1. How to calculate risk:reward, with and without fees
The risk:reward ratio (R:R, or reward-to-risk "R") compares what a trade can make with what it can lose. On a chart it is two distances: entry to target and entry to stop. Your account sees something else. You pay a fee when the position opens and again when it closes, on the losing trades as well as the winners, so each loss is a little bigger and each win a little smaller than the chart shows.
R (gross) = |target − entry| ÷ |entry − stop|
Loss (net) = |entry − stop| + entry × fee_in + stop × fee_stop (+ spread on the stop and a market entry)
Win (net) = |target − entry| − entry × fee_in − target × fee_target (− spread on market fills)
R (net) = Win (net) ÷ Loss (net)
Break-even win rate = 1 ÷ (1 + R)
Expectancy per trade (R) = win rate × R − (1 − win rate)
- fee_in
- entry fill rate (taker for a market order, maker for a resting limit)
- fee_stop
- taker rate: a triggered stop is a market order
- fee_target
- taker or maker, depending on how you take profit
- R
- reward per 1 unit of risk
Exit fees are charged on the exit notional (size × exit price), which is why the stop and target prices appear in the fee terms. Position size cancels out: the same prices and rates give the same R whether you trade $100 or $1M. That is also why the calculator asks for your risk in dollars only for the money view. It sizes the position so that the loss at the stop, fees included, equals that risk, the same rule the position size calculator uses.
2. Worked examples: a long and a short
Long, 1:2 on the chart. Entry 100, stop 99 (1% risk), target 102 (2% reward), market orders throughout on Hyperliquid with HOLYGRAIL (0.0432% per fill):
- Loss if stopped: 1% + 0.0432% × 1 + 0.0432% × 0.99 = 1.086% of the entry notional.
- Win at the target: 2% − 0.0432% − 0.0432% × 1.02 = 1.9127%.
- R after fees: 1.9127% ÷ 1.086% = 1 : 1.76. Break-even win rate 33.3% → 36.2%.
- Risking $100 per trade at a 40% win rate, the expectancy is $10.45 per trade instead of $20.00 without costs: fees take $9.55 of expectancy per trade. The position is about $9,208 of notional, so fees cost $7.92 on a losing trade.
Short, 1:2 on the chart. Entry 2,500, stop 2,525 (1% above), target 2,450 (2% below). For a short the stop sits above the entry and the target below; the calculator mirrors the prices when you switch direction. With market orders on Binance USDⓈ-M (0.05% taker) the trade is 1 : 1.73 and needs 36.7% wins. With a limit entry and a limit take-profit on Hyperliquid with HOLYGRAIL (0.0144% maker, the stop still 0.0432% taker) it is 1 : 1.86 (34.9%). On Lighter Standard it stays 1 : 2.00, because there is no trading fee to subtract.
3. Break-even win rate and expectancy
A strategy breaks even when the wins pay for the losses: win rate × R = (1 − win rate) × 1, so the break-even win rate is 1 ÷ (1 + R). Above it the expectancy is positive. The expectancy per trade in R is win rate × R − (1 − win rate). For example, 40% wins at 1 : 1.75 is 0.10 R per trade, or $10.09 for every $100 you risk.
| Reward:risk | Win rate needed, no costs | 1% stop, Hyperliquid + HOLYGRAIL taker | 1% stop, Binance taker |
|---|---|---|---|
| 1 : 1.0 | 50.0% | 54.3% | 55.0% |
| 1 : 1.5 | 40.0% | 43.5% | 44.0% |
| 1 : 2.0 | 33.3% | 36.2% | 36.7% |
| 1 : 2.5 | 28.6% | 31.0% | 31.4% |
| 1 : 3.0 | 25.0% | 27.2% | 27.5% |
| 1 : 4.0 | 20.0% | 21.7% | 22.0% |
| 1 : 5.0 | 16.7% | 18.1% | 18.3% |
The reverse question: to break even at a given win rate you need R = (1 − win rate) ÷ win rate, so a 40% win rate needs at least 1:1.50 after costs. The calculator's 1:1 to 1:5 table repeats this for your stop, venue and order types, with the net figures next to the gross ones.
4. How taker fees eat a tight scalp
Fees are a fixed share of the notional, while your risk is the stop distance. The tighter the stop, the bigger the fee share of each R. Below, a 1:2 trade with market orders on all three legs (entry, stop, target), shown as the win rate it needs after fees at five stop distances:
| Venue (taker every leg) | 0.1% stop | 0.25% stop | 0.5% stop | 1% stop | 2% stop |
|---|---|---|---|---|---|
| Lighter Standard | 33.3% 1 : 2.00 | 33.3% 1 : 2.00 | 33.3% 1 : 2.00 | 33.3% 1 : 2.00 | 33.3% 1 : 2.00 |
| Aster (VIP 1) | 60.0% 1 : 0.67 | 44.0% 1 : 1.27 | 38.7% 1 : 1.59 | 36.0% 1 : 1.78 | 34.7% 1 : 1.88 |
| Hyperliquid + HOLYGRAIL | 62.1% 1 : 0.61 | 44.9% 1 : 1.23 | 39.1% 1 : 1.56 | 36.2% 1 : 1.76 | 34.8% 1 : 1.88 |
| Hyperliquid (no code) | 63.3% 1 : 0.58 | 45.3% 1 : 1.21 | 39.3% 1 : 1.54 | 36.3% 1 : 1.75 | 34.8% 1 : 1.87 |
| edgeX (Regular) | 63.3% 1 : 0.58 | 45.3% 1 : 1.21 | 39.3% 1 : 1.54 | 36.3% 1 : 1.75 | 34.8% 1 : 1.87 |
| Binance USDⓈ-M (reference) | 66.7% 1 : 0.50 | 46.7% 1 : 1.14 | 40.0% 1 : 1.50 | 36.7% 1 : 1.73 | 35.0% 1 : 1.86 |
| Bybit (reference) | 70.0% 1 : 0.43 | 48.0% 1 : 1.08 | 40.7% 1 : 1.46 | 37.0% 1 : 1.70 | 35.2% 1 : 1.84 |
Without fees every cell would be 33.3% (1:2). Same module as the calculator; rates verified on the dates listed under Sources.
