Fees and revenue

The path

Hyperliquid pays the deployer fee share on HIP-3 trades to the Perps.fun deployer wallet. Up to 50% of that share is then routed into the market's vault. The vault distributes it pro-rata to shareholders.

Hyperliquid's HIP-3 spec sets the deployer fee share at 50% of trading fees; see Hyperliquid's HIP-3 docs for the protocol-level math.

Who holds shares

Two parties hold shares in a bonded vault:

• Backers. Wallets that deposited stablecoin during the bonding window. Share count is pro-rata to deposit size.
• The proposer. Receives 10% of the total final share supply at bond time, regardless of whether they backed the vault themselves.

A proposer who also backs their own vault holds both their backer shares and the 10% proposer slice. Every shareholder earns from the same fee stream, scaled by their share count.

Cadence

Pushes from the Perps.fun deployer wallet into the vault happen at the end of each quarter. Each push covers the deployer fees the market accrued during the quarter. Once a push lands, shareholders can claim at any time; pending balances remain claimable indefinitely.

Claiming

Shareholders claim accrued fees on the vault, then withdraw the balance to any destination address. The two-step pattern lets a shareholder redirect funds if a stablecoin issuer has blacklisted the wallet holding the shares.

/portfolio surfaces claimable fees across every vault the connected wallet participates in.

kpHYPE

kpHYPE holders receive 20% of the deployer fee share from every Perps.fun market, sourced from the same 50% deployer pool. The kpHYPE share applies across both Teams and Individuals markets. See the Introduction.