Markets
Fees & costs
Last updated
Markets by Kinetiq operates on Hyperliquid infrastructure, inheriting Hyperliquid's transparent and competitive fee structure. As a HIP-3 venue, all trading fees follow Hyperliquid's base fee schedule, along with discounts which can and will change from time to time.
Current active discounts for markets:
Item | Discounts |
|---|---|
Growth mode | 90% fee reduction on all Hyperliquid HIP-3 markets provided on markets.xyz |
Aligned Quote Asset (AQA) | 20% taker fee discount and 50% increased maker rebates for usage of USDH as quote asset |
Additionally, a small builder fee will be applied on top of trading fees for trades through the Markets front end. Benefits to using the Markets front end include advanced analytics, advanced order types, and potential participation in various incentive programs.
Base trading fees
Fee structure overview
Fees are based on your rolling 14-day Hyperliquid volume, assessed at the end of each day in UTC. Perps and spot volume count together toward your fee tier, with spot volume counting double.
Formula:
Perpetual fee tiers
The following table applies the relevant Growth Mode and Aligned Quote Asset discounts to the Hyperliquid base trading fees for perpetuals.
14d volume | Taker fee | Maker fee |
|---|---|---|
$0+ | 0.0081% | 0.0030% |
$5M+ | 0.0072% | 0.0024% |
$25M+ | 0.0063% | 0.0016% |
$100M+ | 0.0054% | 0.0008% |
$500M+ | 0.0050% | 0.0000% |
Higher tiers available for institutional volumes—see Hyperliquid fee documentation.
HYPE staking discounts
HYPE tokens can be staked to unlock additional fee discounts on top of your volume tier:
HYPE staked | Trading fee discount |
|---|---|
10+ | 5% |
100+ | 10% |
1,000+ | 15% |
10,000+ | 20% |
100,000+ | 30% |
500,000+ | 40% |
Discounts apply multiplicatively to your base fee tier.
Builder fees
Fee structure overview
These fees are charged in addition to base Hyperliquid fees when trading through Markets.xyz. Fees are based on your rolling 14-day Markets volume done via Markets' front end, assessed at the end of each day in UTC.
Builder fee tiers
14d volume | Builder fee | Maker fee |
|---|---|---|
$0+ | 0.0350% | 0.0200% |
$1M+ | 0.0333% | 0.0183% |
$5M+ | 0.0315% | 0.0165% |
$20M+ | 0.0298% | 0.0148% |
$100M+ | 0.0280% | 0.0130% |
$500M+ | 0.0263% | 0.0113% |
$2.5B+ | 0.0245% | 0.0095% |
Spot trades conducted through Markets.xyz will incur a flat 0.1% Builder Fee. Validator operated perps (Non-HIP3 perps listed by Hyperliquid) will incur a flat 0.01% Builder Fee when traded through Markets.xyz.
KNTQ staking discounts
KNTQ tokens can be staked to unlock additional fee discounts on top of your volume tier:
KNTQ staked (sKNTQ) | Discount |
|---|---|
0+ | 0% |
50,000+ | 10% |
100,000+ | 15% |
500,000+ | 20% |
1,250,000+ | 25% |
2,500,000+ | 30% |
Discounts apply multiplicatively to your base fee tier.
Example total fee calculation
When trading on Markets.xyz, you pay both base Hyperliquid fees and builder fees:
Fee component | Taker rate | Maker rate |
|---|---|---|
Base Hyperliquid fee | 0.0081% | 0.0030% |
Builder fee | 0.0350 | 0.0350% |
Total fee on Markets.xyz | 0.0431% | 0.038% |
Both base fees and builder fees can be reduced through volume tiers and staking discounts.
Other costs
Funding rates
Perpetual positions incur funding payments every hour:
Condition | Who pays |
|---|---|
Perp > Spot (Premium) | Longs pay shorts |
Perp < Spot (Discount) | Shorts pay longs |
Gas & network fees
Action | Fee |
|---|---|
Trading | No gas fees (covered by Hyperliquid) |
Deposits | Bridge gas on source chain |
Withdrawals | Minimal Hyperliquid network fee |