Docs

Fees and costs

Fund costs affect share value, and transaction senders pay network fees.

Paid to holders

Part of your buy or sale value is paid into the fund for the other holders.

Paid to holders
Cost	What it means for you	Who pays and receives	When
Paid to holders on buy	You receive slightly fewer shares. At most 1.00%, set at launch.	The difference is paid into the fund for the other holders.	Every time you buy.
Paid to holders on sell	You receive slightly less USDC. At most 1.00%, set at launch.	The difference is paid into the fund for the other holders.	Each time the fund pays your sale.
Extra market-price cost	You receive fewer shares if the order-book price is worse than the mark price.	Your buy covers the worse price; the difference stays in the fund.	Checked before your buy is accepted; the buy can be refused.

any.fund upkeep

Holders pay upkeep through a reduction in fund value.

The charge is the absolute change in observed position size times the readable mark price, or the last reset price if the mark is unavailable, times the factory rate, rounded up to a USDC base unit.

A capture commits the charge once for each new position observation, outside wind-down, and collection can happen later when fund cash permits.

Below, each factory's rate is read from the chain and shown with the time it was checked; that checked rate is not the 0.10% policy cap. If a rate can't be checked, or a change to it is waiting, it shows as unknown.

Each fund pays the current rate of the factory that created it, so funds can pay different rates. Your fund's page shows the rate it pays.

The policy cap is 0.10%; it is a ceiling, not necessarily the rate your fund pays. The admin can change upkeep up to that cap after the 48-hour wait.

any.fund upkeep
Cost	What it means for you	Who pays and receives	When
Paid to any.fund	Your fund's page shows its rate; each factory's current rate is listed below. At most 0.10%.	Paid from fund value to any.fund on position size traded, buys and sales included.	Charges follow observed position changes outside wind-down; payment can wait.

Venue fees and trading costs

Hyperliquid trading fees and funding affect the fund's venue equity and share value.

HIP-3 trading fees can include the market deployer's fee share.

Costs that arrive after a sale has paid fall on the shares still outstanding.

There is no separate creator or cut-back fee.

Venue fees and trading costs
Cost	What it means for you	Who pays and receives	When
Trading fees and funding	Trading fees and funding vary; current venue rates are not shown here.	The fund pays trading fees to Hyperliquid and market operators; funding is paid to or received from traders on the other side; rates change.	They change your share value as trades and funding are recorded.
Cost reserves	0.05% for native markets or 0.27% for HIP-3 markets, plus upkeep.	Your share value includes this allowance; it is not a separate bill.	When the fund prices shares or checks money available for positions.
Slippage	The fund can trade at a different price from the reference price.	A worse fill reduces your share value; this is not a separate fee.	When the fund trades to reset, cut back or free cash for withdrawals.

Network fees and the sale's gas buffer

Each transaction sender pays HyperEVM execution fees in HYPE.

Core-to-EVM transfers spend that buffer, and insufficient Core HYPE can delay cash transfers.

Anyone can add HYPE to the fund's gas buffer through a separate top-up transaction.

Network fees and the sale's gas buffer
Cost	What it means for you	Who pays and receives	When
HyperEVM gas	You need HYPE for the network fee; the amount varies by transaction.	You pay the network when you send the transaction.	Every transaction you send.
Sale gas buffer	At least 0.002 HYPE; more when network gas is expensive.	You send HYPE to the fund to help move cash from HyperCore.	When you request a sale, on top of your network fee.

Creator launch costs

The creator supplies USDC and HYPE to launch a fund.

Creator launch costs
Cost	What it means for you	Who pays and receives	When
Account activation	1.00 USDC	If you create a fund, Hyperliquid takes this from your starting deposit.	Once, when the fund is created.
Launch gas buffer	At least 0.010 HYPE.	If you create a fund, you send HYPE to its gas buffer.	When you create the fund, on top of your network fee. It waits on HyperEVM until the fund's Hyperliquid account is active.
Locked shares	0.001000 shares can never be spent.	If you create a fund, your deposit also backs these shares.	Created with your spendable shares when the fund launches.

Minimums and limits

A minimum can refuse a transaction or keep a sale waiting.

Minimums and limits
Action	What you need	Who it affects	When
Starting deposit	More than 1.001 USDC, with enough extra for opening trades and margin.	If you create a fund, your deposit goes into the fund.	At launch; meeting the floor alone does not guarantee creation.
Buy minimum	You must receive some shares and at least the minimum you choose.	You pay USDC to the fund; a refused buy gives you no shares.	Checked when you buy.
Sale minimum	Each payment must meet your minimum for the shares paid at that time.	You must sell some shares; the fund pays you USDC.	At your request and each payment; you can lower the minimum later.
Target leverage	Greater than zero and up to 10.00×, where the market and margin allow.	You hold shares in a fund whose creator chose this target at launch.	At launch; actual leverage can drift afterward.

Example: 1% paid to holders on $1,000

Illustrative assumptions: a $1,000.00 buy or gross sale, 1.00% paid to holders, a $1.00 share value, no extra market-price cost, and no other costs or price movement.

$1,000.00 ÷ 1.01 = $990.10 of shares, leaving about $9.90 in the fund for the other holders on the buy.

$1,000.00 × 0.99 = $990.00 paid on a sale, leaving $10.00 in the fund for the other holders on the sale.

These displayed amounts are rounded illustrations; the contracts floor final shares and payouts in base units.