The short answer
A perp trade pays a percentage of its notional: at the base tier, 0.045% as a taker and 0.015% as a maker. That rate falls with your rolling fourteen day volume, assessed at the end of each UTC day, and with HYPE staked or a referral; on top of it a builder may take a fee set per order, at most 0.1% on perps, which you approve yourself.
Funding is not one of those fees. It is paid between traders every hour, and the venue collects nothing on the payments.
The tiers
There is one fee tier per user across every asset: perps, HIP-3 perps and spot. Perps and spot volume are counted together to set it, and spot volume counts double, so the weighted volume is the perps volume plus twice the spot volume. Sub-account volume counts toward the master account and all sub-accounts share the tier; a vault's volume is counted apart.
| Tier | 14 day weighted volume | Taker | Maker |
|---|---|---|---|
0 | base rate | 0.045% | 0.015% |
1 | > $5M | 0.040% | 0.012% |
2 | > $25M | 0.035% | 0.008% |
3 | > $100M | 0.030% | 0.004% |
4 | > $500M | 0.028% | 0.000% |
5 | > $2B | 0.026% | 0.000% |
6 | > $7B | 0.024% | 0.000% |
Spot has its own schedule, 0.070% taker and 0.040% maker at the base tier. A maker providing more than 0.5%, 1.5% or 3.0% of the fourteen day maker volume is paid a rebate instead of a fee, of 0.001%, 0.002% or 0.003%, credited on each trade.
Your tier counts HIP-3 volume with the rest, but the rate there is not the same. The deployer configures an additional fee share of 0% to 300% of your fee (0% to 100% under growth mode), and above 100% the protocol fee rises to match it. Growth mode goes the other way: at least 90% off the all-in fees, a baseline taker rate of 0.0045% to 0.009%.
Staking discounts and referrals
Staked HYPE cuts the trading fee by a fixed share: 5% above 10 HYPE, 10% above 100, 15% above 1,000, 20% above 10,000, 30% above 100,000 and 40% above 500,000. At the base tier with the 40% discount, the taker rate reads 0.0270% and the maker rate 0.0090%.
Referral rewards apply to a user's first $1B of volume, and referral discounts to their first $25M. Our installer sets the referral code LOCKERPROTOCOL once, when the account activates the agent; an account that already has a referrer keeps it.
Builder fees, including ours
A builder code lets the program that sends your fill take a fee on it. It is set per order, processed on chain as part of the fee logic, and capped at 0.1% on perps and 1% on spot. You approve a maximum for one builder address with the approveBuilderFee action, which Hyperliquid requires to be signed by your main wallet, never by an agent key.
Locker's service fee is 0.05% of each order's notional, on both legs of a trade. It is named in every quote, totalled in lpa journal, and displayed with the venue's own fees as one total. It applies only once the account has approved it during lpa init: without that approval, orders go out without it and are never blocked. The simulation account counts the same fee, so a simulated result is not flattered.
Funding is not a fee
Funding on Hyperliquid is paid every hour, between longs and shorts, and the venue takes nothing on the payments. The rate is the average premium index plus a clamped interest term; the interest component is 0.01% every eight hours, or 0.00125% an hour, and the whole rate is capped at 4% an hour.
It is a real cost, or a real gain, over the time a position is held, and it belongs in the arithmetic of a trade. It is simply not what the venue charges you to trade.
What a round trip costs
- Taker in, taker out, on 10,000 of notional at the base tier: 4.50 at the entry and 4.50 at the exit, so 9.00 to the venue.
- Maker in, taker out, the same notional: 1.50 and 4.50, so 6.00.
- Locker's service fee, at 0.05% a leg: 5.00 and 5.00, so 10.00.
- Funding, on top, for every hour the position stays open, either way.
So the same trade costs 19.00 or 16.00 before funding, which is 0.19% or 0.16% of its notional. The agent counts that whole figure before it sends anything, funding over the days a position is expected to wait included, and refuses a trade whose costs eat the gain it aims at.