Hyperliquid is switching on a new "growth mode" that slashes trading costs by at least 90% for fresh markets launched through its HIP-3 system. The decentralized exchange and Layer 1 blockchain says the change is meant to kickstart activity in new perpetual futures ("perps") listings.
The headline: cheaper trades for brand-new markets
When growth mode is active, taker fees drop to 0.0045%–0.009%, compared with the usual 0.045% on Hyperliquid's main markets. High-volume traders who also stake HYPE can pay even less — as low as 0.00144%–0.00288% — and the new discounts stack with existing perks like aligned stablecoin collateral benefits and staking-based reductions.
Hyperliquid announced the upgrade on Nov. 19, about a month after launching HIP-3, which lets anyone who stakes 500,000 HYPE create their own perp markets without permission.
Key points at a glance
- Fee cut: 90%+ reduction to 0.0045%–0.009% taker fees in growth mode.
- Extra savings: Power users can reach 0.00144%–0.00288% with volume and staking.
- Stackable: Works alongside existing collateral and staking fee perks.
- Anti-gaming: Rebates and volume contributions are also reduced by at least 90%.
- Cool-down: Each asset that enters growth mode gets a 30-day cool-down period.
How growth mode works
Growth mode is a permissionless toggle for HIP-3 deployers — the people who list new markets on Hyperliquid by staking HYPE. It's designed to solve the cold-start problem: new markets often launch with little liquidity and few traders. By making trades far cheaper at the start, the team hopes to attract first movers and build momentum.
In plain terms, if you trade $10,000 in a main market at 0.045%, the fee is $4.50. In growth mode at 0.0045%, that drops to $0.45. Top-tier users could pay around $0.14 at 0.00144%.
Hyperliquid is also dialing down rebates and volume credits by at least 90%. That keeps the program focused on lowering costs for real users, while limiting incentives for wash trading and other abuse.
Guardrails to prevent copycat or parasitic markets
The team set rules to keep growth mode from siphoning activity away from existing validator-operated perps. Validators are network participants who help run the chain and can vote on market settings.
- New growth-mode markets must be different from validator-operated perps to avoid "parasitic" volume.
- Not allowed: BTC or similar assets; crypto baskets or exchange-traded funds (ETFs); synthetic mixes of crypto prices; or any market that duplicates an existing asset (for example, gold is already listed via PAXG-USDC).
- The list isn't final — validators can vote to shut off growth mode for any market that breaks the spirit of the rules.
- Deployers must set their "deployer fee scale" between 0 and 1 to qualify.
Who can launch markets under HIP-3
HIP-3 enables permissionless listings for anyone who stakes 500,000 HYPE. That's a high bar, but it aligns deployers with the network and discourages spam. For builders, growth mode lowers go-to-market costs right when they need it most.
Why it matters
- Faster price discovery: Lower fees can pull in early traders, helping new assets find fair prices sooner.
- Long-tail assets: Niche markets that wouldn't normally attract liquidity may now have a shot.
- User savings: Fees at a few basis points (or less) are far below many centralized and decentralized venues that often charge 0.02%–0.10%.
- Less rent-seeking: Cutting rebates and volume credits limits farming and keeps incentives focused on real use.
Market snapshot
Hyperliquid's total value locked (TVL) sits above $4.2 billion, according to DeFiLlama. Its HYPE token recently traded around $37.30, down about 4% over 24 hours amid a broader market dip.
What to watch next
- Early listings: Which new perps turn on growth mode first, and do volumes stick after discounts fade?
- Validator oversight: How often validators vote to disable growth mode for borderline markets.
- Liquidity quality: Whether spreads tighten and depth improves without inviting wash trading.
- Token effects: If cheaper trading boosts activity enough to influence Hyperliquid's TVL or HYPE staking demand.
The bigger picture
Perpetual futures are a core crypto product, but new markets face a chicken-and-egg problem: traders want liquidity, and liquidity providers want traders. Growth mode is Hyperliquid's answer — a temporary fee subsidy with clear guardrails. If it works, expect more long-tail assets to list through HIP-3 and more networks to copy the model.
Resources
- Hyperliquid docs: docs.hyperliquid.xyz
- Hyperliquid on X: @HyperliquidX
- TVL data: DeFiLlama