Hyperliquid Trading Cost Example: Fees, Funding, Slippage
A worked Hyperliquid cost example for a $10,000 perp trade: entry and exit fees, one day of funding, and slippage in plain dollars.
Direct answer
On a $10,000 base-tier perp position held a day, a taker round trip costs $9.00 in fees. Funding adds or subtracts on top, and slippage is extra. At a 0.001% hourly funding rate, a day costs about $2.40 for the paying side. Total cost is fees plus funding plus slippage, so a trade must clear all three to break even.
In short
- 1Total cost is trading fees plus funding plus slippage, not fees alone.
- 2A taker round trip at the base tier is 0.09% of notional.
- 3Funding can exceed the trading fee on positions held for days.
What is the scenario?
A $10,000 long on a perp market at the base fee tier, entered and exited as a taker, held 24 hours. The funding rate used is a stated assumption, not a forecast.
What are the fees?
Entry at 0.045% costs $4.50 and exit costs another $4.50, so $9.00 in total. If both were maker fills at 0.015%, the total would be $3.00.
What does funding add?
Funding is paid hourly, with each payment equal to position size times oracle price times the funding rate. Assuming a long pays 0.001% each hour, a day is 24 payments of $0.10, or $2.40. If the rate is negative, the long receives it instead.
The funding rate moves hour to hour, so rerun the arithmetic with a higher and a lower assumption before committing.
Where does slippage fit?
Slippage is the gap between the price you expected and the price you got. It depends on order size against visible depth and cannot be read from a fee table. Add your own estimate. A market order in a thin book can cost more in slippage than in fees.
What move do you need to break even?
Fees of $9.00 plus funding of $2.40 is $11.40, or 0.114% of notional, before any slippage. The position needs to move more than that in the right direction just to cover cost. Use the fee calculator to run your own numbers.
Example: three versions of the same trade
Run the same $10,000 position held a day three ways. Taker in and out: $9.00 fees plus $2.40 funding is $11.40. Maker in and out: $3.00 plus $2.40 is $5.40. Maker in, taker out: $6.00 plus $2.40 is $8.40.
The spread between the best and worst case is $6.00 on $10,000, or 0.06% of notional. If you can wait for a fill, the saving is real; if the setup disappears while you wait, the cheaper order costs more.
Common mistakes
Use the fee calculator and add a pessimistic funding and slippage case before you decide.
- Leaving funding out of the break-even calculation.
- Using a single funding print as if it will persist.
- Forgetting slippage on market orders in thin books.
Next useful check
Apply this before you trade
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: FundingAccessed 2026-09-04Supports: Hourly funding, funding formula, interest-rate component, premium component, funding payment formula, and the direction of payments when funding is positive or negative.