Stanford: retail traders pay higher fees on Hyperliquid perpetuals
- —Retail traders more often use market orders and pay higher taker fees
- —Market makers and institutions take the maker side and receive rebates
- —The study is based on transparent Hyperliquid order book data
- —Specific fee percentages and tokens were not disclosed in the paper
Why it matters: It confirms a structural transfer of value from retail to market makers on the largest perpetuals DEX.
Source: Crypto Briefing