Starting on March 11, fees are based on your rolling 14 day volume, i.e., the first day for which volume counted toward fee tracking was February 26. Sub-account volume counts toward the master account and all sub-accounts share the same fee tier. Vault volume is treated separately from the master account. Referral discounts and referral rewards only apply to your first $25M in volume.

Maker rebates are paid out continuously on each trade directly to the trading wallet. Users can claim referral rewards from the Referrals page.

On most other protocols, the team or insiders with large token holdings are the main beneficiaries of fees. On Hyperliquid, fees are entirely directed to the community (HLP and the insurance fund). During the first three months of mainnet closed alpha, trading required zero gas and zero fees. Trading fees were introduced in June 2023 at a flat 2.5 bps taker and 0.2 bps maker rebate. Referrers received 10% of their referees' taker fees.

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