> For the complete documentation index, see [llms.txt](https://docs.hyena.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hyena.trade/trading/fees.md).

# Fees

**Hyperliquid Protocol Fees**

Fees are determined based on your rolling 14-day trading volume and are recalculated daily at UTC midnight. All sub-account volume contributes to the master account’s tier, and all sub-accounts share the same rate. Vault trading volume is calculated separately.

Maker rebates are paid instantly on each trade directly to your wallet.

Fee tiers are shared between perpetuals and spot markets, but spot volume counts double toward tier progression:

> 14-day weighted volume = (perps volume) + 2 × (spot volume)

**HIP-3 Fees**

There is one unified fee tier across all markets - including perps, HIP-3 perps, and spot. HIP-3 perps charge 1.11× fees but maintain the same rebate structure.

HyENA, as a HIP3 market, incorporates the usual sources of trading fee discounts, including staking discounts and referral rewards. From the user perspective, fees are 1.11x the usual fees on validator-operated perp markets (i.e., Hyperliquid's traditional USDC-margined crypto perps). User rebates are unaffected, and do not interact with the deployer.

For spot-to-spot pairs (where both assets are quote assets, which is practically stable-swaps such as USDe/USDC), taker fees, maker rebates, and tier contribution are all reduced by 80%.\
\
**Fee tiers (following Hyperliquid's fee table)**

<table><thead><tr><th>TIER</th><th width="132">14D weighted volume ($)</th><th>Taker (Perp)</th><th>Maker (Perp)</th></tr></thead><tbody><tr><td>0</td><td></td><td>0.0500%</td><td>0.0167%</td></tr><tr><td>1</td><td>>5M</td><td>0.0444%</td><td>0.0133%</td></tr><tr><td>2</td><td>>25M</td><td>0.0389%</td><td>0.0089%</td></tr><tr><td>3</td><td>>100M</td><td>0.0333%</td><td>0.0044%</td></tr><tr><td>4</td><td>>500M</td><td>0.0311%</td><td>0.000%</td></tr><tr><td>5</td><td>>2B</td><td>0.0289%</td><td>0.000%</td></tr><tr><td>6</td><td>>7B</td><td>0.0267%</td><td>0.000%</td></tr></tbody></table>

**Maker rebates (following Hyperliquid's maker rebates)**

| Tier | 14d weighted maker volume market share | Maker fee |
| ---- | -------------------------------------- | --------- |
| 1    | >0.5%                                  | -0.001%   |
| 2    | >1.5%                                  | -0.002%   |
| 3    | >3.0%                                  | -0.003%   |

**Staking tiers (following Hyperliquid's staking tiers)**

| Tier     | HYPE staked | Trading fee discount |
| -------- | ----------- | -------------------- |
| Wood     | >10         | 5%                   |
| Bronze   | >100        | 10%                  |
| Silver   | >1,000      | 15%                  |
| Gold     | >10,000     | 20%                  |
| Platinum | >100,000    | 30%                  |
| Diamond  | >500,000    | 40%                  |