Hyperliquid fees
explained
The definitive guide to Hyperliquid trading fees. Every perpetual tier, every spot tier, maker and taker rates, how the 4% referral discount with code AWD applies, and how HYPE staking stacks additional savings on top.
How Hyperliquid fees work
Hyperliquid uses a tiered fee structure based on your rolling 14-day trading volume. The more you trade, the lower your rate. Fees are split into taker fees (market orders that remove liquidity) and maker fees (limit orders that add liquidity).
Taker fees
Charged when you place a market order or a limit order that fills immediately against existing resting orders. Taker fees are higher because you are removing liquidity from the order book. On Hyperliquid perps, taker fees start at 0.045% for Tier 0 and decrease to 0.024% at Tier 6.
Maker fees
Charged when you place a limit order that rests on the book and is later filled by someone else. Maker fees are lower (and eventually zero at Tier 4+) because you are adding liquidity. On Hyperliquid perps, maker fees start at 0.015% and reach 0.000% at Tier 4 and above.
Every perp tier, with and without AWD
Hyperliquid perpetual fees across all 7 tiers. The 'with AWD' columns show the effective rate after applying the 4% referral discount from code AWD.
Perpetuals
with AWD · -4%| Tier | 14-day vol | Taker | Maker | Taker + AWD | Maker + AWD |
|---|---|---|---|---|---|
| 0 (Base) | $0+ | 0.045% | 0.015% | 0.0432% | 0.0144% |
| 1 | >$5M | 0.040% | 0.012% | 0.0384% | 0.01152% |
| 2 | >$25M | 0.035% | 0.008% | 0.0336% | 0.00768% |
| 3 | >$100M | 0.030% | 0.004% | 0.0288% | 0.00384% |
| 4 | >$500M | 0.028% | 0.000% | 0.02688% | 0.000% |
| 5 | >$2B | 0.026% | 0.000% | 0.02496% | 0.000% |
| 6 | >$7B | 0.024% | 0.000% | 0.02304% | 0.000% |
AWD applies a flat 4% reduction to the fee rate at whatever tier you are on. The discount is multiplicative: effective_fee = base_fee x (1 - 0.04).
Spot trading fees — same discount, higher base rates
Hyperliquid spot fees are higher than perps at each tier, but the 4% AWD discount applies identically. Spot volume and perp volume both count toward your unified tier.
Spot
with AWD · -4%| Tier | 14-day vol | Taker | Maker | Taker + AWD | Maker + AWD |
|---|---|---|---|---|---|
| 0 (Base) | $0+ | 0.070% | 0.040% | 0.0672% | 0.0384% |
| 1 | >$5M | 0.060% | 0.030% | 0.0576% | 0.0288% |
| 2 | >$25M | 0.050% | 0.020% | 0.048% | 0.0192% |
| 3 | >$100M | 0.040% | 0.010% | 0.0384% | 0.0096% |
| 4 | >$500M | 0.035% | 0.000% | 0.0336% | 0.000% |
| 5 | >$2B | 0.030% | 0.000% | 0.0288% | 0.000% |
| 6 | >$7B | 0.025% | 0.000% | 0.024% | 0.000% |
Spot fees start higher (0.070% taker at Tier 0 vs. 0.045% for perps) but follow the same discount logic.
How the 4% referral discount is calculated
The AWD referral discount is a multiplicative 4% reduction on your fee rate. This means your effective fee = base_fee x 0.96. It applies to both maker and taker fees, on both perp and spot markets.
Worked example: Tier 0 perp taker
Worked example: High volume trader
AWD + HYPE staking = compound savings
The 4% referral discount from AWD stacks multiplicatively with HYPE staking discounts. The staking discount is applied first, then the referral discount is applied on top. This means the combined savings are greater than the sum of each individual discount.
Stacking math — Tier 0 perp taker (0.045%)
| HYPE staked | Staking discount | After staking | After staking + AWD | Total off base |
|---|---|---|---|---|
| 0 | 0% | 0.045%% | 0.0432%% | ~4.0% |
| 10+ | 5% | 0.04275%% | 0.04104%% | ~8.8% |
| 100+ | 10% | 0.0405%% | 0.03888%% | ~13.6% |
| 1,000+ | 15% | 0.03825%% | 0.03672%% | ~18.4% |
| 10,000+ | 20% | 0.036%% | 0.03456%% | ~23.2% |
| 100,000+ | 30% | 0.0315%% | 0.03024%% | ~32.8% |
| 500,000+ | 40% | 0.027%% | 0.02592%% | ~42.4% |
Math: after_staking = base x (1 - staking_discount). Then after_awd = after_staking x (1 - 0.04). Both discounts compound multiplicatively.
Hyperliquid fees vs. centralized exchanges and DEXs
How do Hyperliquid's fees with code AWD compare to Binance, Bybit, OKX, Kraken, dYdX, and GMX? Here is a side-by-side comparison at the base tier.
| Exchange | Taker fee | Maker fee | Notes |
|---|---|---|---|
| Binance | 0.045% | 0.018% | VIP0, with BNB discount |
| Bybit | 0.055% | 0.020% | Regular tier |
| OKX | 0.050% | 0.020% | Regular tier |
| Kraken | 0.040% | 0.025% | Futures base |
| dYdX | 0.050% | 0.020% | Tier 1 |
| GMX (Arb) | 0.070% | — | No order book |
| Hyperliquid+ AWD | 0.0432% | 0.0144% | Tier 0 + AWD |
Rates as of April 2026 for the base/lowest tier at each exchange. Hyperliquid rates shown with code AWD applied. CEX rates may include their own token-based discounts where noted.
What the comparison shows
At Tier 0, Hyperliquid + AWD (0.0432% taker) is slightly cheaper than Binance VIP0 even with BNB discount (0.045%). At higher tiers, Hyperliquid pulls further ahead since maker fees reach 0% at Tier 4.
Hyperliquid is meaningfully cheaper than dYdX at every tier. dYdX Tier 1 charges 0.050% taker while Hyperliquid Tier 0 + AWD is already at 0.0432%. Both are decentralized, but Hyperliquid has an on-chain order book with sub-second execution.
GMX on Arbitrum charges a flat 0.070% with no maker/taker split (it uses a liquidity pool model, not an order book). Hyperliquid + AWD is 38% cheaper at Tier 0 and the gap widens at higher tiers.
Fees beyond trading
Trading fees are the main cost on Hyperliquid, but there are a few other costs to be aware of.
Funding rates
Perpetual markets have periodic funding payments between longs and shorts. These are not fees — they are transfers between traders to keep the perp price aligned with the spot price. Positive funding means longs pay shorts; negative means shorts pay longs. Funding rates vary by market and market conditions.
Bridge / deposit fees
Depositing USDC from Arbitrum to Hyperliquid L1 is free on the Hyperliquid side. You only pay the Arbitrum gas fee (usually $0.05-$0.30). Withdrawals back to Arbitrum are also cheap. There are no deposit minimums.
Liquidation fees
If your position is liquidated, a liquidation fee is deducted from your remaining margin. This is separate from trading fees. The best way to avoid this is to use appropriate leverage and set stop losses.
No hidden fees
Hyperliquid does not charge account fees, inactivity fees, withdrawal fees beyond gas, or any other hidden costs. The trading fee shown in the tier table is the total cost per trade, reduced by AWD.
Trade with 4% off
every fee, every tier.
Code AWD gives you 4% off whatever tier you land on. No minimum volume, no expiry, stacks with HYPE staking.