Hyperliquid’s published documentation does not specify native options contracts or options fees. The documented products are linear perpetuals (no expiry, with hourly funding), spot markets and margin modes. Accordingly, the fee, margin and liquidation rules below are Hyperliquid’s published perpetual and portfolio-margin rules—not an options schedule. Do not assume another venue’s options commissions or exercise mechanics apply.
Does Hyperliquid offer options?
Hyperliquid’s contract and trading documentation describes linear perpetual contracts. These contracts do not expire and use hourly funding payments. The documentation reviewed does not publish a native options contract specification covering calls, puts, premiums, exercise, assignment, implied volatility, or an options fee schedule.
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What that means for an “options fees” question
There is no verified Hyperliquid options maker fee, taker fee, premium charge, exercise fee or options margin formula to quote. The rates in this article apply to the documented perpetual markets. If Hyperliquid later launches native options, its contract page and fee schedule will need to establish separate rules before those products can be priced accurately.
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Perpetuals have different economics
A perpetual position is margined against mark price and remains open until you close it or the system liquidates it. Funding is exchanged hourly. An option, by contrast, would normally have a premium paid upfront and an expiration date; neither feature is established in the current Hyperliquid contract documentation.
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How Hyperliquid perpetual fees are calculated
Hyperliquid assigns fee tiers using your rolling 14-day volume. The platform assesses the tier at the end of each UTC day. Perpetual and spot markets have separate fee schedules, but both contribute to one fee tier. Spot volume is counted twice in the weighted-volume formula, so the same dollar amount of spot trading contributes more weighted volume than the same amount of perpetual trading.
Base perpetual rates
| Trade role | Base perpetual fee | What the figure means |
|---|---|---|
| Taker | 0.045% | Rate shown by Hyperliquid’s 2026 fee documentation for the base tier; applies when your order removes liquidity. |
| Maker | 0.015% | Rate shown for the base tier when your order adds liquidity and executes from the book. |
For a $10,000 notional perpetual trade at the base taker rate, the fee would be $4.50 on that execution. At the base maker rate, the same notional would produce a $1.50 fee. These examples exclude funding and any other account-level effects; they are simple applications of the published percentages.
Documented volume thresholds
The fee page lists 14-day weighted-volume thresholds of $5 million, $25 million, $100 million, $500 million, $2 billion and $7 billion. Moving into higher tiers reduces fees, but the specific higher-tier maker and taker percentages are not stated in the material cited here. Check the live fee schedule before relying on a rate for a large order.
| 14-day weighted-volume threshold | Higher-tier perpetual rates in the cited 2026 material |
|---|---|
| $5 million | Not stated |
| $25 million | Not stated |
| $100 million | Not stated |
| $500 million | Not stated |
| $2 billion | Not stated |
| $7 billion | Not stated |
Referral adjustments
Hyperliquid’s fee documentation says referral rewards apply to a user’s first $1 billion of volume and referral discounts apply to a user’s first $25 million. Those are program limits, not a replacement for the published maker/taker schedule. Eligibility, geography, enrollment and current terms should be verified on the live program page before you model them into trading costs.
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Cross margin versus isolated margin
Cross margin is the default documented mode. It shares available collateral among positions designated as cross. Isolated margin assigns collateral to one position only, limiting that position’s loss to its isolated allocation (subject to the platform’s liquidation process). Losses in an isolated position do not consume collateral assigned to another isolated or cross position.
| Feature | Cross margin | Isolated margin |
|---|---|---|
| Collateral scope | Shared among cross positions in the account | Assigned to one position |
| Opening-margin formula | Position size × mark price ÷ selected leverage | Position size × mark price ÷ selected leverage |
| After opening | Cross initial margin cannot be withdrawn while supporting the position | Isolated margin can be adjusted after opening |
| Effect of a loss | Can reduce equity available to other cross positions | Does not affect other isolated or cross positions through that isolated allocation |
Initial margin
Hyperliquid states that the margin required to open a position is position_size × mark_price ÷ leverage. For example, a 2,000 USDC notional position opened at 10× leverage requires 200 USDC of initial margin before considering fees or subsequent profit and loss. The selected leverage changes the opening requirement; it does not by itself guarantee that the position can withstand a particular price move.
Choosing a mode
- Use cross when you deliberately want positions to share collateral and accept that one position can consume equity supporting others.
- Use isolated when you want a defined collateral allocation for a single trade and the ability to add or remove isolated margin after opening.
- Confirm the margin mode before submitting an order. A correct leverage number in the wrong mode can produce a very different liquidation outcome.
Maintenance margin and leverage tiers
Liquidation is governed by maintenance margin, not by the initial margin alone. Hyperliquid’s documentation describes maintenance margin as currently half of the initial-margin rate at the tier’s maximum leverage. It expresses the requirement as maintenance_margin = notional_position_value × maintenance_margin_rate − maintenance_deduction.
The documented maintenance-rate range is 1.25% at a 40× maximum-leverage tier through 16.7% at a 3× maximum-leverage tier. Larger positions can move into a less-leveraged tier with a higher maintenance requirement and a deduction term. Consequently, the maintenance percentage for a large position is not necessarily the same as the percentage displayed for a small position in the same asset.
