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Hyperliquid’s published trading rules currently describe perpetual futures, spot, margin, portfolio margin and liquidations—not a native options contract. That means there is no verified Hyperliquid options fee schedule, options expiry convention or options-specific liquidation formula to quote. The figures traders can verify are for linear perpetuals: a base 0.045% taker fee, a 0.015% maker fee, leverage-based initial and maintenance margin, and mark-price liquidations.
This distinction matters. Applying perpetual fees or liquidation thresholds to an options position could produce a materially wrong risk estimate. The sections below separate what Hyperliquid documents for perpetuals from what remains unverified for native options.
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Does Hyperliquid offer native options?
Hyperliquid’s contract documentation describes linear perpetual contracts. They have no expiry date and use hourly funding payments. The published specification does not define native calls, puts, option premiums, strikes, expiries, implied-volatility fees or an options settlement process.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallTherefore, the answer to “What are Hyperliquid options fees?” is currently: no official options fee schedule has been established in the published rules. The fee and liquidation mechanics in this article are the documented perpetual and portfolio-margin rules. They should not be treated as an options specification.
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What you can verify today
- Perpetuals are linear contracts with no expiration and hourly funding.
- Perpetual trading fees depend on rolling 14-day volume and maker/taker status.
- Cross and isolated margin are available for standard perpetual trading, with cross margin as the default.
- Liquidation is triggered by maintenance-margin failure using mark price, not simply the last traded price.
- Portfolio margin exists in a pre-alpha state and has different risk and liquidation behavior.
Perpetual trading fees: the rules that are actually published
Hyperliquid calculates fee tiers from a trader’s rolling 14-day volume. The fee tier is assessed at the end of each UTC day. Perpetual and spot markets have separate schedules, but both contribute to one tier; spot volume is counted twice in the weighted-volume calculation.
Base perpetual rates
| Role | Base perpetual fee | How it is charged |
|---|---|---|
| Taker | 0.045% | Applies when your order removes liquidity from the order book. |
| Maker | 0.015% | Applies when your order adds liquidity and is executed as a resting order. |
For example, a 100,000 USDC perpetual trade at the base taker rate would incur 45 USDC in trading fees on the executed notional, before any other account-specific adjustments. The maker equivalent would be 15 USDC. The fee is based on executed notional, not on the amount of collateral posted.
Volume thresholds and higher tiers
The published fee schedule lists 14-day weighted-volume thresholds at $5 million, $25 million, $100 million, $500 million, $2 billion and $7 billion. Higher tiers reduce the maker and taker rates, but the exact rate for each higher tier must be read from the current fee schedule rather than inferred from the threshold alone.
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| 14-day weighted-volume breakpoint | What it means |
|---|---|
| $5 million | First published breakpoint in the tier schedule. |
| $25 million | Higher-volume tier breakpoint. |
| $100 million | Higher-volume tier breakpoint. |
| $500 million | Higher-volume tier breakpoint. |
| $2 billion | Higher-volume tier breakpoint. |
| $7 billion | Highest listed breakpoint. |
Because the measurement is rolling, a trader can move between tiers as older volume leaves the 14-day window. The assessment occurs at the end of the UTC day, so a trade’s rate is determined by the applicable tier rather than by a permanent account label.
Referral adjustments
The fee documentation describes referral rewards on a user’s first $1 billion of volume and referral discounts on a user’s first $25 million. Those provisions are separate from the base maker/taker schedule. Eligibility, geographic availability, current enrollment terms and the precise discount level should be checked in the live program terms before being included in a cost model.
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How much margin does a Hyperliquid perpetual position need?
The documented opening-margin calculation is:
initial margin = position size × mark price ÷ selected leverage
If a position has 100,000 USDC of notional value and you select 10x leverage, the opening requirement is 10,000 USDC. At 5x leverage, the same notional requires 20,000 USDC. This is an opening requirement; it does not guarantee that the position can withstand a particular price move because maintenance margin, unrealized profit or loss, fees and funding also affect account equity.
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Cross margin is the default mode. Collateral is shared among positions designated as cross, so available equity in one cross position can support another. This can delay liquidation of an individual position, but a losing trade can consume collateral that would otherwise be available elsewhere in the account.
Hyperliquid states that cross initial margin cannot be withdrawn while the position is open. The account’s shared equity, maintenance requirement and all cross positions are considered together when liquidation risk is calculated.
Isolated margin
Isolated margin assigns collateral to one position. Losses in that isolated position do not draw on other isolated positions or cross-margin collateral. Because the collateral is ring-fenced, liquidation risk is easier to attribute to a single trade, but the position has less equity available to absorb adverse movement.
Isolated margin can be adjusted after opening. Adding collateral moves the liquidation threshold farther away; removing collateral moves it closer, provided the resulting position still satisfies the maintenance requirement.
| Feature | Cross margin | Isolated margin |
|---|---|---|
| Collateral scope | Shared among cross positions | Assigned to one position |
| Effect of a loss | Can consume shared account equity | Confined to that position’s collateral |
| Opening margin withdrawal | Cannot be withdrawn while the position is open | Can be adjusted after opening |
| Liquidation calculation input | Account value minus cross maintenance requirement | Isolated margin minus isolated maintenance requirement |
Maintenance margin and leverage tiers
Initial margin is controlled by your selected leverage. Maintenance margin is controlled by the market’s maximum-leverage tier. Hyperliquid describes current maintenance margin as half of the initial-margin rate at that tier’s maximum leverage.
