Fees
Hypercall venue fees are currently disabled. API responses and WebSocket fill messages report trading fees as 0, and nullable builder code fee fields return null while this policy is active.
Current Fee Schedule
| Action | Fee today |
|---|---|
| Option maker trade | 0% |
| Option taker trade | 0% |
| Builder code fee share | Inactive |
| Settlement | 0% |
| Liquidation | No venue fee. Partial liquidation orders carry a liquidation bonus paid by the liquidated account. |
| Deposit | Free |
| Withdrawal | Network gas only |
| Perp builder fee | 0% |
| Perp trading fees and funding | Hyperliquid's own, charged by Hyperliquid |
Builder codes may still be included in order requests for attribution and future compatibility, but they do not generate revenue while trading fees are disabled.
Perps
Perps on Hypercall are native Hyperliquid orders. Orders on the TEE route (the app default, opt-in over the API) carry Hypercall's builder address with a 0% builder fee, so Hypercall takes nothing on top. Hyperliquid's trading fees for that market and Hyperliquid funding apply exactly as they do on Hyperliquid.
Borrowing under portfolio margin
Not a trading fee, but a cost: when a portfolio margin account borrows from the PM lending pool, it pays interest at the pool's rate. See PM financing and the PM lending pool.
Future Trading Fees
The planned fee schedule below is not active. When enabled, trading fees are expected to be charged as a percentage of notional value:
| Type | Rate |
|---|---|
| Maker | 0.02% |
| Taker | 0.05% |
Fee Cap
Future option trading fees are expected to be capped at 12.5% of the option premium.
Fee = min(rate × notional, 0.125 × option_price × quantity)
Examples
Standard trade:
- Buy 1 ETH call, strike 3,200
- Notional = 1 × 3,200
- Taker fee = 0.05% × 1.60**
Low-premium trade (fee cap applies):
- Buy 10 far-OTM calls at 3,200
- Notional fee = 0.05% × 10 × 16.00
- Capped fee = 12.5% × 0.625
- Actual fee = $0.625 (cap applied)
Settlement Fees
No settlement fees are charged today. The planned future settlement fee is:
| Type | Rate |
|---|---|
| Settlement | 0.015% of notional |
Future settlement fees are expected to be capped at 12.5% of intrinsic value. Options expiring out-of-the-money incur no settlement fee.
Liquidation Fees
No venue liquidation fee is charged today. Partial liquidation orders are priced with a liquidation bonus that the liquidated account pays to whoever fills them; that is a cost of being liquidated, not a Hypercall fee. The planned future liquidation fee is:
| Type | Rate |
|---|---|
| Liquidation | 1% of liquidated notional |
Builder Codes
Builder code revenue sharing is inactive while trading fees are disabled. See builder codes.
When trading fees are enabled in the future:
- 50% of the trading fee goes to the builder
- 50% goes to the protocol
Builder fees are paid from the protocol's share. Traders pay the same fees regardless of builder code.
Fee Distribution
Future trading fees are expected to accrue to the protocol treasury and be used for:
- Protocol development
- Liquidity incentives
- Top-ups of the PM lending pool's first-loss reserve
Hypercall does not charge fees on deposits or withdrawals beyond network gas.