1/ On May 3rd, Hyperliquid is launching staking tiers and updating its fee structure. Here's the impact traders, market makers, and Hyperliquid's revenue can expect:

2/ Base trading fees are set to increase. - For Takers, the base fees will rise from 3.5 bps to 4.5 bps. Discounts will be available based on the user's HYPE staking tier and their 14-day weighted trading volume. - For Makers, accessing the 0 bps fee tier will now require a

3/ The new staking tiers offer various fee discounts depending on the amount of HYPE staked:

4/ Despite staking discounts, Retail traders will experience noticeable fee increases. Most will see their taker fees rise by around 10-30%, shifting from 3.5 bps to 4.5 bps. Only traders holding substantial amounts of HYPE tokens (over 100,000) will benefit from reduced fees

5/ Maker fees will rise significantly across nearly all volume tiers, impacting mid-sized market makers the most. The threshold for achieving the 0 bps maker fee has drastically increased from 25M to 500M in 14-day volume. Only the lowest volume makers (under 5M volume) on the

6/ Spot markets will experience the most substantial increases. The transition to a tiered model for both spot and perpetual markets means traders could face fee increases of up to 100%. Even high-volume users, such as Gold-tier takers, can expect around a 60% increase in spot

7/ Additionally, spot market makers face significant cost increases, particularly at lower volumes. Those with trading volumes between 0 and 25M will experience fee hikes ranging from 300% to 500% (before discounts) Previously 0bps at the 25M volume level, fees will now be 1

8/ Overall, the updated fee structure will: - Marginally increase fees for retail traders. - Significantly impact mid-tier market makers due to higher volume requirements for the 0 bps tier. - Provide potential fee discounts for whales and institutional traders. - Lead to an