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How Does Gem Wallet Earn from Perpetuals?

How Gem Wallet Earns from Perpetuals​

Perpetuals in Gem Wallet are traded on Hyperliquid. Gem Wallet earns from them in two ways, both through programs Hyperliquid runs for apps like Gem Wallet:

SourceWhat it isWho pays
Builder feeA small fee of up to 0.045% of each order's value, added to Hyperliquid's own trading feeYou, as part of the order's fee
ReferralGem Wallet's Hyperliquid referral code, GEMWALLETHyperliquid, from its own trading fees. You get Hyperliquid's referral discount on its fees

Gem Wallet doesn't charge anything for funding, holding, or closing a position beyond these, and doesn't take a share of your profits.

The Builder Fee​

Hyperliquid lets the app that places an order, called the builder, add a small fee to it. Gem Wallet's builder fee is up to 0.045% of the order's value. For example, on an order worth $1,000, it's at most $0.45.

  • It's charged on orders you place in Gem Wallet: opening, increasing, and closing a position.
  • It's added to Hyperliquid's trading fee and paid from your perpetuals balance, like the trading fee itself.
  • The fee shown before you confirm already includes it.

The first time you trade, you approve Gem Wallet's builder fee once with a signature. This sets the most Gem Wallet can ever charge per order. It isn't a token approval, and it can't move funds from your wallet.

The Referral Code​

When you start trading perpetuals in Gem Wallet, your Hyperliquid account is linked to Gem Wallet's referral code, GEMWALLET, with a one-time signature.

  • You get Hyperliquid's referral discount on its trading fees, under Hyperliquid's referral rules.
  • Gem Wallet receives a share of the trading fees Hyperliquid collects, paid by Hyperliquid. It doesn't add anything to your fee.

Hyperliquid sets the discount and the share, and can change them. See Hyperliquid's own documentation for the current terms.

Fees That Don't Go to Gem Wallet​

  • Hyperliquid's trading fee on each order, after any referral discount.
  • Funding payments between traders, which can be paid or received every hour. See What is Funding?
  • Withdrawal fee: Hyperliquid takes 1 USDC from every withdrawal to Arbitrum. See How to Withdraw Perpetuals Collateral in Gem Wallet.
  • Network fees when you deposit USDC from your wallet.
warning

Perpetuals carry a high risk of loss, and leverage can wipe out your collateral. Gem Wallet never asks you to pay a fee to unlock or withdraw your funds. Anyone who does is a scammer.