At a 2% stop the venue barely matters. At 0.25% it decides whether the setup can work: Bybit's 0.055% taker fee turns the 1:2 into 1 : 1.08, against 1 : 2.00 on Lighter Standard (0% taker). Two habits help as much as the venue. Enter with a limit order that rests on the book (maker; Aster charges 0% and Hyperliquid 0.0144% with HOLYGRAIL), and take profit with a resting limit order instead of a market trigger. Scalping setups and their fee maths are in the crypto scalping strategies that survive fees, and the venues are ranked in best DEX for scalping.
5. The fee rules the calculator uses
| Venue | Taker | Maker | Costs if stopped (1% stop, taker) | Note |
|---|---|---|---|---|
| Hyperliquid + HOLYGRAIL | 0.0432% | 0.0144% | 0.086% | Tier 0 × (1 − 4%) on your first $25M of volume; also on app (builder-code) orders from the same account |
| Hyperliquid (no code) | 0.045% | 0.015% | 0.0896% | Tier 0 (14-day volume up to $5M) |
| Lighter Standard | 0% | 0% | 0% | Default account; free on every market |
| Lighter Premium | 0.028% | 0.004% | 0.0557% | Opt-in; cheaper with staked LIT (not modelled) |
| Aster (VIP 1) | 0.04% | 0% | 0.0796% | Crypto General pairs; maker is free at every VIP level |
| edgeX (Regular) | 0.045% | 0.04% | 0.0896% | Regular tier; maker close to taker |
| Binance USDⓈ-M (reference) | 0.05% | 0.02% | 0.0995% | Regular user, paid in USDT |
| Bybit (reference) | 0.055% | 0.02% | 0.1094% | Non-VIP |
- Stop-loss = taker. On Hyperliquid, TP/SL orders trigger on the mark price; a triggered TP/SL is sent as a market order or as a limit order at your limit price; a limit stop can rest unfilled if the price gaps through it. Market TP/SL orders allow up to 10% slippage. A stop that has to get you out takes liquidity, so the calculator always charges it the taker rate.
- Hyperliquid with HOLYGRAIL. The 4% discount applies to the first $25M of an account's volume, on taker and maker fees. The referral discount also applies to orders placed through apps with a builder code (checked on mainnet fills on October 1, 2026); the app's own builder fee comes on top. The discount ends once an account passes $25M of lifetime volume, whatever its fee tier; this tool models tier 0. The full ladder is in the Hyperliquid fee calculator.
- Lighter Standard charges no maker or taker fee on perps or spot; Premium pays 0.0280% taker for lower latency.
- Binance and Bybit are shown as references at their entry tiers; we have no referral relationship with them.
Sources (official pages, with the date we last checked them)
- app.hyperliquid.xyz/referrals (verified October 19, 2026)
- docs.asterdex.com/trading/perpetuals/fees-and-specs/fees (verified October 19, 2026 · 2 figures)
- docs.lighter.xyz/trading/trading-fees (verified October 19, 2026 · 4 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/referrals (verified October 19, 2026 · 2 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/trading/fees (verified October 1, 2026 · 3 figures)
- hyperliquid.gitbook.io/hyperliquid-docs/trading/take-profit-and-stop-loss-orders-tp-sl (verified October 1, 2026 · 2 figures)
- pro.edgex.exchange/vip (verified October 14, 2026 · 2 figures)
- binance.com/en/fee/futureFee (verified October 15, 2026 · 2 figures)
- bybit.com/en/announcement-info/fee-rate (verified October 15, 2026 · 2 figures)
6. What the calculator leaves out
- Funding. Perps pay or receive funding while you hold them; for a scalp it is negligible, for a multi-day swing it can be bigger than the fees. The DEX fee calculator adds it.
- Slippage and gaps. A market stop can fill worse than its trigger in a fast market, and a limit stop can skip a gap entirely and stay open. The spread box adds a fixed allowance per fill; real slippage varies.
- Mark vs last price. Hyperliquid triggers TP/SL on the mark price, which can differ from the last trade on your chart.
- Your real win rate. Expectancy is only as good as the win rate you enter. Use the rate from your own journal over many trades, not a backtest's best case. Trading psychology traps (moving the stop, cutting winners early) change both numbers: see trading psychology for perps.
- Leverage and liquidation. R:R does not depend on leverage, but leverage decides whether the stop is hit before liquidation. Check it with the liquidation price calculator.
The result is an estimate for planning, not financial advice. Fee schedules change; the date each rate was last read is listed above.