Fees
What a trade costs, where each part goes, and how to pay Hyperliquid less.
Hyperliquid’s trading fee
Every fill pays Hyperliquid’s own fee, set by Hyperliquid and by the market’s deployer, and the same whichever app you trade from. The terminal does not add to it.
Afterbell’s builder fee
Orders placed through Afterbell carry Hyperliquid’s builder code, which adds Afterbell’s fee to each fill: 0.03% as standard, 0.015% with Pro or the API plan, less from $5M of monthly volume, and 0.001% while Afterbell launches and for each wallet’s first 30 days. The fees page has the whole schedule, your own rate and a comparison with other apps. It pays for the app and its data.
You approve a ceiling once, on Hyperliquid itself (0.03%), and you can revoke it there at any time; each order carries your rate and never more than the ceiling. Each fill in the Fills tab shows the exchange fee and the builder fee separately.
TWAP orders are the exception: Hyperliquid does not let a TWAP carry a builder code, so Afterbell charges nothing on them.
Hyperliquid’s referral discount
Hyperliquid takes 4% off its trading fee on an account’s first $25M of volume when the account trades under a referral code. If your account has no code yet, the ticket offers Afterbell’s: one signature applies it, and an account keeps the first code it sets.
Hyperliquid then passes 10% of the fees you pay, on your first $1B of volume, to Afterbell. That comes out of Hyperliquid’s share, so your own fee only goes down.
No custody
Afterbell never holds funds. Orders go from your browser to Hyperliquid, signed by the trading key you approved, and the money stays in your Hyperliquid account.