How Hyperliquid fees work: tiers, staking and referrals

Hyperliquid charges 0.045% of position size for taker orders and 0.015% for maker orders on perpetuals at the base tier, as of September 2026. Spot trades cost 0.070% taker and 0.040% maker. Those rates drop as your 14-day volume rises, and you can cut them further by staking HYPE (5% to 40% off) and using a referral code (4% off your first $25M of volume).

Everything below comes from Hyperliquid’s official fee schedule, which is worth checking before large trades because the numbers do change.

How Hyperliquid’s fee tiers work

Your tier is set by your rolling 14-day weighted volume, recalculated at the end of each day in UTC. Perps and spot share one tier, but spot counts double:

Weighted volume = 14-day perps volume + 2 × 14-day spot volume

Sub-accounts add to the master account’s volume and share its tier. Vaults are counted separately.

Perp fee tiers

Tier	14-day weighted volume	Taker	Maker
0	up to $5M	0.045%	0.015%
1	over $5M	0.040%	0.012%
2	over $25M	0.035%	0.008%
3	over $100M	0.030%	0.004%
4	over $500M	0.028%	0%
5	over $2B	0.026%	0%
6	over $7B	0.024%	0%

Spot fee tiers

Tier	14-day weighted volume	Taker	Maker
0	up to $5M	0.070%	0.040%
1	over $5M	0.060%	0.030%
2	over $25M	0.050%	0.020%
3	over $100M	0.040%	0.010%
4	over $500M	0.035%	0%
5	over $2B	0.030%	0%
6	over $7B	0.025%	0%

Tier 1 needs more than $5M in two weeks, roughly $360,000 of perp volume a day. Most individual traders will spend their whole time at tier 0, so the discounts below matter more to them than the volume ladder.

Maker rebates

Instead of paying a maker fee, very large market makers get paid. If your maker volume is more than 0.5% of the exchange’s total 14-day maker volume, you earn a rebate of 0.001%, rising to 0.002% above 1.5% and 0.003% above 3%. That’s institutional territory.

HYPE staking discounts

Staking HYPE lowers your fees by a fixed percentage on top of whatever volume tier you’re in.

Staking tier	HYPE staked	Fee discount	Base perp taker	Base perp maker
Wood	more than 10	5%	0.0428%	0.0143%
Bronze	more than 100	10%	0.0405%	0.0135%
Silver	more than 1,000	15%	0.0383%	0.0128%
Gold	more than 10,000	20%	0.0360%	0.0120%
Platinum	more than 100,000	30%	0.0315%	0.0105%
Diamond	more than 500,000	40%	0.0270%	0.0090%

A few things to know before you stake for a fee break, all from Hyperliquid’s staking docs:

• Staking happens inside Hyperliquid. You move HYPE from your spot balance to your staking balance and delegate it to a validator.
• Delegations lock for one day. Moving HYPE back to spot then takes a 7-day unstaking queue.
• You also earn staking rewards, which the docs put at about 2.37% a year when 400M HYPE is staked (the rate falls as more is staked).
• Staking from a separate address is possible through Link Staking on the Portfolio page, but the link is permanent and gives the staking address power to pull funds from the trading address. Only link wallets you control.

The catch is price exposure. Staking 100 HYPE to save 10% on fees means holding a volatile token for at least eight days. For a small trader, a swing in HYPE’s price can easily outweigh a year of fee savings.

Referral discount

A referral code takes 4% off your fees for your first $25M of volume, then expires. It doesn’t apply to sub-accounts or vaults. Our Hyperliquid referral code page covers how to apply it and why it needs to be linked before your first trade.

How the discounts stack

Staking and referral discounts multiply rather than add. The developer formula in the fee docs applies the referral discount as a multiplier to your already-discounted rate:

Your rate = tier rate × (1 − staking discount) × (1 − 0.04)

So Bronze staking plus a referral is 0.9 × 0.96 = 0.864 of the base rate, a 13.6% discount rather than 14%.

Worked example: a $10,000 trade at base tier

Take a trader at tier 0 opening a $10,000 BTC perp position. Fees are charged on position size, not margin, so it doesn’t matter whether that’s $10,000 at 1x or $1,000 at 10x.

Setup	Taker rate	Taker fee	Maker rate	Maker fee
Base tier, no discounts	0.0450%	$4.50	0.0150%	$1.50
With referral code	0.0432%	$4.32	0.0144%	$1.44
Wood staking (10+ HYPE) + referral	0.0410%	$4.10	0.0137%	$1.37
Bronze staking (100+ HYPE) + referral	0.0389%	$3.89	0.0130%	$1.30

A round trip (open and close) doubles these. Opening with a market order and closing with a resting limit order at base rates costs $4.50 + $1.50 = $6.00.

Over a month

Now picture someone trading $500,000 of perps a month, 70% with market orders and 30% with limit orders that rest on the book.

• Base tier: $350,000 × 0.045% + $150,000 × 0.015% = $157.50 + $22.50 = $180.00
• With referral: $180.00 × 0.96 = $172.80
• Bronze staking + referral: $180.00 × 0.864 = $155.52

The biggest lever here isn’t a discount at all. Moving that 70/30 split to 30/70 in favour of limit orders cuts the base bill to $120, a bigger saving than staking and the referral combined.

Other costs that aren’t trading fees

• Funding. Perp positions pay or receive funding every hour. It’s peer-to-peer, so Hyperliquid takes no cut, but on a crowded trade held for days it can cost more than fees. Funding is capped at 4% per hour.
• Spread and slippage. Market orders on thin markets can cost far more than the 0.045% fee. Check the order book depth on smaller tokens.
• Deposits. No Hyperliquid fee, but you pay Arbitrum gas and must send at least 5 USDC.
• Withdrawals. Hyperliquid’s API docs list a $1 fee for USDC withdrawals to Arbitrum, with no gas needed on your side.
• Liquidation. There’s no separate liquidation fee. But if a position is taken over by the backstop liquidator, you lose the maintenance margin you had posted.
• New accounts. The first transfer into a brand-new Hyperliquid address costs 1 USDC (or 1 of the quote token) to activate it.

Special cases

• Stablecoin pairs on spot (both sides a quote asset) have 80% lower taker fees.
• Aligned quote assets get 20% lower taker fees and better maker rebates.
• HIP-3 perps, markets deployed by third parties, can carry an extra deployer fee on top of the protocol fee. Markets in “growth mode” run at least 90% cheaper, with an all-in taker rate between 0.0045% and 0.009%. Check the fee shown in the order panel before trading these.

How Hyperliquid’s fees compare

Hyperliquid’s maker rate is low even at tier 0, which rewards traders who use limit orders. It’s not the cheapest venue, though: some rivals, such as Lighter, advertise zero fees on standard accounts. Our Lighter fees breakdown and the Hyperliquid vs Lighter comparison show what you trade off for that. For the wider field, see our best perp DEX roundup.

For a walkthrough of placing limit orders and setting stops, see how to trade on Hyperliquid. If you’re opening a new account, you can start on Hyperliquid with the referral discount already applied.