Examples of documented mainnet tiers
| Asset | Notional band | Maximum leverage |
|---|---|---|
| BTC | 0–150 million USDC | 40× |
| BTC | Above 150 million USDC | 20× |
| ETH | 0–100 million USDC | 25× |
| ETH | Above 100 million USDC | 15× |
| SOL | 0–70 million USDC | 20× |
| SOL | Above 70 million USDC | 10× |
These are examples of mainnet tier limits documented for the named assets, not a promise that every market uses the same bands. Read the applicable asset’s current tier page before opening a large position.
How Hyperliquid determines liquidation
The trigger
A liquidation event occurs when account equity falls below the required maintenance margin. Hyperliquid uses mark price rather than relying on one instantaneous trade or one order-book level. Its documentation says the mark price combines external centralised-exchange prices with Hyperliquid’s book state. This design is intended to reduce liquidation caused by a single transient trade, but it also means the liquidation trigger may differ from the last traded price you see.
The documented liquidation formula
Hyperliquid gives this formula:
liq_price = price − side × margin_available ÷ position_size ÷ (1 − l × side)
In the formula, l = 1 ÷ MAINTENANCE_LEVERAGE, side = 1 for a long and side = −1 for a short. For cross margin, margin_available = account_value − maintenance_margin_required. For isolated margin, margin_available = isolated_margin − maintenance_margin_required.
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The formula is account-specific. A liquidation price cannot be inferred from leverage alone because it changes with account equity, position size, the maintenance tier, the margin deduction and gains or losses in the rest of the account. Funding and trading fees also affect equity over time, so a displayed estimate can move even when the entry price does not.
What happens after the trigger
- The system first attempts to close the liquidatable position using 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 governs the subsequent process, allowing the system to reassess the remaining position rather than sending the entire size at once.
- If book liquidation is not successful and equity falls below two-thirds of the maintenance margin, the HLP liquidator vault can take over as a backstop.
During backstop liquidation, the maintenance margin is not returned. The backstop is therefore not a fee-free escape route; it is a mechanism intended to complete liquidation when ordinary market execution has failed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Portfolio margin: a separate, pre-alpha system
Portfolio margin is marked pre-alpha in Hyperliquid’s documentation, so it should not be treated as equivalent to the standard cross and isolated modes. It can unify eligible spot and perpetual positions and allow borrowing against eligible collateral.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe portfolio margin ratio is calculated from maintenance requirement divided by liquidation value. The account becomes liquidatable when that ratio exceeds 0.95. The documentation warns that liquidation order is not deterministic: depending on oracle update order, perpetual positions or spot borrows may be liquidated first.
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- Do not assume a profitable spot position will always be sold last.
- Do not model a fixed liquidation sequence for a mixed spot-perpetual account.
- Because the feature is pre-alpha, review the current implementation and risk notices before using it with borrowed collateral.
Worked examples for planning risk
Initial margin example
Suppose you open a 50,000 USDC notional perpetual at 10× leverage. The opening requirement is 50,000 ÷ 10 = 5,000 USDC. That 5,000 USDC is initial margin; it is not the liquidation threshold. The maintenance requirement is calculated separately from the applicable maximum-leverage tier and any deduction.
Why two identical trades can liquidate at different prices
Imagine two traders each hold the same long notional. Trader A uses isolated margin with 6,000 USDC allocated. Trader B uses cross margin and has additional account equity supporting the position. In the liquidation formula, Trader A’s margin_available is based on isolated margin, while Trader B’s is based on account value. The cross position can therefore tolerate a larger adverse move, while a loss elsewhere in Trader B’s account can reduce that advantage.
Large-position tier changes
If a position crosses from a lower notional band into a higher band, its maximum leverage may fall—for example, BTC moves from a documented 40× band to a 20× band above 150 million USDC. The associated maintenance rate and deduction can change as well. Recalculate risk after any size increase instead of multiplying the original liquidation distance by the new notional.
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Practical checks before opening a position
- Confirm that you are trading a perpetual, not an options contract; no native Hyperliquid options specification is established in the cited documentation.
- Check the current 14-day fee tier and whether your order will be maker or taker.
- Verify the asset’s maximum-leverage and notional tier.
- Choose cross or isolated margin intentionally and confirm the selection in the order interface.
- Calculate initial margin from notional, mark price and selected leverage.
- Estimate maintenance margin using the asset’s tier, rate and deduction.
- Monitor mark price, not only last traded price, when judging liquidation risk.
- For positions above 100,000 USDC, plan for partial liquidation and the 30-second cooldown rather than assuming an immediate full close.
- If using portfolio margin, treat a ratio above 0.95 as liquidatable and assume the liquidation order may vary.
Bottom line for traders asking about Hyperliquid options
Hyperliquid’s published rules currently support a precise explanation of perpetual fees, margin and liquidation, but not native options fees or options margin. The key operational facts are a 0.045% base perpetual taker fee, a 0.015% base maker fee, rolling 14-day volume tiers, default cross margin, selectable isolated margin, mark-price liquidation and tier-based maintenance requirements. Portfolio margin is pre-alpha and uses a 0.95 liquidation threshold with no guaranteed liquidation sequence. Treat any future options schedule as unverified until Hyperliquid publishes the contracts and rules directly.
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