Why a volume fee, and what to watch
It is transparent and protocol-enforced: the ceiling you approve cannot be raised without a new signature from you.
Every fee model creates an incentive. A volume fee rewards turnover, so ask any provider using one how trade frequency and leader replacement are governed.
- Charged on mirrored notional, win or lose.
- Approved maximum rate enforced on-chain.
- Separate from Hyperliquid's own exchange fees.