By Keel Research Team · Updated September 19, 2026
Compute the fee on a Hyperliquid perp trade the way the venue charges it: maker or taker rate for your 14-day volume tier, less HYPE-staking and referral discounts, plus the builder fee a front-end adds on top. See it per fill, per round trip, and per month.
Notional of one fill. A round trip charges it twice.
Tier 0 (< $5M 14-day volume): maker 1.5 bps, taker 4.5 bps.
Hyperliquid re-assesses the tier daily on rolling 14-day volume; spot volume counts double.
Discount on the venue fee by HYPE staked.
Referred users get 4% off fees for their first $25M in volume.
Charged on top of the venue fee when you trade through a front-end with a builder code. 0–10 bps; blank counts as 0.
Count both the opening and the closing fill.
Adds a monthly total. Blank skips it.
4.50 bps per fill.
0.00 bps per fill, paid to the builder on top of the venue fee.
Hyperliquid fees scale linearly with the notional of each fill:
tier_rate = maker or taker bps for your 14-day volume tier
venue_rate = tier_rate × (1 − staking_discount) × (1 − referral_discount)
fee_per_fill = size × (venue_rate + builder_fee_bps) / 10,000
round_trip = 2 × fee_per_fill · monthly = trades_per_month × feeThe tier rates are Hyperliquid’s perps schedule: Tier 0 (under $5M of 14-day volume) is 1.5 bps maker, 4.5 bps taker; Tier 1 (> $5M) 1.2 / 4.0; Tier 2 (> $25M) 0.8 / 3.5; Tier 3 (> $100M) 0.4 / 3.0; Tiers 4–6 (> $500M, $2B, $7B) 0.0 maker and 2.8 / 2.6 / 2.4 taker. The tier is re-assessed at the end of each UTC day and spot volume counts double toward it.
Two discounts apply to the venue fee. Staking HYPE earns 5% (Wood, > 10 HYPE) to 40% (Diamond, > 500,000 HYPE) off; a referred account gets 4% off its first $25M of volume. The docs state each discount alone, so the calculator applies them multiplicatively (Gold 20% plus referral 4% is 23.2% off, not 24%) — a modelling choice, stated here so you can check it against your own fills.
The builder fee is the layer other calculators get backwards. When you trade through a front-end or bot that uses a Hyperliquid builder code, it charges you a fee on each fill in addition to the venue fee — you approve the maximum, and Hyperliquid caps it at 0.1% (10 bps) on perps. It is never rebated to you. Enter the figure the front-end publishes; leave it at 0 for orders placed on the Hyperliquid app itself. Maker rebates for accounts above 0.5% of venue maker volume are not modelled.
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For Tier 0 — under $5M of 14-day volume, where every new account starts — perps fees are 1.5 bps (0.015%) maker and 4.5 bps (0.045%) taker. Hyperliquid re-assesses the tier at the end of each UTC day on rolling 14-day volume, and spot volume counts double. Tier 1 (> $5M) is 1.2 / 4.0 bps; the top Tier 6 (> $7B) is 0.0 / 2.4 bps. Pick your tier in the calculator; it defaults to Tier 0.
A builder code lets the front-end or bot that sends your orders charge you a fee on each fill, on top of Hyperliquid's own fee. You approve a maximum for each builder (the ApproveBuilderFee action) and can revoke it; Hyperliquid caps it at 0.1% (10 bps) on perps. It is a charge, not a rebate — there is no builder-code rebate to the trader on Hyperliquid, and a calculator that subtracts one is showing a fee lower than you will pay. The real trader-side discounts are the volume tiers, HYPE staking (5–40%) and the referral discount (4% on your first $25M of volume). Enter the builder fee your front-end publishes, or 0 if you trade on the Hyperliquid app directly.
You're a maker when your order rests on the order book and someone else trades against it (limit orders that don't cross the spread). You're a taker when your order crosses the spread to fill immediately (market orders, aggressive limits). Makers add liquidity and pay the lower rate; takers consume liquidity and pay the higher one.
A $10k taker fill on Tier 0 costs $4.50 (0.045%); a $10k maker fill costs $1.50 (0.015%). A round trip charges both the open and the close, so a $10k taker round trip is $9.00, and with a 5 bps builder fee it is $19.00. Over hundreds of trades a month the maker/taker mix and the builder fee dominate: switch the calculator to round trip and enter your trades per month to see the monthly total.
Yes. For high-frequency strategies (intraday, market-making), fees can wipe out the edge if not accounted for. For low-frequency strategies (multi-day swing, weekly rebalance), fees are usually a small share of gross returns. Backtest with the real fee schedule and a builder fee if you trade through one — the Keel backtest engine charges maker/taker fees and slippage on every simulated fill.
Gross PnL, funding, and the maker/taker fee on both legs — net PnL for a Hyperliquid perp trade.
Project the funding cost over time. Combine with fees for the true round-trip cost.
Find candidate HL perps by signal — momentum, funding, volume, breakout, regime.