1. How the calculator works: the fee formula
Hyperliquid charges every fill a percentage of its notional value (size × price). Margin and leverage do not enter the formula. The calculator applies the rules from Hyperliquid's own fee documentation, including the “fee formula for developers” published there, in this order:
Fee per fill = notional × tier rate × (1 − staking discount) × HIP-3 scale × (1 − referral discount)
Referral discount = 4% on your first $25M of volume, in the official app and in apps that trade from the same account
Through an app: + builder fee on each perp fill (on spot: the sell only); staking and the code do not reduce it
14-day weighted volume = perps + 2 × spot + 10% of growth-mode HIP-3
Break-even move = round-trip fee ÷ notional; share of margin = break-even move × leverage
- notional
- position size × price (not your margin)
- tier rate
- taker or maker rate of your tier (perps and HIP-3 use the perp schedule, spot its own)
- HIP-3 scale
- 2 for a normal HIP-3 market, 0.2 in growth mode (deployer fee scale 1, as on trade.xyz); 1 otherwise
- Your tier comes from rolling 14-day weighted volume, assessed at the end of each UTC day. If you leave the 14-day box empty, the calculator estimates it from your activity: monthly volume (size × round trips × 2) × 14/30, with spot counted 2 times and growth-mode HIP-3 at 10%. One tier applies to every market.
- Per round trip is the fee to open and to close one position of your size, at your maker share. Per month multiplies it by your round trips; per year by twelve months, and stops the referral discount at your first $25M of volume.
- Savings compare the same activity without the code and without staking. Extra cost of the app is the app's builder fee: the same account (same tier, staking and code) on the official app pays that much less.
2. Worked examples (computed with the calculator's own code)
A. One $10,000 BTC position, market orders in and out
- Tier 0, no code: $10,000 × 0.045% × 2 = $9.00. Break-even move 0.09%.
- With HOLYGRAIL: × 0.96 = $8.64. At 10x leverage ($1,000 of margin) that is 0.86% of your margin; at 25x, 2.16%.
- Both legs as resting limit orders (maker) with HOLYGRAIL: $2.88. The order type moves the fee more than anything else below $5M of 14-day volume.
B. Active trader: $50,000 positions, 30 round trips a month
That is $3,000,000 a month, about $1,400,000 per 14 days, so still tier 0. With 40% of fills as maker:
- No discounts: $990.00 a month, $11,880 a year.
- Bronze staking (more than 100 HYPE, −10%) and HOLYGRAIL: $855.36 a month. Staking saves $95.04 a month and the code $35.64.
- Over a year: $10,395. The code saves $297.00 in that year, not twelve times the monthly figure, because the discount stops after $25M: at this pace that is about 8 months.
C. A $5,000 stock perp on trade.xyz (HIP-3)
Growth-mode markets (most xyz stocks) cost $0.86 per market-order round trip with HOLYGRAIL, against $4.32 for the same notional on BTC and $8.64 on a HIP-3 market outside growth mode such as xyz:GOLD. Growth-mode volume counts only 10% toward your tier.
D. The same $10,000 round trip through a mobile app
With the app trading from the account that carries HOLYGRAIL (for Based or Liquid: connect the same wallet, not an email or social login):
- Based: $13.64 (builder fee +0.025% per fill; HOLYGRAIL still takes 4% off Hyperliquid's part), $5.00 more than the official app with HOLYGRAIL.
- Liquid: $18.64 (builder fee +0.05% per fill; HOLYGRAIL still takes 4% off Hyperliquid's part), $10.00 more than the official app with HOLYGRAIL.
- Dexari: $28.64 (builder fee +0.1% per fill; HOLYGRAIL still takes 4% off Hyperliquid's part), $20.00 more than the official app with HOLYGRAIL.
E. Spot: buy and sell $2,000 of HYPE
Spot uses its own schedule (0.070% taker at tier 0): $2.69 for the round trip with HOLYGRAIL. Through Based, whose 0.1% spot fee applies to sells only, it is $4.69.
