Markets
Perp fee calculator
Your volume and maker share, priced on Hyperliquid, Lighter, Extended, Variational and Pacifica.
Discounts
Cheapest for $10M / month at 30% maker
| Venue | Est. cost / month | vs cheapest | Fee | Spread | Rate | Catch | Points |
|---|---|---|---|---|---|---|---|
 Lighter StandardOpen Lighter Use this link: first week of Premium fees back, up to $10M · Referral link | ~$198 est. | best | $0 | ~$198 | 0.198 bp | 300 ms taker delay | No active program |
 Variational | ~$1,255 est. | +$1,056 | $0 | ~$1,255 | 1.255 bp | spread, not a fee | Silver tier, +1% boost |
 Extended | ~$1,832 est. | +$1,634 | $1,750 | ~$82.25 | 1.832 bp | collecting (2/7d) | |
| Lighter Premium | ~$2,278 est. | +$2,080 | $2,080 | ~$198 | 2.278 bp | No active program | |
 Pacifica | ~$3,103 est. | +$2,904 | $3,020 | ~$82.95 | 3.103 bp | collecting (0/7d) | |
 Hyperliquid | ~$3,681 est. | +$3,483 | $3,600 | ~$81.20 | 3.681 bp | No points program |
Included: trading fee + half the spread. Not included: funding, deposits and withdrawals, gas, slippage on large orders. Calculation 2026-10-01.2
Lighter Standard charges no trading fee but fills taker orders after a 300 ms delay; its cost here is the spread. Without a delay, the lowest is Variational at ~$1,255 a month. Every cost includes an estimated spread. Points and withdrawal fees are not counted in the ranking. Some venue buttons are referral links; they never change this ranking (how we make money).
Withdrawal fees
| Hyperliquid | Lighter | Extended | Variational | Pacifica | |
|---|---|---|---|---|---|
| Transfer fee (per withdrawal) | $1.00 source ↗ | unknown source ↗ | unknown source ↗ | $0.10 source ↗ | $1.00 source ↗ |
Lighter: Secure withdrawals (settled on Ethereum) list no fee. Fast withdrawals charge a fee returned only by an authenticated API, so no public number. Extended: The deposits and withdrawals page lists limits and times but no fee; the terms say users pay the gas. Gas on the destination chain is extra everywhere.
Effective rate by monthly volume
At the maker share and discounts above. Hyperliquid steps down at its 14-day volume tiers; the others are flat. Every line includes the estimated spread on the taker share (Variational: on all volume), on the spread basis chosen above.
Official fee tables
Points programs
Compare points →Kept apart from the cost ranking. Estimates are estimates, not guaranteed, and no point is priced in dollars: no conversion rate is published. Cost per point and your own point value: Points comparison.
| Venue | Status | What is published | Estimate |
|---|---|---|---|
| Hyperliquid | No points program | Hyperliquid ran points from November 2023 to November 2024. None since. source ↗ | — |
| Lighter | No active program | Season 2 ended on December 26, 2025 and no Season 3 terms are published. The separate Robinhood Chain program does not publish its formula or totals, so no number is shown. source ↗ | — |
| Extended | Estimate, not guaranteed | Up to 600,000 points a week. The formula is not public: it weights trading, liquidity and referrals and filters wash trading. source ↗ | collecting (2/7d): shown once 7 days of volume are collected. The pool used is the weekly cap; a second published total is needed for the actual weekly amount. |
| Variational | Tier boost only | Weekly points until the end of Q4 2026; 32% of the token supply goes to points holders. Weekly totals are not published, so no number is shown. Tiers add +0.5% to +5%. source ↗ | Boost by 30-day volume: +0.5% from $1M up to +5% from $2.5B (7 tiers). The Points column shows your tier. |
| Pacifica | Weekly pool, formula private | 10,000,000 points a week since September 4, 2025, split among eligible users. The formula is not public ("dynamic and opaque by design"), so no number is shown. source ↗ | collecting (0/7d): shown once 7 days of volume are collected. |
How we count
- Cost = trading fee + spread, for the period you pick. Trading fee = volume × (maker share × maker rate + taker share × taker rate), from each venue's published schedule for perps. Spread = taker share × volume × half the spread; a resting maker order pays none. Every cost is an estimate because the spread is.
- Hyperliquid's tier uses 14-day volume: your volume is scaled to 14 days (a day × 14, a week × 2, a month × 14/30). Its schedule is read from Hyperliquid's public userFees API once a day. HYPE staking takes its discount off both rates.
- Lighter has three account types. Standard is free with a 300 ms taker delay; Premium charges fees with a 140 ms taker delay and LIT staking discounts; Plus charges 0.5 bp both ways with the Standard delay and higher rate limits.
- Spread readings: best bid and ask snapshots on the order books (Hyperliquid, Lighter, Extended and Pacifica) and Variational's public $1K quote (RFQ: a quote, not a book), from the hourly Perp venues collection, latest reading of each market in the last 24 hours.
- Spread basis, default "Common majors": the venues list different markets, so an average over each venue's own markets mixes in wide books one venue lists and another does not. The default takes the crypto markets listed on every venue with a spread reading on each, keeps the 5 largest by combined 24h volume, and weights each by that combined volume, so every venue is priced on the same mix. The set is recomputed with each hourly collection and named above the table. Simple always uses it.
- Detail adds two other bases. "All markets (volume-weighted)": each venue's own markets, weighted by its own 24h volume (Hyperliquid's and Lighter's books are read for the funding gap markets, Pacifica's for those and their 25 busiest markets, which cover most of their volume; the share is in the fee tables). "Single market": one market listed on every venue.
- Variational charges no fee and earns the spread. Its cost here is half the quoted spread on every trade (you cross from mid to the quote), using its public base spread averaged over all markets by 24h volume. Omni quotes every trade, so the maker share does not apply.
- Pacifica's tier uses 30-day rolling volume: your volume is scaled to 30 days. Tier 1 is 4.0 bp taker and 1.5 bp maker, down to 2.8 bp and 0 above $500M. Its volume_24h counts both sides of each fill and is halved on the venues pages; fees here do not depend on it.
- Referral discounts (Detail, off by default): Hyperliquid 4% on the first $25M, Extended 10% on the first $50M, both counted against this period's volume as if the code is new. Lighter rebates Premium fees for the first week on up to $10M. Pacifica's referral gives points, not a fee discount.
- Left out: maker rebates (they need a share of the whole exchange's maker volume), HIP-3 deployer fee changes, Extended's lower RWA taker rate (1.0 bp), withdrawal fees (listed separately above, official values only) and gas.
- Fees in the tables are read from each venue's official page on the date shown. Those pages are checked daily; when one changes, it is flagged here until it is read again.
Pilot
Want this priced on your own fills, or for a desk or fund? Pilot inquiries: DM @0xcryptoswan on X ↗