Hyperliquid fees and the Assistance Fund explained

Hyperliquid charges a taker and a maker fee on every trade, set by a tier that depends on your rolling 14-day volume and lowered by staking HYPE. The fees do not go to a company: they go to HLP, to deployers of the traded markets and to the Assistance Fund, which converts them into HYPE automatically and, per Hyperliquid's documentation, removes that HYPE from the supply.

This guide explains how the fee tiers and discounts work, what is different for HIP-3 markets, and how the Assistance Fund works and where to follow it.

How the fee tier is set

Your fee tier comes from your rolling 14-day volume and is reassessed at the end of each day in UTC. A few rules decide what counts:¹

• One tier for everything. Each user has one tier across all assets: perpetuals, builder-deployed (HIP-3) perpetuals and spot.
• Spot counts double. The volume that sets the tier is the 14-day perps volume plus twice the 14-day spot volume.
• Sub-accounts share the tier. Their volume counts towards the master account. Volume of a vault is counted separately from its leader's own account.
• Referrals have limits. Referral rewards apply to a user's first $1B of volume, referral discounts to the first $25M.¹

Maker rebates, where a tier has them, are paid continuously on each trade directly to the trading wallet.¹

The perpetuals fee schedule

The base rates for perpetuals fall with volume. Below are the base taker and maker rates as Hyperliquid publishes them, before any staking discount:¹

Spot has its own, higher schedule, starting at a taker fee of 0.070% and a maker fee of 0.040% on tier 0. Spot pairs between two quote assets have 80% lower taker fees, maker rebates and volume contribution.¹

Makers with a large share of the exchange's maker volume can earn a rebate instead of paying: from 0.001% for more than 0.5% of the 14-day weighted maker volume, up to 0.003% for more than 3.0%.¹

Staking discounts

Staking HYPE lowers every fee. The discount depends on the amount staked:¹

The stake does not have to sit in the trading account. A staking address and a trading address can be linked so that the stake counts for the trading address's fees, but the docs attach two strong conditions: both must be controlled by the same person, because the staking address can move all funds out of the trading address in one irreversible transaction, and a link can never be undone.¹

Fees on HIP-3 markets

Builder-deployed (HIP-3) markets use the same fee tiers and discounts, plus a share for the deployer. A deployer can set an additional fee share between 0% and 300% of the normal fee (0% to 100% in growth mode); above 100%, the protocol fee is raised to match it. Spot and HIP-3 deployers may keep up to 50% of the trading fees their assets generate.¹

Growth mode lowers the all-in fees, rebates and volume contributions of a HIP-3 market by at least 90%, which puts the baseline taker rate between 0.0045% and 0.009%. It is only allowed for markets that do not overlap with the validator-operated perpetuals, for example not for crypto perpetuals against any collateral, crypto indexes or gold. Setting it has a cooldown of 30 days per asset.¹

One more multiplier applies across spot and perpetuals: trading in aligned quote assets gets 20% lower taker fees, 50% better maker rebates and 20% more volume contribution towards the fee tier.¹

Where the fees go

Hyperliquid states that, unlike on most protocols where the team or insiders are the main beneficiaries of fees, its fees go entirely to the community: to HLP, to the Assistance Fund and to the deployers of spot and HIP-3 markets.¹ HLP is the community-owned protocol vault that makes markets and performs backstop liquidations; its depositors share its profit and loss.

The Assistance Fund is the part that turns fees into HYPE. According to the docs, it uses a system address (0xfefe…fefe), converts trading fees to HYPE in a fully automated way as part of the L1 execution, and the HYPE it holds is burned: removed permanently from the circulating and total supply.¹

In practice the conversions are ordinary fills on the HYPE spot order book, made by that system address. Because they are fills like any other, they can be read through the public API, which is how we record them.

Following the Assistance Fund on Blockmetric

The Hyperliquid protocol section of our Hyperliquid exchange page has a panel for the Assistance Fund:

• HYPE converted over the last 24 hours, 7 days and 30 days, with the dollar value and average price.
• Daily bars of HYPE converted per UTC day, and a table of the latest fills with time, size, price and transaction hash.
• Holdings: the HYPE balance of the fund and its average entry, as Hyperliquid reports them, next to the token's total and circulating supply.

Our record of the fund's fills starts with the first fill we stored, and the panel says from when. If the collection paused, the affected days are marked as partly covered; nothing is filled in from elsewhere. The same section shows HLP's account value and profit and loss.

Fees also decide whether trades that collect small differences are worth doing at all. The funding arbitrage example in funding rates explained shows how quickly four trades' worth of fees eat into a spread.

Common questions

Do fees differ by coin? No. One fee tier applies across all assets of a user. HIP-3 markets can add a deployer share on top, and spot has a separate schedule.¹

Is HYPE in the Assistance Fund counted as supply? Hyperliquid's documentation says HYPE in the fund is burned and removed from the circulating and total supply.¹

Can a maker be paid to trade? Yes, makers with a large enough share of maker volume receive a rebate instead of paying a fee.¹