Fees and Referrals
Understand Hyperliquid exchange fees, the Borsa builder fee and its rebates, the HYBRIDGE referral discount, and Borsa referrals.
When you trade through Borsa, total cost can include two separate fee layers:
- the Hyperliquid exchange fee
- the Borsa builder fee
Keep these separate. They are calculated differently, and the Borsa rebate tiers apply only to the Borsa builder fee.
Info
For the live exchange fee schedule, use Hyperliquid Fees as the source of truth. This page explains how Borsa sits on top of that fee model.
Hyperliquid Exchange Fees
Hyperliquid exchange fees are based on your rolling 14 day weighted volume and are assessed daily in UTC. Perps and spot volume contribute to the same exchange fee tier.
Use Hyperliquid Fees for the current exchange schedule and edge cases.
Borsa Builder Fee
Borsa uses a 0.01% builder fee. This fee is separate from the Hyperliquid exchange fee.
Under Hyperliquid’s builder-code model, builder fees are separately approved by the user and can be revoked later.
Under the current builder-code rules, Hyperliquid builder fees do not apply to the buy side of spot trades.
Borsa rebates reduce the Borsa builder fee only. They do not reduce the Hyperliquid exchange fee. There are two rebate tables, one for volume and one for brsHYPE staking. The two rebates stack, capped at 100%. The Fee Rebates page (/fees) shows your tiers and your effective fee.
Warning
Borsa rebate tiers are based on all-time Hyperliquid volume. Hyperliquid exchange fee tiers use rolling 14 day weighted volume. These are different systems, so do not treat them as the same tier model.
Borsa Builder Fee Rebate Tiers
| Tier | All-time Hyperliquid volume | Rebate on Borsa builder fee | Net Borsa builder fee |
|---|---|---|---|
Starter | — | — | 0.0100% |
Bronze | $1M | 5% | 0.0095% |
Silver | $5M | 10% | 0.0090% |
Gold | $25M | 20% | 0.0080% |
Platinum | $100M | 30% | 0.0070% |
Diamond | $500M | 50% | 0.0050% |
brsHYPE Staking Rebate Tiers
Holding brsHYPE, Borsa's liquid staking token, adds a second rebate on the Borsa builder fee. See HIP-3 Markets & Staking.
| Tier | brsHYPE held | Rebate on Borsa builder fee |
|---|---|---|
None | 0 | 0% |
Bronze | 100 | 10% |
Silver | 1,000 | 25% |
Gold | 10,000 | 50% |
Diamond | 50,000 | 100% |
For example, Gold volume (20%) plus Silver staking (25%) gives a 45% rebate.
HYBRIDGE Referral Discount
Apply referral code HYBRIDGE to receive a 4% discount on Hyperliquid fees for your first $25M in volume.
Referral discounts do not apply to vaults or sub-accounts.
If you still need to apply the code, go back to Get Started with Borsa.
Refer & Earn
The Refer & earn page (/referrals) runs Borsa's own referral program, separate from the HYBRIDGE code on Hyperliquid:
- Choose your referral code and click Claim code. It becomes your permanent link and cannot be changed later.
- Share the link. Anyone who joins through it is tied to you for good.
- You earn a share of the builder fees they pay on Borsa (30% unless the page shows another rate), paid in USDC, for as long as they trade.
Earnings show as Pending until they are paid out, then move to Distributed. Payout history lists every payout. Under Referred by you can enter the code you joined through, once.
Other Execution Costs
This page does not replace other execution costs such as spread, slippage, funding on perpetuals, or market-specific exchange rules.