# Hyperliquid’s Lowest-Volume Account Quartile Faced a 1.20-Basis-Point Fee Gap

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/57805
Published: 2026-11-15T12:53:03.000Z
Updated: 2026-11-15T12:53:03.000Z
Section: Investing

> In selected market samples, near-midpoint dollar depth fell to about 13 on a 100-point index, while the number of active quoting groups also declined.

Hyperliquid’s lowest-volume account-family quartile paid a 0.961-basis-point maker fee while its highest-volume quartile earned rebates, leaving a 1.20-basis-point gap in the cost of quoting near market prices.

The volume-weighted rates cover historical maker trades across 54 account families, sorted by trading volume. The lowest-volume quartile paid the fee, while the highest-volume quartile received a 0.236-basis-point rebate. The gap comes before hedging expenses and losses from adverse trades, making it a notable cost in markets where quoted spreads are only a few basis points.

The fee difference appears alongside a decline in liquidity closest to market prices in selected Hyperliquid samples. Across 63 markets tracked on 13 sampling dates, each market’s November 2025 depth index began at 100. About a year later, the median index for dollar depth within 5 basis points of the midpoint had fallen to about 13. The index for the amount of tokens posted in that range ended at 28. Five basis points is 0.05%, so this measure covers orders close to the price where buyers and sellers meet.

A broader sample showed a different pattern. Across the first 20 order-book levels in 80 markets, the median dollar-depth index ended at 61, while the token-quantity index rose to 127. A separate six-month comparison also showed improvement concentrated farther from the midpoint. Together, the measures indicate that posted tokens increased across the wider book while depth near the midpoint contracted in the narrower sample.

A cross-venue comparison covered 86 assets traded on both Hyperliquid and Binance that met a leverage screen of less than 10x. Among 38 markets measured within 10 basis points of the midpoint, median dollar depth fell 82% on Hyperliquid from Nov. 1, 2025, to Nov. 1, 2026. The median declines were 61% on Binance and 78% on OKX. In a separate calculation comparing each asset’s 5-basis-point depth on Hyperliquid with its Binance counterpart, the median ratio fell 57.5%. That ratio extends an earlier comparison of Hyperliquid’s near-market depth with Binance.

For the later sample dated Nov. 1, 2026, a $10,000 buy had median estimated order-book impact of 5.21 basis points on Hyperliquid before fees, equal to $5.21. The same-size buy had an estimated impact of 2.95 basis points, or $2.95, on Binance. These figures measure the orders’ estimated effect on the book before trading fees.

The number of active quoting groups also declined in a 72-market sample. Comparing Oct. 8-14, 2026, with Oct. 31-Nov. 6, the median number of account families posting at least $1,000 on each side within 25 basis points of the midpoint fell from 7.64 to 6.39. At fixed token prices, 58 of the 72 markets had fewer active account families under the same measure.

The account-family measures varied by period and by what they counted. Across 80 markets, the median share of executed quote volume held by the largest account family fell to 14.6% from 25.2% over the year. In the shorter October-to-November comparison, the largest family’s median share of depth within 25 basis points rose to 38.6% from 34.5%, while the median quoted spread widened to 3.55 basis points from 2.13. The shorter window included Binance’s Oct. 29 security incident, so these comparisons do not establish that fee rules or network congestion caused the changes.

The findings also include Hyperliquid’s HIP-4 prediction markets. In a Nov. 10 sample of 256 contracts, four professional market-making wallets supplied 47% of the depth within 25 basis points of the midpoint. During high congestion, Hyperliquid allocates block space based on an address’s weighted maker share from the previous UTC day, allowing up to twice that share.