Hyperliquid fees explained: maker, taker, tiers and discounts

Hyperliquid charges a small fee on every trade, lower for bigger traders and for HYPE stakers. Here is what you pay on perps, and how to pay less.

Base fees

A $10,000 market order costs $4.50; the same order as a resting limit order costs $1.50. Fees are charged on the position's notional value (size × price), not on your margin, so leverage doesn't change the rate, only the size.

Paying less

• Volume tiers. Fees fall as your 14-day volume grows. Hyperliquid counts perp volume plus twice your spot volume, and sub-accounts count toward the main account.
• HYPE staking. Staking HYPE gives a discount from 5% (more than 10 HYPE) up to 40% (more than 500,000 HYPE).
• A referral code. 4% off on your first $25M of volume. How it works.
• Use limit orders. Maker fees are a third of taker fees.

Other costs that aren't fees

• Funding. Longs and shorts pay each other every hour to keep the perp price near spot. It can cost more than fees on a position held for weeks: funding explained.
• Slippage. A large market order in a thin market fills at worse prices.
• Builder fees. Apps that send trades to Hyperliquid for you can add a small fee, which you approve first: builder fees explained.

What it means for copy trading

A copy pays the fees twice (in and out) plus slippage and a late entry. In our tests a typical copied trade moved less than its full round-trip cost of about 0.29%, which is why copying fast traders rarely pays. More on copying.

All JoinEm figures are after fees and funding.