Trade at the official rate, minus 4%
The official web app charges no builder fee. Join with HOLYGRAIL and your first $25M of volume costs 4% less on perps, spot and HIP-3.
3. Hyperliquid fee tiers for perps and spot
Tiers follow rolling 14-day weighted volume, assessed at the end of each UTC day. Sub-accounts add their volume to the master account and share its tier; vaults are counted separately.
| Tier | 14-day weighted volume | Perp taker | Perp maker | Spot taker | Spot maker |
|---|---|---|---|---|---|
| 0 | ≤ $5M | 0.045% | 0.015% | 0.07% | 0.04% |
| 1 | > $5M | 0.04% | 0.012% | 0.06% | 0.03% |
| 2 | > $25M | 0.035% | 0.008% | 0.05% | 0.02% |
| 3 | > $100M | 0.03% | 0.004% | 0.04% | 0.01% |
| 4 | > $500M | 0.028% | 0% | 0.035% | 0% |
| 5 | > $2B | 0.026% | 0% | 0.03% | 0% |
| 6 | > $7B | 0.024% | 0% | 0.025% | 0% |
Source: Hyperliquid docs, trading/fees, checked October 19, 2026. Maker rebates (−0.001% to −0.003%) only apply to accounts supplying more than 0.5% of all maker volume and are not modelled.
4. Discounts: HYPE staking and the referral code
| Staking tier | HYPE staked | Discount | Tier-0 perp taker |
|---|---|---|---|
| Wood | > 10 | 5% | 0.04275% |
| Bronze | > 100 | 10% | 0.0405% |
| Silver | > 1,000 | 15% | 0.03825% |
| Gold | > 10,000 | 20% | 0.036% |
| Platinum | > 100,000 | 30% | 0.0315% |
| Diamond | > 500,000 | 40% | 0.027% |
Referral code. A referred account pays 4% less for its first $25M of volume, on maker and taker fills, perps, spot and HIP-3. The rules that decide whether you get it:
- The code must be on the account before it trades more than $10,000; Hyperliquid's Referrals page rejects it after that. Joining through app.hyperliquid.xyz/join/HOLYGRAIL sets it before your first order.
- It does not apply to vaults and sub-accounts, which the clearinghouse treats as separate accounts.
- The discount belongs to your account, so the referral discount also applies to orders placed through apps with a builder code: the fee formula in Hyperliquid's docs applies the referral discount with no builder-code condition, and mainnet fills we checked on October 1, 2026 show referred accounts paying 4% less on Hyperliquid's part of app orders. The app's builder fee is charged in full. (A sentence on the docs page for the staking referral proposal, which is not implemented, says builder codes override referral codes; on mainnet, app orders keep both the discount and the referrer’s reward.)
- Which code an app order carries depends on the account the app trades from. Based and Liquid trade from your own Hyperliquid account when you connect the same wallet (an email or social login creates a new wallet without the code); Phantom is itself the wallet, so open the join link with your Phantom wallet before you first use its perps. Order matters because apps such as Phantom often set their own Hyperliquid referral code on accounts that have none, so enter a code on Hyperliquid before you start using an app. fomo is different: fomo has no wallet connection (Apple, Google or email only) and creates its own wallet and Hyperliquid account for you, so a Hyperliquid code such as HOLYGRAIL cannot apply there; fomo’s own referral code is the one that counts.
- Staking and the referral discount multiply: tier 0 with Bronze and HOLYGRAIL is 0.0389% taker.
More detail: Hyperliquid referral code HOLYGRAIL and HYPE staking.
