Trading fees are charged on executions under the venue’s schedule and account conditions. To estimate them, identify the instrument, actual executed notional, fee tier and whether each fill added or removed liquidity. The maker/taker label describes the fill, not merely the order button: a limit order can execute immediately as taker or rest and later fill as maker. Confirm the current schedule for the exact market and account before applying a rate to research.

Calculate from executed notional

For a percentage schedule, one-side fee equals executed notional multiplied by the rate as a decimal. For example, at a hypothetical 0.10% rate, a $2,000 entry costs $2. If a later exit executes $2,100, that side costs $2.10, for $4.10 total. The exit notional need not match the entry: calculate each fill separately, including partial executions, and sum the actual fee-bearing amounts.

A dated venue example

Hyperliquid’s current public schedule lists separate base-tier rates for spot and perpetuals. Its documentation, checked on 27 September 2026, shows tier-zero perpetual fees of 0.045% taker and 0.015% maker; the corresponding spot rates are 0.070% and 0.040%. On a hypothetical $10,000 notional entry and an equal-notional exit, that is $9 in perpetual taker fees (2 × $10,000 × 0.00045) or $3 if both executions actually qualify as maker. The spot comparison is $14 taker or $8 maker. These are arithmetic illustrations from the published base tier, not a quote for your account or a promise that a resting order fills.

The same schedule says perps and spot volume count together toward a user’s tier, with spot volume weighted twice, and it documents other discounts and exceptions. So even a current public table may not match the fee shown for a specific account, pair, or fill. Preserve the source page and access date with the exact market, contract, fee tier and rate you used; read the Hyperliquid fee schedule before using this example. Rates and account conditions can change.

Calculate mixed maker and taker fills

If an order has multiple executions, calculate the fee from the actual fills and their recorded liquidity role rather than assigning one assumed rate to the full requested quantity. Venue rules and account tier determine the applicable schedule; a fee estimate without them is only an assumption.

For a second illustration using the cited Hyperliquid tier-zero perpetual rates, assume a $10,000 entry composed of $6,000 maker fills and $4,000 taker fills. The entry fee is ($6,000 × 0.00015) + ($4,000 × 0.00045) = $2.70. If the $10,000 exit contains $4,000 maker and $6,000 taker fills, it costs $3.30, for $6.00 total. That fee is 0.06% of the entry notional, but it is not an exact break-even return: the exit notional, realized price change, spread, slippage and other charges affect the result. The calculation assumes every listed fill occurs at the stated rates and excludes those other costs; a maker order can remain unfilled.

Keep the time, quantity, price, liquidity role and charged fee for each execution. If the venue reports a fee summary for a partially filled order, reconcile it to those individual fills and note any differences in the fee asset or rounding.

maker and taker partial fills produce separate feesA fictional ten-thousand-dollar entry splits into six thousand dollars of maker fills at 0.015 percent and four thousand dollars of taker fills at 0.045 percent. The separate fees are 90 cents and 1 dollar 80 cents, totaling 2 dollars 70 cents. Rates are a dated Hyperliquid tier-zero perpetual example; the split is hypothetical, not a claim about an actual order.CLASSIFY THE FILLS · APPLY THE MATCHING RATE · ADD THE ACTUAL FEESHYPOTHETICAL ENTRY$10,000 notionalMAKER FILLS$6,000 × 0.015% = $0.90Hypothetical portion that restsTAKER FILLS$4,000 × 0.045% = $1.80Hypothetical immediate matchENTRY FEE$2.70Illustrative tier-zero perpetual rates checked 27 Sep 2026 · not a live quote or a realized orderActual fills, account tier, discounts and fee currency must be reconciled to the venue statement
A fictional ten-thousand-dollar entry splits into six thousand dollars of maker fills at 0.015 percent and four thousand dollars of taker fills at 0.045 percent. The separate fees are 90 cents and 1 dollar 80 cents, totaling 2 dollars 70 cents. Rates are a dated Hyperliquid tier-zero perpetual example; the split is hypothetical, not a claim about an actual order. Illustrative teaching graphic · not live market data

Reconcile the schedule to each execution

For research, keep order intent and realized fee records separate. An unfilled remainder has no execution fee, but it can still mean the strategy missed its entry; recording zero fee must not imply a completed trade. If the venue statement and a calculated fee differ, preserve both values and investigate tier, discounts, quote conversion, contract units, fee rounding, rebates and product-specific exceptions. Do not force the ledger to agree by adjusting the assumed rate after seeing the outcome.

