Hyperliquid Maker Rebate: How Negative Fees Work
How Hyperliquid maker rebates work, why a 0% maker fee is not a rebate, and the maker-share thresholds for each rebate level.
Direct answer
A Hyperliquid maker rebate is a negative maker fee paid to accounts that supply a meaningful share of exchange maker volume. Reviewed levels are -0.001%, -0.002%, and -0.003%, reached at 0.5%, 1.5%, and 3% of weighted maker volume. A 0% maker fee at a high volume tier is a different thing: it costs nothing but pays nothing.
In short
- 1Rebates depend on your share of exchange maker volume, not your notional tier alone.
- 2A zero maker fee is not a rebate.
- 3The rebate is tiny per dollar, so it matters only to high-volume market makers.
What are the rebate levels?
The reviewed levels, by share of weighted maker volume:
- At least 0.5%: -0.001% maker rate.
- At least 1.5%: -0.002% maker rate.
- At least 3%: -0.003% maker rate.
Is a 0% maker fee a rebate?
No. From Tier 4 upward the perp maker fee is 0%, which means a resting fill is free. A rebate is a negative rate where the account is paid. Only the maker-share thresholds above qualify an account for that.
Who realistically qualifies?
Half a percent of exchange-wide weighted maker volume is a large absolute amount, so rebates are aimed at market makers rather than retail traders. A retail trader should treat the maker fee as a cost to minimise, not a rebate to chase.
At -0.001% on $1 million of maker fills the payment is $10. The size of the figure explains why quoting at a loss for a rebate is not a sensible strategy for most accounts.
Example: what a rebate pays
Say an account is at the first rebate level and makes $20 million of maker fills in a month. At -0.001% the rebate is $200. At the highest level, -0.003%, the same volume pays $600.
Compare that with the exchange-wide maker share needed to qualify. If the figures look small against the size required, that is the point: the rebate is an incentive for large liquidity providers, and an estimate shows retail accounts will not reach it.
Common mistakes
Check the maker-share thresholds in the official fee docs, and treat the rebate as a bonus, not a strategy.
- Treating a 0% maker fee as a rebate.
- Assuming a high notional tier also grants a rebate.
- Quoting aggressively at a loss to chase a tiny rebate.
Practical next steps
If you trade as a retail account, the practical step is simpler than chasing a rebate: aim to be a maker where your setup allows, accept that a zero maker fee at higher tiers is already a saving, and check your actual rate with the account lookup. If you run a market-making strategy, track your share of weighted maker volume against the thresholds, because falling just under a level removes the rebate entirely. In both cases, record fills by role so you can see what you really paid, not what the schedule says.
Sources
2 references · ExpandCollapse
- Hyperliquid Docs: FeesAccessed 2026-08-26Supports: Rolling 14-day volume tiers, perps and spot fee schedules, HIP-3 deployer fee scale and growth mode, strict HYPE staking-tier thresholds and discounts, referral fee formula and limits, staking-account linking risks, fee-model caveats, fee distribution to HLP, the assistance fund, and deployers, the assistance fund system address, and burn recognition of assistance-fund HYPE.
- Hyperliquid Docs: Info endpointAccessed 2026-09-04Supports: Public info endpoint families used for market, book, candle, account, portfolio, native borrow/lend reserve, vaultDetails, userFees account-rate, and maxBuilderFee approval reads.