Where fees actually come from
Three separate costs apply to a mirrored basket and they behave differently. Confusing them is the most common reason people misjudge the economics.
- Exchange taker and maker fees, set by Hyperliquid and reduced by volume tier.
- Perpetual funding, which is a market-driven flow between longs and shorts rather than a fee to anyone.
- The builder fee: 0.1% of mirrored notional volume, charged through Hyperliquid's native builder mechanism.