 6). Your tier is assessed daily based on trailing 14-day weighted volume, where spot volume counts double — meaning $1 of spot notional counts as $2 toward your tier. Makers (limit orders resting on the book) pay lower fees than takers (market orders that remove liquidity). There are separate fee schedules for perpetuals and spot, but a single unified tier applies across both.

On top of volume tiers, Hyperliquid layers two additional discount mechanisms: HYPE staking tiers (5% to 40% off) and referral codes (4% off taker fees for the first $25M volume). These stack multiplicatively. There are zero gas fees for trading on HyperCore — the only costs are the maker/taker trading fees themselves.

The seven perpetual fee tiers are: VIP 0 (under $5M 14-day 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 reach zero at VIP 4 and above.

At the base tier, a $10,000 position costs $4.50 in taker fees or $1.50 in maker fees. At VIP 6, the same position costs $2.40 as a taker and zero as a maker. For most retail traders, VIP 0 through VIP 2 are the relevant tiers — VIP 3+ requires over $100M in biweekly volume.

Spot fees are higher than perps at every tier: VIP 0 (0.070% taker / 0.040% maker), VIP 1 (0.060% / 0.030%), VIP 2 (0.050% / 0.020%), VIP 3 (0.040% / 0.010%), VIP 4 (0.035% / 0.000%), VIP 5 (0.030% / 0.000%), and VIP 6 (0.025% / 0.000%). The higher base rates are offset by spot volume counting double toward tier qualification.

Spot pairs between two aligned quote assets receive 80% lower taker fees and maker rebates. Pairs quoted in an aligned stablecoin (such as USDH) benefit from 20% lower taker fees, 50% better maker rebates, and 20% more volume contribution toward fee tiers. These discounts make USDH-quoted spot markets among the cheapest trading venues anywhere.

Staking HYPE unlocks a six-tier discount system that reduces both perpetual and spot trading fees. The tiers are: Wood (10+ HYPE staked, 5% discount), Bronze (100+ HYPE, 10%), Silver (1,000+ HYPE, 15%), Gold (10,000+ HYPE, 20%), Platinum (100,000+ HYPE, 30%), and Diamond (500,000+ HYPE, 40%).

Staking discounts apply multiplicatively on top of your volume tier rate. At VIP 0 with Diamond staking, your effective perpetual taker fee drops from 0.045% to 0.027%. Staking and trading accounts can be permanently linked, so you can stake from one wallet and trade from another. These discounts went live on May 5, 2025, and apply across all markets including HIP-3 builder-deployed perps.

Professional market makers who contribute significant liquidity can earn negative fees — getting paid to trade. Three rebate tiers exist based on your share of total platform maker volume over the trailing 14 days: Tier 1 (over 0.5% of total maker volume) earns a -0.001% rebate, Tier 2 (over 1.5%) earns -0.002%, and Tier 3 (over 3.0%) earns -0.003%.

These rebates are paid out continuously on each fill, credited directly to the trading wallet. There is no designated market maker (DMM) program and no special latency advantages — rebate tiers are earned purely on volume contribution. This makes Hyperliquid one of the most competitive venues for algorithmic market-making operations.

HIP-3 builder-deployed perpetuals (covering equities like NVDA and TSLA, commodities like gold and oil, and indices like the S&P 500) charge 2x the standard perpetual fee schedule. At VIP 0, this means 0.090% taker / 0.030% maker. The builder and protocol split fees 50/50, so the protocol collects the same revenue as on validator-operated markets.

All standard discounts still apply to HIP-3 markets: volume tiers, staking discounts, referral codes, and aligned collateral benefits. Builders who deploy new markets can activate "growth mode," which reduces protocol fees, rebates, and volume contributions by 90% — dropping all-in taker fees to as low as 0.0045% for base-tier users. Growth mode is designed to bootstrap liquidity on newly launched markets and locks settings for 30 days.

Builder codes are separate from HIP-3 market fees. They allow third-party app developers to attach a per-order fee on trades routed through their interfaces. Builders must hold at least 100 USDC in perps account value, and users must explicitly approve a maximum builder fee (up to 10 active approvals). Builder fees are capped at 0.1% for perpetuals and 1% for spot trades.

Builder codes do not replace or reduce protocol fees — they are added on top. A trader can simultaneously benefit from a referral discount (reducing protocol fees) while paying a builder fee (to the app they are using). Builders claim accumulated fees through the same reward claim process as referrers.

Deposits to Hyperliquid via the Arbitrum bridge are fully subsidized — you pay only the source chain gas (typically under $1). Withdrawals carry a flat 1 USDC fee to cover validator gas costs on Arbitrum; no ETH is needed on your end. The platform is migrating to Circle's CCTP V2, which will natively mint USDC on Hyperliquid and eliminate bridge custody risk entirely.

There is no clearance fee on liquidations. When a position is liquidated, remaining margin above the maintenance threshold is returned to the trader. For positions over 100K USDC, only 20% is liquidated per block with a 30-second cooldown. Backstop liquidations through the liquidator vault occur if equity falls below 2/3 of maintenance margin, in which case the maintenance buffer is forfeited to keep the vault solvent.

Approximately 97% of all Hyperliquid trading fees flow into the Assistance Fund (AF), a system-level address embedded in the L1 that automatically buys HYPE on the open market. In 2025, the AF executed over $716 million in HYPE buybacks — 46% of all token buyback spending across the entire crypto industry. In December 2025, validators voted to permanently burn 37.5 million HYPE (roughly $912 million) accumulated in the AF.

The remaining revenue supports protocol operations and the HLP market-making vault. HyperEVM gas fees (base and priority) are burned directly. Combined, these mechanisms create dual deflationary pressure on HYPE supply that scales with trading volume. There is no VC extraction — Hyperliquid had zero venture capital allocation.

Binance USD-M futures charge 0.050% taker / 0.020% maker at base tier. Bybit starts at 0.055% taker / 0.020% maker. dYdX v4 charges 0.050% taker with maker rebates. GMX charges a flat ~0.06% open/close fee. Hyperliquid's 0.045% base taker undercuts every major CEX, and at VIP 4+ with staking discounts, it is the cheapest perpetual venue in crypto.

Hyperliquid's structural edge is zero gas fees on HyperCore. On Ethereum L1 DEXs, gas can add $5-50+ per transaction. Even on L2 DEXs, gas adds a few cents per trade that compounds for active traders. Hyperliquid eliminates this cost entirely — the maker/taker fee is the only trading cost. For high-frequency strategies and small-position traders, this makes a material difference in net profitability.