eligible fee × 0.04, not 4% of trading volume. At the current base perp tier, the official fee table lists 0.045% taker and 0.015% maker fees before discounts; your actual rate can differ with rolling 14-day volume, staking, asset type, growth mode, and deployer fees.
Source: Hyperliquid referrals and official fees. Checked July 15, 2026.
Journey: Hyperliquid guide hub. Next: compare maker and taker fees using your account's live tier.
Calculator
For volume still inside the $25M eligibility cap:
discounted eligible volume = min(trade volume, remaining eligible volume)
gross fee = discounted eligible volume × actual fee rate
referral saving = gross fee × 4%
net fee on that eligible portion = gross fee × 96%
Example using the current base perp taker rate:
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Claim 4% Fee Discount on Hyperliquid →- eligible notional volume: $100,000;
- base taker rate: 0.045%;
- fee before referral discount: $45.00;
- 4% referral saving: $1.80;
- fee after referral discount: $43.20.
Why a static “maximum saving” is misleading
The fee rate changes with the account's rolling 14-day weighted volume. Spot and perp schedules differ. Staking tiers can reduce positive maker/taker fees, some maker tiers receive rebates, aligned quote assets have different treatment, and HIP-3 deployer/growth settings can change the effective fee.
Therefore, do not calculate $25M × one assumed rate × 4% and present it as a guaranteed maximum. Query the account's current fee rate or read it from the Portfolio/fee interface, then calculate each eligible trade using that rate.
What counts and what does not
- The discount applies to the first $25M of referred-user volume under current rules.
- Vaults are excluded because the clearinghouse treats them independently.
- Sub-accounts are excluded from referral discounts, even though their volume contributes to the master's fee tier.
- Referral rewards for the referrer are a separate program with a different first-$1B volume range; they are not the user's 4% saving.
Verify the discount before relying on it
- Open the referral link or enter the referral code on Hyperliquid's Referrals page before eligible trading.
- Confirm the code and active discount in the current interface.
- Check the actual fee rate on the account.
- Record cumulative eligible volume if you need to forecast the remaining cap.
- Compare realized fees from fills against the calculation.
Quick examples
| Eligible volume | Actual positive fee rate | Gross fee | 4% saving |
|---|---|---|---|
| $10,000 | 0.045% | $4.50 | $0.18 |
| $100,000 | 0.045% | $45.00 | $1.80 |
| $1,000,000 | 0.040% | $400.00 | $16.00 |
Next step: compare the current maker/taker schedule in the fee calculator, then read maker versus taker execution.
Referral terms: The user benefit is limited to the official 4% discount on the first $25M of eligible volume; Vault and sub-account volume is excluded. We may receive referral rewards when eligible users trade.