The short answer
There is no spread markup on perpetuals. You pay a maker or taker fee, charged as a small percentage of the value you trade, and it varies by market group. Crypto is 0.015% maker and 0.045% taker. Stocks, indices, commodities and forex are 0.003% maker and 0.009% taker.
Every market has a $10 minimum order value.
Maker and taker, explained
An order book only exists because some traders leave resting orders in it. The fee structure pays for that.
A maker order adds liquidity. It is a limit order that sits in the book waiting for someone else to trade against it. Because it makes the book deeper, it pays the lower fee.
A taker order removes liquidity. It is any order that fills immediately against what is already in the book, which includes every market order and any limit order priced so aggressively that it fills at once. It pays the higher fee.
If you are coming from CFDs, this replaces both the spread and the per-lot commission. It is one line, charged on the value you trade, and you can see it before you confirm the order.
Fees by market group
Market group | Maker | Taker |
Crypto perps | 0.015% | 0.045% |
Stocks and ETFs | 0.003% | 0.009% |
Indices, commodities and forex | 0.003% | 0.009% |
MSTR, PURRDAT and GOLD | 0.03% | 0.09% |
The last row is not an Upcomers charge. Those three markets carry a higher fee set by their market's deployer on Hyperliquid, and they are marked with an asterisk in The perpetuals symbol catalog.
What that costs in practice
On a $10,000 BTC position, a taker fill costs 0.045% of $10,000, which is $4.50. The same position entered with a resting limit order that gets filled costs 0.015%, which is $1.50. You pay the fee again when you close.
On a $10,000 NVDA-PERP position, a taker fill is 0.009%, or 90 cents.
Fees are deducted from your balance, so like funding, they move your equity and count toward your drawdown.
Market orders and limit orders
A market order fills immediately at whatever is in the book. It always pays the taker fee, and on a thin book it can walk several price levels deep before it is filled.
A limit order fills only at your price or better. Placed away from the current price it rests in the book and pays the maker fee. Placed across the spread it fills at once and pays the taker fee.
On quiet hours and on the less liquid markets, the difference between the two is not just the fee. It is also the slippage.
Slippage
Your order fills against the Hyperliquid book as it stands. A small order fills at the top of the book. A larger one walks through several price levels and receives a weighted average price, which is worse than the price you saw when you clicked.
That gap is real market depth, not a charge from us, and it is not reimbursed. It widens when the book is thin, which on crypto means the quiet overnight hours and on stock or commodity perps means the whole weekend. See Markets never close: trading 24/7.
If you are trading size outside the busy hours, a limit order protects you from both the taker fee and the slippage at once.
The $10 minimum
Every market has a minimum order value of $10. That applies to the value of the position, not to the margin you post, so a $10 order at 10x leverage still uses $1 of margin.
Funding is not a fee
Funding is a payment between traders, not a charge from us or from Hyperliquid. It can be a cost or an income. Keep it separate from your fee calculations. See Funding rates, explained.
Where to go next
Read The perpetuals symbol catalog for per-market fees, Leverage and margin on perpetuals for how much margin an order locks, and What is Hyperliquid? for why the book is the price.
Need help?
Contact Upcomers support through live chat, the help center, or at [email protected].