5. HIP-3 markets and growth mode
HIP-3 perps are deployed by third parties (trade.xyz stocks, indices and commodities). With a deployer fee scale of 1, they cost twice the validator-perp rate: 0.090% taker / 0.030% maker at tier 0. Growth mode cuts protocol fees and rebates to a tenth, giving 0.009% / 0.003%, and its volume counts only 10% toward your tier. Your tier, staking and referral discounts apply on top. Deployers can set other fee scales, so check the fee line in the order form before trading an unfamiliar HIP-3 market. Guide: trade.xyz stock perps.
6. Front-end apps and builder fees
Apps that route orders to Hyperliquid attach a builder code and charge a builder fee on top of Hyperliquid's fee. It applies to both sides of perp trades; on spot only the selling side, is capped at 0.1% on perps and 1% on spot, and you approve each app's maximum once. HYPE staking does not reduce it.
| App | Perp builder fee | All-in perp taker, tier 0 (no code) | Growth-mode HIP-3 | Spot |
|---|---|---|---|---|
| Hyperliquid app (official) | none | 0.045% (0.0432% with HOLYGRAIL) | none | none |
| Based | +0.025% | 0.07% | +0.002% | +0.1% (sells) |
| Liquid | +0.050% | 0.095% | — | — |
| fomo | +0.050% | 0.095% | — | — |
| Phantom | +0.050% | 0.095% | — | — |
| Hyperdash | +0.015% | 0.06% | — | +0.03% (sells) |
| OneKey | +0.080% | 0.125% | — | — |
| Dexari | +0.100% | 0.145% | — | — |
Builder fees as published by each app (fee pages and help centers read September 24–27, 2026; Dexari at its Legion tier). Apps can change them; the approval prompt shows the maximum. Liquid (−10%), fomo (−10%) and Hyperdash (−10%) discount their own fee for referred users, which the calculator does not apply. Comparison of the apps: Hyperliquid app guide; mechanism: builder codes explained.
7. What the calculator leaves out
- Funding is paid every hour between longs and shorts, not to Hyperliquid; on multi-day holds it can exceed the trading fee. See Hyperliquid funding explained.
- Spread and slippage are real costs on every market order and are not in any fee schedule.
- Special pairs: stablecoin-to-stablecoin spot pairs (80% lower taker fees) and aligned quote assets are not modelled; maker rebates are not modelled.
- The referral allowance is lifetime. The calculator assumes none of your $25M is used yet; if you have traded with the code for a while, less of the discount remains.
- Deposits and withdrawals: a USDC withdrawal costs 0.2 USDC plus a tiny HyperEVM gas fee in HYPE; orders, cancels and liquidations pay no gas.
- This is an estimate, not advice. The fee line in Hyperliquid's order form and the Fee column of your Trade History show what you actually pay.
Full fee guide with every table and the Binance comparison: Hyperliquid fees explained. Comparing venues instead? The DEX fee calculator sets Hyperliquid against Lighter, Aster, edgeX, Binance and Bybit.
Sources (official pages behind every number, with the date we last checked them)
- app.hyperliquid.xyz/referrals (verified October 19, 2026)
- basedapp.gitbook.io/docs/based/fees (verified October 1, 2026 · 4 figures)
- docs.hyperdash.com/fees-referrals-rewards (verified October 14, 2026 · 2 figures)
- docs.tryliquid.xyz/trading/fees (verified October 15, 2026)
- fomo.family (verified October 14, 2026)
- help.dexari.com/resources/fees (verified October 19, 2026)
- help.fomo.family/en/articles/15171587-can-i-import-an-existing-wallet-into-fomo (verified October 19, 2026)
- help.onekey.so/en/articles/13988593-onekey-app-wallet-service-fee-explanation (verified October 15, 2026)
- help.phantom.com/articles/trade-perps-in-phantom-42292249388307 (verified October 15, 2026)
- hyperliquid.gitbook.io/hyperliquid-docs/referrals (verified October 19, 2026 · 2 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/trading/builder-codes (verified October 1, 2026 · 2 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/trading/fees (verified September 27, 2026 · 9 figures)