Hyperliquid fees versus funding
Trading fees are the visible cost of a position. For anything held more than a day or two, they are rarely the dominant one.
Taker and maker
Taking liquidity costs more than posting it, and fees fall as 14-day volume rises. Maker rebates exist at the higher tiers, which is why a market-making wallet can show negative fees.
Each fill reports its own fee, so nothing here is estimated — the figures shown are what was actually charged.
Builder fees
Interfaces built on Hyperliquid can add a builder fee to orders they route. It appears separately on the fill and is counted separately here.
The real comparison
A round trip at base taker rates costs roughly 0.09 % of notional. A month of funding at a typical rate costs about 0.9 %. Optimising fees while ignoring funding is optimising the wrong order of magnitude.