Hyperliquid Growth Mode: Which HIP-3 Markets Have 90% Lower Fees (Live List)

trade.xyz

Most of the stock, index, FX and commodity trading on Hyperliquid now happens at about a tenth of the normal fee. That's growth mode: a per-market switch that a HIP-3 deployer can turn on, which cuts the all-in fee by at least 90%. On October 29, 2026, 155 of the 167 live HIP-3 markets had it on.

The fee cut is the part people notice. The other effects matter more to anyone who trades size or runs a bot. Growth mode also shrinks maker rebates, how much your volume counts toward fee tiers, and how fast trading builds your API rate limit. This page explains each one, then lists every market with its current flag, read live from the Hyperliquid API.

What Growth Mode Is

Hyperliquid's fee docs define it in two places. The short version, from the top of the page:

When growth mode is activated for an HIP-3 perp, protocol fees, rebates, volume contributions, and L1 user rate limit contributions are reduced by 90%.

The longer section says the reduction is "≥90%" on all-in fees, that it "applies on top of other multipliers, such as staking discounts," and that the baseline all-in taker rate under growth mode is "between 0.0045%-0.009%." The deployer turns it on per asset, not per venue, and the docs set a 30-day cooldown per asset on changing it. So a market can have growth mode on one month and off the next, but a deployer can't flip it back and forth week to week.

Here's what it looks like from the trader's side. This is trade.xyz's USDJPY market on October 29, 2026. The fee line under the order form shows 0.0090% taker and 0.0030% maker, with 0.0450% / 0.0150% struck through above it.

Source: trade.xyz, used under fair use for educational purposes

Which Markets Can't Use It

Growth mode is only for markets that don't overlap with Hyperliquid's own validator-operated perps. The docs say this is "to prevent parasitic volume." Otherwise you could trade a cheap HIP-3 copy of BTC instead of the real BTC perp. The docs give five examples of ineligible markets and say the list isn't complete:

1. Crypto perps against any collateral
2. Perps on crypto indexes, ETFs or other baskets of crypto assets
3. Perps on mathematical combinations that include crypto prices
4. Perps on vehicles or wrappers that hold mainly crypto
5. Perps tracking the gold price, because PAXG-USDC already tracks gold

A validator vote decides whether an ineligible market loses growth mode, the same way delistings are decided. Most of the 12 live HIP-3 markets without growth mode on October 29 fit that list. On trade.xyz they were GOLD (the docs' own example), MSTR, BMNR, STRC and PURRDAT. On Paragon they were TOTAL2, OTHERS, BTCD, ANSEM, TREAD and DRV, and on Markets by Kinetiq, BVIV. Eight of the twelve are gold, crypto indexes, crypto-treasury stocks or a bitcoin volatility index. Native perps such as BTC, ETH and HYPE never get growth mode at all.

Live List of Growth-Mode Markets

The table reads every HIP-3 venue from the API's perpDexs endpoint, then each venue's meta, and checks the growthMode field on every live market. The numbers below were baked in when this page was built, and your browser refreshes them when the page loads. Switch to "Standard fees" to see the markets without growth mode.

To check a single market yourself, the flag sits in the venue's meta response:

curl -s -X POST https://api.hyperliquid.xyz/info \
  -H 'Content-Type: application/json' \
  -d '{"type":"meta","dex":"xyz"}'
# each universe entry carries "growthMode":"enabled" when it is on

Our API guide covers the rest of the info endpoint if you want to wire this into a bot.

What the 90% Cut Means for Takers

For someone taking liquidity, growth mode is simply cheap. At a deployer fee scale of 1.0, a HIP-3 market normally charges 0.09% taker. Growth mode takes that to about 0.009%. That's a fifth of what you pay on a native Hyperliquid perp at the base tier (0.045%). HYPE staking discounts and the referral discount still apply on top.

Fees are only part of the cost of a trade, though. Spread, slippage and funding usually cost more than a 0.009% fee. Some HIP-3 markets also trade at a premium to their oracle outside market hours, which our stock perps tracking study measures. A cheap fee on a thin book can still be an expensive trade.

What It Means for Market Makers

The arithmetic is different for makers, and it's why market-making bots care about this flag.

Maker fees drop too. A maker on a growth-mode market pays about 0.003% instead of 0.03%. For a bot that is mostly passive, the fee bill falls by roughly 90%.

Rebates shrink by the same 90%. Hyperliquid pays maker rebates of -0.001%, -0.002% and -0.003% to accounts above 0.5%, 1.5% and 3% of 14-day maker volume. The docs say rebates on growth-mode markets are at least 90% lower, so a -0.003% rebate becomes about -0.0003%.

Volume counts for a tenth. Your fee tier is set by 14-day weighted volume. Growth-mode volume contributes 90% less, so a bot that trades $50M in two weeks entirely on growth-mode markets is credited with roughly $5M. That's the tier 1 threshold, when the full $50M would have put it in tier 2. The same applies to maker share for rebate tiers.

API headroom builds slowly. Hyperliquid's rate-limit docs give each address 1 action per $1 of cumulative volume, on top of a 10,000-request starting buffer. Growth-mode volume builds that allowance 90% slower. During congestion, block space is allocated by the previous day's maker share, and the docs say growth-mode assets "count less towards this rate limit" there too. A quoting bot that cancels and replaces often needs to plan around this. Our trading bot guide covers batching, which helps.

So growth mode makes a maker's fees cheap but its tier progress slow. If tier level matters to your strategy, the volume that moves it has to come from native perps or the few HIP-3 markets outside growth mode. Our market-making guide walks through the full economics, and the fee calculator has a growth-mode setting for running your own numbers.

Referral Discounts and Growth Mode

Hyperliquid's HIP-3 docs say builder markets keep the usual discounts, naming staking discounts and referral rewards. If you joined through a referral link, the 4% discount on your first $25M of volume applies on growth-mode markets as well. It's just 4% of a much smaller number. On a $100,000 trade at 0.009% taker, the fee is $9 and the discount is about 36 cents. For how the program works on both sides, see our referral program guide.

Where Growth Mode Sits on Each Venue

trade.xyz runs nearly its whole lineup in growth mode: equities, indexes like the S&P 500 perp, FX pairs such as USDJPY and EUR, Korean and Japanese indexes, and oil. On October 29 its growth-mode markets traded about $4.76B in 24 hours. Gold and the crypto-linked stocks are the exceptions.

Paragon had 27 of 33 live markets in growth mode, with its crypto index markets outside it. EntropyIO had all 12 of its live markets in growth mode. Markets by Kinetiq had two live markets, one in growth mode. Six other registered venues (Felix Exchange, Ventuals, HyENA, the original Kinetiq venue, ABCDEx and dreamcash) had no live markets that day. Our HIP-3 market registry lists every venue with volume, open interest and leverage.

For scale: across all venues, growth-mode markets traded about $4.81B on October 29, against $5.87B on native Hyperliquid perps. A large share of Hyperliquid's daily volume now trades at a tenth of the fee.

For the fee picture beyond growth mode, see Hyperliquid fees explained. If you trade at volume, our page on Hyperliquid for pro traders and market makers collects the tier, rebate and infrastructure details in one place.