In a few days, the trading fees on Hyperliquid will change. The ratio between exchange volume to AF buybacks is roughly 2.3 bps. Since maker orders are close to free for active traders, most of this fee capture is from taker orders only.

The biggest change in the new fee system is that maker orders are no longer free unless you are doing 500M+ volume biweekly. With these changes, I am expecting fee accrual to increase anywhere from +20 to +50% depending on adoption of fee discounts via staking tiers.

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