Hyperliquid builder codes explained
Builder codes are how applications built on Hyperliquid, such as Perpex, can receive a fee on the fills they send for a user. The protocol sets the limits, and a builder fee only applies after you approve it. This page summarizes the official Hyperliquid documentation and explains how Perpex uses builder codes.
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What a builder code is
According to the Hyperliquid documentation, builder codes allow builders to receive a fee on fills that they send on behalf of a user. An order sent through an interface can include a builder parameter that names the builder address and the fee, expressed in tenths of a basis point. The builder fee is charged on fills in addition to Hyperliquid's own trading fees.
Approval comes from your main wallet
Before a builder fee can be charged, you approve a maximum fee for that builder with the ApproveBuilderFee action. The documentation requires this approval to be signed by your main wallet, not by an agent or API wallet. You approve each builder separately and can revoke the permission at any time.
Protocol limits
Hyperliquid caps builder fees at 0.1% on perpetuals and 1% on spot. A builder must also keep at least 100 USDC in perps account value and use Standard account mode. These requirements concern the builder’s account, not the trading user’s account. These limits are set by the protocol, and each interface chooses its own fee within them.
How Perpex uses builder codes
The builder fee is Perpex’s only fee. Under the current setting it is 0.10% of eligible filled notional, including copied orders. There is no performance fee. Hyperliquid applies builder fees to both sides of perpetual trades and only spot sells, not unfilled or canceled order quantities. You sign the Perpex builder fee approval on Hyperliquid, and your wallet shows the maximum rate before you sign. Hyperliquid trading fees and funding are separate and are not collected by Perpex.
Frequently asked questions
Is a builder fee the same as a Hyperliquid trading fee?
No. Hyperliquid trading fees follow the venue's own fee schedule. A builder fee is a separate fee for the builder of the interface you use, and it applies only after you approve it.
Can I revoke a builder fee approval?
Yes. The Hyperliquid documentation states that users can revoke builder permissions at any time. Perpex requires builder fee approval before it enables trading, so you would need to approve that fee again to trade through Perpex.
Why must the approval come from my main wallet?
Hyperliquid requires the ApproveBuilderFee action to be signed by the main wallet rather than an agent or API wallet, so the account owner decides which builders may charge fees.
What is the maximum builder fee on Hyperliquid?
The documentation caps builder fees at 0.1% on perpetuals and 1% on spot. Perpex's current setting is 0.10% of order notional.