What trading costs
Hyperliquid’s 0.045%, the bot fee (0.05% on a typical bot) and funding: what each is, and how they add up.
Key ideas
- 1Each fill pays Hyperliquid’s fee (0.045% for a market order, 0.015% for a resting limit order) plus the bot fee (0.05% on a typical bot; yours shows its exact fee before every trade).
- 2Fees are charged on the position size, not your margin, on the way in and again on the way out, so with leverage they are a bigger share of your margin.
- 3Funding is paid between longs and shorts every hour while a position is open. It isn’t a fee to Lance.
- 4Lance shows every close as the PnL before fees, the fee to open, the fee to close and funding, then the net PnL: what the trade made in the end.
The three costs
- Hyperliquid’s fee, on every fill: 0.045% for an order that fills straight away (a taker), 0.015% for a limit order that waited on the book (a maker).
- The bot fee, on every fill: 0.05% on a typical bot. Your bot shows its exact fee before every trade, and it can never be more than you approved when you connected. It is shared between Lance and your community’s owner.
- Funding, every hour a position is open, paid between longs and shorts. Not a fee to anyone. Funding
A round trip, in numbers
- Hyperliquid, 0.045% × 2
- $0.90
- Bot fee, 0.05% × 2
- $1.00
- Round trip
- $1.90
- At 10x, of your $100 margin
- 1.9%
These use a typical bot fee of 0.05%. Your bot shows its exact fee before every trade.
What a trade made, in the end
When you close, Lance shows the result the same way every time: the PnL before fees (what the price move made), then the fee to open, the fee to close and the funding paid or received while it was open, and last the net PnL: what the trade made or lost once every cost is counted.
Set the side, the size, how far BTC moves and how long you hold. The lines are worked out the way Lance works out a real close.
- PnL before fees
- +$10.00
- Fee to open
- −$0.95
- Fee to close
- −$0.96
- Funding
- −$0.10
- Net PnL
- +$7.99
Costs took $2.01 of the $10.00 the price move made.
Work out your own
Change the size, the order type and the leverage. Market orders pay the taker fee; a limit order that rests on the book pays the maker fee. The bot fee is the same either way.
- Hyperliquid, in and out
- $0.90
- Bot fee, in and out
- $1.00
- Round trip
- $1.90
- Of a 10x margin
- 1.90%
- Margin $100.00
The price has to move 0.190% your way before this trade is even. At 10x, the fees are 1.90% of the margin: leverage doesn’t change the fee, but it makes it a bigger share of what you put in.
Why leverage makes fees matter more
Leverage doesn’t change the fee rate, but it changes what the fee is measured against. At 10x, $100 of margin holds a $1,000 position, so a $1.90 round trip is 1.9% of what you put in. At 40x, the same margin pays four times as much in fees.
Common mistakes
- Counting fees on the margin. A $100 margin at 10x is a $1,000 position, and fees are worked out on the $1,000.
- Forgetting the exit. A round trip pays twice: once to open and once to close.
- Trading so often that fees eat every small move. A position needs to move past both fees before it is even.
Check yourself
You open a $1,000 position with $100 of margin. What are fees worked out on?
Try it in Lance
The order panel shows your bot fee and Hyperliquid’s 0.045% before anything is sent.
See the fees on an order