Fees

What you don’t pay

• No trading fee on your position size.
• No spread and no slippage: trades open and close at Hyperliquid’s order-book mid price.
• No funding.
• No gas: Papertrade’s relayer pays it.

Winning trades

Papertrade takes its cut only from wins, in three steps:

1. Deadband. The gain is measured as if the exit were 0.2 basis points (0.002%) less favourable, so a very small win can pay nothing.
2. Asymmetric impact. The rest of the gain is scaled down by a factor set by how far the price moved between open and close. Bigger moves keep more, up to 90% of the gain.
3. Win fee. 2% of what is left.

At 1000× the price moves behind a win are often small, and small moves keep the least. What a BTC win keeps after all three steps:

Price move	You keep	$20 at 1000×: gain → paid
0.01%	about 21%	$2.00 → $0.42
0.02%	about 39%	$4.00 → $1.55
0.05%	about 61%	$10.00 → $6.07
0.1%	about 72%	$20.00 → $14.49
0.5%	about 85%	$100.00 → $84.63
1%	about 86%	$200.00 → $172.77

The haircut depends on the size of the move, not the size of your position. ETH has its own setting and keeps a little less for the same move.

Losing trades and liquidation

A losing close costs the loss and nothing more. Papertrade also takes 2% on losses, but from its own side of the trade, not from you.

If a position is liquidated, its whole margin is lost. Papertrade’s 2% liquidation fee comes out of that margin, so it adds nothing on top. Losses mint PAPER; see PAPER and staking.

Deposits and withdrawals

• A deposit has to deliver at least 10 USDC after fees.
• Your first deposit pays a one-time 1 USDC account activation fee.
• Deposits from another chain pay the bridge’s fee: about $0.01 from Base, Arbitrum or Ethereum, about $0.02 from Solana.
• Withdrawals start at 10 USDC, and your first one includes a one-time 1 USDC setup. The route fee shows before you confirm.

See Deposits and withdrawals.

What Crease earns

Nothing from you. Papertrade plans “builder codes” that will share part of Papertrade’s own revenue with the apps that bring it trades. Papertrade says they won’t change what you pay, and they aren’t live yet.

Thanks to Papertrade

Papertrade does the hard part: pricing every trade at Hyperliquid’s mid, settling it on HyperEVM, running the payout pool and minting PAPER. Crease is an independent app built on top of it.

The figures on this page come from Papertrade’s docs (last updated 6 Oct 2026): What does it cost to trade?, Wins and losses, Asymmetric impact PnL and Deposits and withdrawals. If they differ from this page, Papertrade’s docs are right.