Hyperliquid Builder Fees Explained - What Third-Party Apps Charge to Route Your Orders
Table of Contents
Hyperliquid
Someone Else's Interface, Hyperliquid's Order Book
More than 100 teams now route orders into Hyperliquid without running an exchange. You can open a perp from inside 
Phantom, from 
MetaMask, from a bridge aggregator, or from an AI chat app on your phone. The order goes to the same HyperCore order book either way. The fill is identical.
The difference is the fee. Every one of those apps is attaching a builder code to your order, and that code takes a cut.
Warning
How the Mechanism Works
The design is deliberately narrow. A builder cannot silently skim from you, and it cannot charge whatever it wants.
1. You approve the builder. Before any app can charge you, you sign an ApproveBuilderFee action with your main wallet, not an API or agent wallet. The prompt names the builder address and the maximum fee it may charge. This is the moment to actually read the number.
2. The app tags each order. Once approved, the app attaches a builder parameter to every order it sends: the builder's address plus a fee expressed in tenths of a basis point. If the app tags a higher fee than you approved, the order is rejected.
3. The fee comes out of the quote asset. Builder fees are collected in USDC on perps and in the collateral asset on spot. On spot markets the fee only applies to the selling side, so buying is untouched.
4. Builders claim through the referral flow. Accrued builder fees are withdrawn through the same rewards process as referral earnings, and every fill is published in a daily CSV per builder address, which is why the revenue leaderboards below are public rather than self-reported.
| Rule | Limit |
|---|---|
| Max perp builder fee | 0.1% |
| Max spot builder fee | 1% (sell side only) |
| Approvals per user | 10 active builders |
| Builder account minimum | 100 USDC in perps account value |
| Signature required | Main wallet, not agent wallet |
Info
What It Actually Costs You
This is the part most traders never check. Hyperliquid's base perp fees are 0.045% taker and 0.015% maker. A 0.05% builder fee, which is what Phantom charges, more than doubles the cost of a taker fill.
| Route | Taker fee on a $10,000 perp trade |
|---|---|
| Direct on Hyperliquid, base tier | $4.50 |
| Direct with the 4% referral discount | $4.32 |
| Through a 0.05% builder | $9.50 |
| Through a builder at the 0.1% cap | $14.50 |
Over a single trade that is lunch money. Over $1 million of monthly volume at 0.05%, the builder fee alone is $500 a month, and it does nothing to move you up Hyperliquid's VIP fee tiers because it is not protocol volume revenue.
Tip
Skip the Middleman Fee
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Join Hyperliquid - Save 4%Who Is Actually Earning This
Builder codes turned out to be one of Hyperliquid's more successful distribution decisions. The top ten builders have cleared more than $63.5 million in cumulative revenue, and over 100 teams have integrated.
| Builder | Cumulative revenue |
|---|---|
| Phantom | $20.6M |
| BasedOneX | $15.1M |
| PVP | $8.0M |
MetaMask, Insilico, Infinex, Axiom, Tread.Fi, Dreamcash, and Mass round out the top ten.
Phantom is the instructive case. It processed $37 billion in perpetual volume in under a year without building an exchange, a matching engine, or a liquidity program. It shipped a trading tab into a wallet 137,000 people already had open, charged them 0.05%, and averaged about $150 of revenue per user.
Recent Integrations Worth Knowing About
Oku
Oku added Hyperliquid perps in July 2026. Its angle is funding: you can enter a position with assets sitting on Bitcoin, Solana, Ethereum, or 30-plus other chains, because Oku is a bridge and swap aggregator first and a perps frontend second. It routes through more than 20 DeFi tools including LiFi, Relay, CoW Swap, 0x, Kyber, and 1inch, and offers up to 50x on crypto, stocks, ETFs, commodities, and indices.
If you hold most of your capital outside the Hyperliquid ecosystem, this removes the bridging step that usually comes first.