The tier formula is:
maintenance margin = notional position value × maintenance-margin rate − maintenance deduction
The maintenance deduction is a tier parameter. It means a simple percentage calculation is an approximation unless the deduction for the exact market and notional bracket is included.
Documented maintenance-rate range
| Maximum leverage for the tier | Documented maintenance-margin rate |
|---|---|
| 40x | 1.25% |
| 3x | 16.7% |
These are the endpoints of the documented range, not a universal rate for every position. As maximum leverage falls for larger positions or a different asset, the maintenance percentage rises. A 100,000 USDC notional position in a 40x tier would have a 1,250 USDC percentage component before any maintenance deduction. A 3x-tier position of the same notional would have a 16,700 USDC percentage component before that deduction.
Examples of mainnet leverage brackets
| Market | Notional bracket | Maximum leverage |
|---|---|---|
| BTC | 0–150 million USDC | 40x |
| BTC | Above 150 million USDC | 20x |
| ETH | 0–100 million USDC | 25x |
| ETH | Above 100 million USDC | 15x |
| SOL | 0–70 million USDC | 20x |
| SOL | Above 70 million USDC | 10x |
These examples show why “I used 10x leverage” is not enough to determine liquidation risk. The market, total notional, tier maximum leverage, maintenance rate, deduction, collateral mode and current mark price all matter.
When does Hyperliquid liquidate a position?
A liquidation event occurs when account equity falls below the applicable maintenance margin. Hyperliquid uses mark price for this test. The mark price combines external centralized-exchange prices with Hyperliquid’s own book state, rather than relying on one potentially erratic trade in the local order book.
The liquidation-price formula
The documented formula is:
liq_price = price − side × margin_available ÷ position_size ÷ (1 − l × side)
In this formula, l = 1 ÷ MAINTENANCE_LEVERAGE. The side value is 1 for a long and −1 for a short. The price is the relevant entry or reference price used by the position calculation, and position_size is the position quantity in the formula’s units.
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margin_available depends on the margin mode:
- Cross margin: account value minus required cross maintenance margin.
- Isolated margin: isolated margin assigned to the position minus its required maintenance margin.
Because account value, mark price, funding, fees, tier deductions and other positions can change, a displayed liquidation price is dynamic. It is not a guaranteed execution price or a promise that the order book will fill there.
What happens during liquidation
- The system detects that equity has fallen below maintenance margin using the mark price.
- It first attempts to close the position with market orders.
- For a liquidatable position larger than 100,000 USDC, the first liquidation order is 20% of the position. A 30-second cooldown rule then governs subsequent liquidation activity.
- If the position cannot be successfully liquidated on the book and equity falls below two-thirds of maintenance margin, the HLP liquidator vault can act as a backstop.
The maintenance margin is not returned during backstop liquidation. The backstop is therefore an emergency mechanism, not an additional source of collateral or a way to preserve the original margin.
Why the last traded price can mislead you
A chart’s last trade may differ from the mark price used for liquidation. A thin order book can print a sharp trade without moving the composite mark by the same amount, while external-market movement can move the mark even when Hyperliquid has not printed a comparable local trade. Risk checks should therefore use the platform’s mark-price and margin indicators, not only the candle or last-price display.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How portfolio margin changes the calculation
Portfolio margin is labeled pre-alpha. It unifies eligible spot and perpetual positions and can borrow against qualifying collateral, but it should not be treated as equivalent to mature cross margin.
The key measure is the portfolio margin ratio, defined from maintenance requirement divided by liquidation value. The account becomes liquidatable when that ratio exceeds 0.95. The documentation also warns that liquidation order is not deterministic: depending on oracle update order, perpetual positions or spot borrows may be liquidated first.
That uncertainty matters for hedged portfolios. A spot holding and a perpetual hedge may reduce overall risk, yet the sequence of oracle updates can determine which leg is sold or repaid first. Keep additional liquidity available if using this pre-alpha mode, and do not assume that the hedge will be closed in a preferred order.
A practical risk-check before opening a position
- Confirm the instrument. Verify that the contract is a perpetual, not an assumed native option. Do not use an options premium or expiry model when the product is a no-expiry perpetual.
- Identify your fee role. Estimate taker or maker charges separately and check the account’s current rolling 14-day tier.
- Calculate opening margin. Multiply position notional by mark price and divide by selected leverage.
- Find the market tier. Check the notional bracket, maximum leverage, maintenance rate and maintenance deduction for that asset.
- Choose collateral scope. Use cross only when shared collateral is intentional; use isolated when the loss budget belongs to one position.
- Stress the mark price. Recalculate equity after adverse price moves, funding, fees and any correlated-position losses.
- Leave a buffer. The liquidation formula identifies a threshold, not a safe trading distance. Volatility, mark-price changes and execution during partial liquidation can consume the remaining buffer quickly.
- Recheck after every size change. Adding to a position, changing isolated collateral, crossing a tier boundary or moving collateral can alter maintenance requirements and liquidation price.
Bottom line for traders asking about “Hyperliquid options”
Hyperliquid’s published rules support a detailed analysis of perpetual fees, margin and liquidation, but they do not establish native options mechanics. For perpetuals, start with the 0.045% base taker fee or 0.015% base maker fee, then apply the rolling 14-day tier. Calculate initial margin from notional divided by selected leverage, determine maintenance from the market’s maximum-leverage tier, and monitor mark-price equity in the chosen cross or isolated mode. Treat portfolio margin as pre-alpha and its liquidation sequence as non-deterministic.
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