Fees & Incentives

Nunchi's fee structure is designed to reward high-volume traders, market makers, and HYPE stakers.

• Base Fees: A tiered schedule where taker and maker fees decrease as a user's 14-day trading volume increases.

• Maker Rebates: High-volume market makers who provide a significant share of a market's liquidity can earn rebates, resulting in a negative effective maker fee.

• HYPE Staking Discounts: Staking HYPE provides a direct, percentage-based discount on all trading fees, with tiers ranging from 5% to 50%.

Base Fee Schedule

Trading fees are determined by trailing 14-day weighted trading volume. Higher volume unlocks lower fees.

Tier	14-Day Weighted Volume ($)	Taker Fee	Maker Fee
0	< 5M	0.090%	0.030%
1	> 5M	0.080%	0.024%
2	> 25M	0.070%	0.016%
3	> 100M	0.060%	0.008%
4	> 500M	0.056%	0.000%
5	> 2B	0.052%	0.000%
6	> 7B	0.048%	0.000%

Please Note: HIP-3 fees are set at the protocol level. All deployers currently share this same base fee schedule.

High-Volume Rebates

Beyond the base schedule, Nunchi offers several programs to reward specific types of market participation.

High-volume makers who contribute a significant percentage of the total market maker volume can earn rebates, effectively receiving a negative maker fee.

Tier	14-Day Weighted Maker Volume	Maker Fee Rebate
1	> 0.5%	-0.001%
2	> 1.5%	-0.002%
3	> 3.0%	-0.003%

HYPE Staking Discounts

Holding and staking HYPE tokens provides a direct, tiered discount on trading fees, rewarding long-term supporters of the ecosystem.

Tier	HYPE Staked	Trading Fee Discount
Wood	> 10	5%
Bronze	> 100	10%
Silver	> 1,000	15%
Gold	> 10,000	20%
Platinum	> 100,000	30%
Diamond	> 500,000	50%

HIP-3 Growth Mode

The following information regarding HIP-3 Growth Mode is sourced from Hyperliquid.

In order to bootstrap novel markets, the next network upgrade will allow HIP-3 deployers to activate growth mode on a per asset basis. Like other HIP-3 deployer actions, activating growth mode is permissionless.

When growth mode is active, there will be a ≥90% reduction on the all-in fees. Rebates and volume contributions will also be ≥90% lower. Growth mode applies on top of other multipliers, such as aligned stablecoin collateral fee benefits and staking discounts. Growth mode parameters may be adjusted based on user feedback.

The following two conditions apply for growth mode:

1. The deployer fee scale must be set between 0 and 1. As a reminder, deployer fee scale is the amount the deployer keeps as a percentage of the user’s fees before applying aligned stablecoin collateral discount, if applicable. See docs on deployer fee scale for more information: https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/api/hip-3-deployer-actions. This will also be enabled on mainnet on the next network upgrade and is already available on testnet. Setting growth mode has a 30 day cooldown per asset.

2. The markets must be entirely disjoint from existing validator-operated perps to prevent parasitic volume. For example, the following are not eligible for growth mode:

3. Crypto perps against any collateral

4. Perps on crypto indexes, ETFs, or other baskets of crypto assets

5. Perps on mathematical combinations including crypto assets, such as a linear combination of BTC and another asset’s price

6. Perps on vehicles or wrappers that hold primarily crypto assets

7. Perps tracking gold price, because PAXG-USDC already tracks gold price

This list of examples is illustrative and not comprehensive. Similar to delistings, the ultimate decider for disabling ineligible growth mode perps is onchain validator vote.

In summary, the baseline all-in taker rate under growth mode will be between 0.0045%-0.009% (5-10x lower than the 0.045% baseline fee for validator-operated perps) for non-aligned collateral assets and 0.0036%-0.0081% for aligned collateral assets. At the highest volume and staking tier, the taker fee will be 0.00144%-0.00288% for non-aligned collateral assets.