Talis
Talis is an AI trading app that went live on iOS in July 2026. You describe a position in plain language and it builds and tracks the strategy, executing non-custodially against Hyperliquid. It bundles a strategy builder, a market assistant for scenario work, and performance tracking on the strategies you save.
It is a genuinely different interface model from an order book, and worth a look if you already think about positions in sentences rather than in limit prices. Our mobile trading guide covers the more conventional iOS and Android options.
Not All Integrations Are Builder Codes
Worth repeating, because it is the most common mix-up: trade.xyz is not a builder-code integration. It is a HIP-3 deployer that stakes HYPE and runs its own markets, which is why you find CXMT, SpaceX, and commodity perps there and nowhere else. Builder codes route into existing books. HIP-3 creates new ones.
How to Check and Revoke Your Approvals
Approvals persist. Trading somewhere else does not cancel them, and most people have no idea how many they have accumulated.
Count your approvals
Hyperliquid caps you at 10 active builder approvals. If you hit the limit, a new app's approval prompt will simply fail until you clear one.
Find the setting
Most frontends expose builder fee settings in their trading preferences or account menu. The approval is on-chain state, so any interface that implements it can read and change it.
Set the fee to zero
Revoking is the same ApproveBuilderFee action with a fee of zero. It takes effect immediately for new orders.
Audit what you are paying
Before a large trade, check the fee line in the order panel. A well-built frontend shows the builder fee separately from Hyperliquid's own fee. If it does not show one at all, assume there is one and go look for it. Our portfolio tracking guide covers exporting fills so you can total up what you actually paid.
Quick Recap
- A builder fee is an app surcharge on top of Hyperliquid's own trading fees, capped at 0.1% for perps and 1% for spot
- It requires an explicit
ApproveBuilderFeesignature from your main wallet, and you can hold at most 10 approvals - Phantom charges 0.05%, which roughly doubles the cost of a base-tier taker fill
- Over 100 teams have integrated, earning more than $63.5 million cumulatively, with Phantom alone at $20.6 million
- Builder fees do not count toward your Hyperliquid VIP tier progression
- Trading directly at app.hyperliquid.xyz costs no builder fee at all
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Start Trading on HyperliquidFrequently Asked Questions
A builder fee is an extra charge a third-party app adds to your order when it routes that order into Hyperliquid's order book. It sits on top of Hyperliquid's own maker and taker fees and goes to the app, not to the protocol. Perpetual builder fees are capped at 0.1% and spot builder fees at 1%, and you have to approve a builder before it can charge you anything.
Only if you approved one. Trading directly at app.hyperliquid.xyz means no builder fee at all. If you trade Hyperliquid perps through a wallet or third-party app like Phantom, MetaMask, or Oku, you signed an ApproveBuilderFee transaction at some point and that app is taking a cut of every fill.
It varies by app and is disclosed in the approval prompt. Phantom charges 0.05% on perps, which is roughly on par with Hyperliquid's own 0.045% base taker fee, so it effectively doubles the cost of a taker fill. The protocol hard cap is 0.1% on perps and 1% on spot, and no app can exceed it.
Builder approvals are per-user and capped at 10 active builders per account. You revoke by setting that builder's approved fee back to zero through the same ApproveBuilderFee action, which most frontends expose in their settings. Trading through a different interface does not remove the approval, it just stops using it.
No, and the naming causes real confusion. HIP-3 lets a deployer stake 500,000 HYPE and launch entirely new perpetual markets, like trade.xyz did with stock and commodity perps. An order-routing builder code requires no stake and creates no markets. It just tags orders sent to Hyperliquid's existing books so the referring app earns a share of fees.
Convenience and access. Wallets like Phantom and MetaMask let you trade perps without leaving the app you already keep your funds in. Aggregators like Oku let you fund a position from 30-plus chains in one flow. For small or infrequent trades the extra basis points are worth it; for high-volume trading they are not.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Trading perpetual futures involves substantial risk of loss. Past performance is not indicative of future results. Always do your own research before trading. This site contains referral links - see our disclosure for details.
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