Perp fee revenue by protocol and exchange

Trading fees can go to a protocol, liquidity providers, or other recipients. Fees paid by users are different from revenue retained by the protocol. DEX rows use DefiLlama fee data; definitions depend on each adapter. CEX rows are estimates. If you are new to the space, our guide on what perpetual futures are explains the basics.

Hyperliquid lists 4.5 bps taker and 1.5 bps maker, while GMX charges 0.04% or 0.06% when opening and again when closing; rate depends on whether the action improves or worsens pool imbalance. Funding, borrowing, spread, and price impact can add separate costs. See the recorded fee table or use the cost comparison tool.

CEX estimates count matched volume once and multiply it by maker plus taker rates. The model weights four monthly-volume scenarios: 45% at the base tier, 30% at $25 million, 20% at $250 million, and 5% at $2.5 billion. These are assumptions; exchanges do not publish their customers' actual tier mix. Estimates exclude funding and other non-trading income. Compare fees alongside open interest and futures volume by exchange for the full picture.

Maker fees apply when you place a limit order that adds liquidity to the order book. Taker fees apply when you place a market order that removes liquidity. Most exchanges charge lower maker fees to incentivize liquidity provision — on Binance, makers pay 0.02% while takers pay 0.05%. The maker vs taker fee guide lists the base-tier rates of each venue fee page.

Some exchanges go further. MEXC lists 0% maker fees for eligible fills. A limit order that crosses the book pays the taker rate. Phemex offers 0.01% maker, half the industry standard. For strategies that primarily post limit orders, these differences compound into real savings. At $500K daily maker volume, the gap between 0% and 0.02% saves $100/day.

DEX fee models also differ. GMX charges 0.04% or 0.06% when opening and again when closing; rate depends on whether the action improves or worsens pool imbalance, so it does not have a maker/taker split. Order-book DEXes such as Hyperliquid and dYdX use maker and taker rates.

Use our fee calculator to compare estimated fees across exchanges. Beyond the posted fee rate, total trading cost includes the bid-ask spread — which varies by exchange, pair, and trade size. Enable "Include Spread" in the calculator for a realistic comparison.

Referral codes reduce fees on most exchanges. Through our deals page, you can get 10-20% off fees at Binance, Bybit, OKX, and 20+ other exchanges. These stack with VIP tier discounts.

Funding payments can add to or reduce holding costs, and the rate can change while a position is open. See our funding rates monitor to spot opportunities, or read the advanced strategies guide for detailed approaches.