The maker/taker fill-fee ledger provides rows for partial executions, schedule snapshots and account-statement reconciliation. It keeps fee currency, fee-bearing notional, maker/taker status and unrelated execution costs visible so a backtest assumption can be checked against its source.

mixed maker and taker fills produce a six dollar illustrative round-trip feeHypothetical $10,000 perpetual entry and exit using the cited Hyperliquid tier-zero rates: entry splits into $6,000 maker at 0.015% and $4,000 taker at 0.045%, totaling $2.70; exit splits into $4,000 maker and $6,000 taker, totaling $3.30. The $6.00 combined fee excludes spread, slippage, funding and price movement and is not a break-even return.HYPOTHETICAL $10,000 PERPETUAL ENTRY + $10,000 EXITENTRY · fee $2.70$6,000 maker · $0.90$4,000 taker · $1.80EXIT · fee $3.30$4,000 maker · $0.60$6,000 taker · $2.70TOTAL FEE $6.00 · fee-only 0.06% of entry notional
Hypothetical $10,000 perpetual entry and exit using the cited Hyperliquid tier-zero rates: entry splits into $6,000 maker at 0.015% and $4,000 taker at 0.045%, totaling $2.70; exit splits into $4,000 maker and $6,000 taker, totaling $3.30. The $6.00 combined fee excludes spread, slippage, funding and price movement and is not a break-even return. Illustrative teaching graphic · not live market data
illustrative Hyperliquid base-tier maker and taker round-trip feesFour bars compare hypothetical fees on a 10,000 dollar perpetual or spot entry and equal-notional exit using the venue's published base-tier rate on 25 September 2026. Perpetual taker is 9 dollars, perpetual maker 3 dollars, spot taker 14 dollars and spot maker 8 dollars. Account discounts, pair exceptions, changes in schedule, spread, slippage and funding are excluded.TWO EQUAL $10,000 FILLS · BASE TIER · DATED VENUE EXAMPLE$0$14 total feesPerpetual · taker$9 · 0.045% each sidePerpetual · maker$3 · 0.015% each sideSpot · taker$14Spot · maker$8Each total = entry fee + exit fee · maker assumes both fills truly rest and executeSchedule checked 25 Sep 2026 · account tier and instrument details can change the rate
Four bars compare hypothetical fees on a 10,000 dollar perpetual or spot entry and equal-notional exit using the venue's published base-tier rate on 25 September 2026. Perpetual taker is 9 dollars, perpetual maker 3 dollars, spot taker 14 dollars and spot maker 8 dollars. Account discounts, pair exceptions, changes in schedule, spread, slippage and funding are excluded. Illustrative teaching graphic · not live market data

The entry and exit notionals can differ because the contract value or quantity changes. Contract multipliers, quote currencies and rounding can alter the calculation. Record whether a rate applies to quote notional, contract count or another base; check whether the source shows a fraction or a percentage before converting it. If the historical fee schedule cannot be reconstructed for the whole sample, disclose the approximation rather than labeling today’s rate an exact historical cost.

Maker versus taker is about the actual fill

A limit order may immediately trade against resting orders or rest and later provide liquidity; the venue’s rules determine how each execution is classified. A post-only option can prevent an order from immediately taking liquidity where supported, but then the order may remain unfilled or be canceled. A maker rate is not automatically the cheaper practical choice: waiting can miss the trade, and fills can arrive after conditions change. Rebates, discounts and account tiers also vary. Do not infer a fee from the order label alone.

Put the dated schedule into a backtest

Save the venue URL, access date, market, contract, fee tier, order assumptions and each side’s rate. Run at least one higher-cost scenario and report whether the research conclusion changes. Keep trading fees separate from spread, slippage, market impact, borrowing and funding so the ledger does not double-count or hide costs. A fee-only estimate is not a total execution-cost estimate.

workflow for modeling fees in a trading studyA repeatable research workflow identifies the exact contract and dated fee tier, classifies actual or modeled fills, calculates fee per executed notional, adds other execution costs separately, and checks whether the result changes under higher-cost assumptions.RECORD THE ASSUMPTION WITH EVERY RUN1 · SOURCEvenue · contracttier · checked date2 · CLASSIFYeach actual fillmaker / taker3 · CALCULATEnotional × ratesum all executions4 · ADD COSTSspread · impactfunding · borrow5 · STRESShigher-cost casecompare conclusionKeep fee assumptions separate from total execution-cost estimatesDo not project today's account rate across history unless the old schedule is knownEducational calculation workflow · not a venue quote
A repeatable research workflow identifies the exact contract and dated fee tier, classifies actual or modeled fills, calculates fee per executed notional, adds other execution costs separately, and checks whether the result changes under higher-cost assumptions. Illustrative teaching graphic · not live market data

For perpetuals, funding is separate from trade fees and settles under contract rules. A positive funding rate does not universally mean the same payer across venues; consult the specific documentation. Track each settlement timestamp while the position is eligible. Keep missing rates unknown rather than filling them with zero.

SuperQuant can model fee assumptions per run but does not know a user’s account tier or prove past exchange charges. Its sample histories are synthetic and the order model is simplified. Use the fees and funding worksheet, the maker/taker fill-fee ledger, read about spread and slippage, then follow the backtest cost guide. The venue figures above were checked on 27 September 2026 and can change. This is arithmetic education, not a personalized quote or a trading recommendation.