Fees and revenue

How HIP-3 fees split at the protocol level

Hyperliquid's HIP-3 spec sets the deployer fee share at 50% of trading fees on every HIP-3 market. The Hyperliquid protocol keeps the remaining 50%. User fees on HIP-3 markets are scaled accordingly so the protocol nets the same amount as on validator-operated markets. See Hyperliquid's HIP-3 docs for the full breakdown.

Hyperliquid routes the 50% deployer share to the deployer wallet on every trade. For every Perps.fun market that wallet is the Perps.fun deployer wallet.

How fees route to the partner

The partnership agreement defines a partner-controlled address as the recipient for the partner's share on every market under the partnership. Up to 50% of the deployer fee share routes to that address. Schedule, mechanism, and reporting cadence are set in the agreement.

The partnership Telegram group receives a summary with each routing transaction, including the on-chain hash.

Verifying on-chain

The partner can verify payouts independently:

• The Perps.fun deployer wallet's address is shared at the start of the partnership. Inbound transfers from Hyperliquid's settlement contracts show the raw deployer fee inflows.
• The partner's address is the destination of the routing transactions Perps.fun submits.
• Hyperliquid exposes per-market fee data through its public APIs; cross-referencing against the deployer wallet's inflows confirms the routing.

The team receives a reference doc with addresses and example transactions at the point of signing the partnership agreement.

kpHYPE

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