Hyperliquid fees: maker, taker and VIP tiers
Hyperliquid fees at a glance
The Hyperliquid base level, Tier 0, pays 0.015% for maker orders and 0.045% for taker orders, below the 0.050% median of 19 venues. 7 volume levels cut the taker rate to 0.024% at $7B. The stored sweep of September 25, 2026 put Hyperliquid at rank 19 of 43 for a $10,000 BTC market buy, at 4.56 bps. That is 0.57 bps less than Binance in the same sweep (5.13 bps).
Hyperliquid counts perps volume once and spot volume twice when it sets the tier, over a rolling 14 days. Tier 3 ($100M) is the first tier at a 0.030% taker rate, and Tier 4 is the first with no maker fee. On a $10,000 taker round trip at Tier 0, the 4% referral discount saves $0.36.
Hyperliquid discounts and fee conditions
- A referral code gives a 4% fee discount on the first $25 million of volume. The discount does not apply to vaults or sub-accounts. hyperliquid.gitbook.io, read September 23, 2026.
- HYPE staking can lower the rate further. The registry does not model staking discounts, maker-share rebates or HIP-3 deployer fees. api.hyperliquid.xyz, read September 3, 2026.
- Spot uses its own rates. An account with no volume pays 0.040% to add spot liquidity and 0.070% to take it. Staking and pair discounts are not included. api.hyperliquid.xyz, read September 13, 2026.
Hyperliquid fee tiers by 14-day volume
Hyperliquid sets the level from 14-day weighted volume (perps + 2x spot). The maker rate falls to 0% at Tier 4, from $500M of volume. The largest taker cut is from Tier 1 to Tier 2: 0.040% to 0.035%.
| Level | 14-day volume from | Maker | Taker |
|---|---|---|---|
| Tier 0 | $0 | 0.015% | 0.045% |
| Tier 1 | $5M | 0.012% | 0.040% |
| Tier 2 | $25M | 0.008% | 0.035% |
| Tier 3 | $100M | 0.004% | 0.030% |
| Tier 4 | $500M | 0% | 0.028% |
| Tier 5 | $2B | 0% | 0.026% |
| Tier 6 | $7B | 0% | 0.024% |
Measured cost of a Hyperliquid market buy
A $1,000,000 BTC buy cost 6.04 bps on Hyperliquid, 1.48 bps more than the $10,000 buy. A $10,000 ETH buy cost 1.04 bps more than the BTC buy.
| Market buy | Rank | Taker fee, bps | Half-spread, bps | Impact, bps | Total, bps | Total, USD |
|---|---|---|---|---|---|---|
| BTC $10,000 | 19 of 43 | 4.50 | 0.06 | 0.00 | 4.56 | $4.56 |
| BTC $100,000 | 15 of 42 | 4.50 | 0.06 | 0.00 | 4.56 | $45.59 |
| BTC $1,000,000 | 12 of 37 | 4.50 | 0.06 | 1.48 | 6.04 | $603.80 |
| ETH $10,000 | 22 of 43 | 4.50 | 1.10 | 0.00 | 5.60 | $5.60 |
| ETH $100,000 | 13 of 42 | 4.50 | 0.18 | 0.00 | 4.68 | $46.84 |
| ETH $1,000,000 | 9 of 35 | 4.50 | 0.18 | 1.26 | 5.94 | $594.22 |
Hyperliquid fees vs Binance and Lighter
On the base taker rate, Hyperliquid sits 0.5 bps below Binance and 4.5 bps above Lighter.
Worked example: a $10,000 round trip on Hyperliquid
Hypothetical: a $10,000 Hyperliquid position opens and closes at one price, so only the trading fees apply.
| Entry + exit | Entry fee | Exit fee | Total fee |
|---|---|---|---|
| Taker + taker, Tier 0 | $4.50 | $4.50 | $9.00 |
| Maker + taker, Tier 0 | $1.50 | $4.50 | $6.00 |
| Taker + taker, Tier 3 ($100M) | $3.00 | $3.00 | $6.00 |
| Taker + taker, 4% referral discount | $4.32 | $4.32 | $8.64 |
Hyperliquid funding interval and leverage cap
Hyperliquid settles funding every hour on every market. The Hyperliquid BTC perpetual allows leverage of up to 40x.
- The funding formula uses an 8-hour rate, and each hour pays one eighth of it. The cap is 4% per hour. hyperliquid.gitbook.io, read September 23, 2026.
More on Hyperliquid
Sources
- Base rates: hyperliquid.gitbook.io, read September 23, 2026
- Fee tiers: api.hyperliquid.xyz, read September 13, 2026
- Funding interval: hyperliquid.gitbook.io
- Measured cost: PerpFinder cost methodology