Funding & Fees

A pairs position on perpetuals has two running costs beyond entry/exit spread: funding and trading fees.

Funding

Perpetual futures charge or pay a periodic funding rate to keep the perp price anchored to the index. For a pair position:

You hold one leg long and one leg short, so you pay funding on one and receive it on the other.
The net funding of the pair is what matters: it can be a tailwind (you collect while you wait for reversion) or a headwind (the position bleeds while you hold).

The terminal surfaces net funding per pair so the carry is visible before you commit, and the HyperZone Funding preset colors the whole market by funding rate. On the cockpit, the chart's funding-breakeven layer marks the price at which 24 hours of funding is paid for, and the header shows the live rate with a countdown to the next tick.

Fees

Each pair trade is four fills minimum: open two legs, close two legs.
Fee tiers and maker/taker distinctions follow Hyperliquid's published schedule. Our own builder fee is priced per algo — free for native orders, 0.7–3 bp on single-leg algos, 3–4 bp per leg on pair algos — see the schedule.
HIP-3 builder markets can carry a deployer fee multiplier — the cockpit's cost estimator detects it per market and shows it in amber before you trade.
The Launcher's cost pre-flight prices fees plus impact per child order, and quantifies what resting as a maker saves versus crossing.

Why this matters for pairs

Mean reversion takes time. A pair that is expected to converge over days or weeks must out-earn its cumulative net funding and fees to be profitable — a statistically attractive spread with punishing carry can still be a losing trade.

Funding

Perpetual futures charge or pay a periodic funding rate to keep the perp price anchored to the index. For a pair position:

You hold one leg long and one leg short, so you pay funding on one and receive it on the other.

The net funding of the pair is what matters: it can be a tailwind (you collect while you wait for reversion) or a headwind (the position bleeds while you hold).

Fees

Each pair trade is four fills minimum: open two legs, close two legs.

Fee tiers and maker/taker distinctions follow Hyperliquid's published schedule. Our own builder fee is priced per algo — free for native orders, 0.7–3 bp on single-leg algos, 3–4 bp per leg on pair algos — see the schedule.

HIP-3 builder markets can carry a deployer fee multiplier — the cockpit's cost estimator detects it per market and shows it in amber before you trade.

The Launcher's cost pre-flight prices fees plus impact per child order, and quantifies what resting as a maker saves versus crossing.