Hyperliquid Fees Explained
Fees are the one trading cost you can plan for. Here is how Hyperliquid's schedule is structured and where the discounts come from.
Direct answer
How are Hyperliquid trading fees structured?
Fees are charged per trade as a percentage of notional value, with separate maker and taker rates that improve with rolling trading volume. Referral codes and staking can reduce the effective rate. Exact numbers change — the official fee schedule is the source of truth.
Updated 4 Aug 2026
Every Hyperliquid trade pays a fee calculated as a percentage of the position's notional value. Which percentage depends on three things: whether you made or took liquidity, your rolling volume tier, and any discounts attached to your account.
Maker vs taker
Taker orders (market orders, or limit orders that cross the book) remove liquidity and pay the higher rate. Maker orders rest on the book and pay less — on some tiers makers have even been paid rebates. If your strategy allows resting orders, the fee difference compounds meaningfully over volume.
Where discounts come from
- Volume tiers — rolling trading volume moves you to better rates automatically.
- Referral codes — new accounts get a percentage off eligible fees, subject to programme limits.
- Staking — HYPE staking tiers have offered additional fee reductions; check current terms.
A worked example
Fee example
illustrative values
- Example trade size
- $10,000.00
- Base taker fee
- 0.045%
- Referral discount
- −4% of fee
- Effective fee rate
- 0.0432%
- Fee without code
- $4.50
- Fee with code
- $4.32
A 4% referral discount reduces the fee itself, not the trade — on a $10,000.00 taker order it is the difference between the last two rows. Actual rates depend on your fee tier and Hyperliquid's current schedule; this panel is an example, not a quote.
Read the complete fee guide · Discount shown: 4% (configurable)
Frequently asked questions
Are fees charged on both open and close?
Yes — each fill is a trade, so a round trip pays fees twice. Factor that into break-even calculations.
Does the referral discount stack with volume tiers?
The discount applies to the fees your tier produces, so improving your tier and holding a referral discount both help. Exact stacking rules are defined in the official terms.
Sources
- Hyperliquid documentation — Fees↗ external