Hyperliquid (HYPE) to Move HIP-3 Fees to Per-Market Model With 90% Discount

Hyperliquid News

Hyperliquid (HYPE) will allow HIP-3 market deployers to set fee scales separately for each trading pair in the next network upgrade, according to a developer statement on Discord. The change replaces a single venue-wide setting with symbol-level controls, giving builders more flexibility to align pricing with the liquidity, risk profile and competitive position of each market. Developer jeff_hl said the upgrade will move the fee-scale field and the last-change timestamp from the decentralized exchange level to individual symbols. During a transition period, the legacy venue-wide field will remain visible and will store the highest fee scale among a DEX’s constituent symbols, but that field is expected to be retired after two subsequent network updates. The statement also confirmed that the existing “growth mode” incentive framework will stay in place. Under growth mode, HIP-3 markets can apply a 90% discount to taker fees, reducing the standard 0.045% rate to a range between 0.0045% and 0.009%, according to protocol fee documentation. Markets that duplicate perpetual contracts already operated by validators will continue to be excluded from the discount. The builder-deployed perpetual framework, known as HIP-3, went live on mainnet Oct. 13, 2025, enabling third-party teams to launch permissionless markets, including contracts tied to non-crypto assets. The protocol splits HIP-3 trading fees evenly: 50% goes to deployers, while the remaining 50% goes to the protocol side, which is directed toward HYPE repurchases. That structure turns builder-deployed trading volume into a recurring demand source for the native altcoin, rather than relying solely on venue-level incentives. The shift also comes as non-crypto assets have become a larger part of the venue: Bitwise’s chief investment officer said in May 2026 that assets other than cryptocurrencies accounted for 45% of Hyperliquid trading. For builders, the per-symbol model is closer to running a specialized exchange venue than launching a generic automated market maker pool, because each listing can carry its own economic policy.

HYPE’s fee redesign arrives as the token recovers from early-August weakness. On Aug. 7, the token traded near $56.80, up about 2.5% over 24 hours and roughly 3.7% over seven days, after rebounding from a low near $51.20. Intraday buying pushed the price to about $57.04, with 24-hour volume near $250 million, leaving the token about 11% above its weekly low but still 26% below its June record of $76.70, its last all-time high, and exposed to lingering bear-market pressure. The recovery followed Hyperliquid’s second-quarter figures, which showed $169 million in revenue and $141 million allocated to HYPE buybacks. Cumulative protocol revenue surpassed $1 billion during the same period. Perpetual contracts tied to real-world assets through HIP-3 produced $213 billion of volume, making up 32.2% of the reported category and adding 6.6% to quarterly revenue. That mix shows the venue is expanding beyond crypto-native futures into tokenized commodities, equities and other traditional-market products. On the four-hour chart, price formed higher lows after holding the $51-$52 region and moved above the Supertrend indicator, which provided dynamic support near $54.44. The fully diluted valuation was near $54 billion, compared with a circulating market capitalization of about $12.6 billion, underscoring that only part of the maximum supply currently trades. Technically, the token is attempting to break above the upper boundary of a descending channel that has capped price since early July. A sustained daily close above $57.30 could open a move toward $60, while liquidation data shows short-position clusters around $57.20 to $57.35 and another cluster near $54.90 to $55. The daily Awesome Oscillator remained negative at -5.39, though its histogram pointed to weakening bearish momentum, and the daily stochastic RSI was deep in overbought territory. JPMorgan analysts also flagged a recent streak of outflows from HYPE-linked investment products and competition from regulated U.S. derivatives venues, adding risk to the technical picture.

COINOTAG’s analysis is that Hyperliquid is trying to turn builder distribution into durable token demand. The primary developer statement specifies that HIP-3 fee-scale fields will move from a DEX-wide setting to symbol-specific management, while preserving growth-mode discounts. The protocol’s Q2 figures show $169 million in revenue and $141 million allocated to HYPE buybacks, while the fee design divides HIP-3 fees evenly between deployers and the protocol. That creates a direct link between platform activity and recurring repurchases, but the fully diluted valuation near $54 billion means buybacks must remain strong against future supply. The key question is whether per-symbol pricing can sustain fee volume without overheating short-term momentum.