Builder code

A mechanism that lets a third-party application collect a user-approved fee on the order fills it routes to Hyperliquid on that user's behalf, charged separately from the exchange's own trading fees.

Definition

A builder code identifies the application that submitted an order, and entitles it to a fee on the fills it brings. The user has to approve that fee before it can be charged, and it is applied on top of the exchange fee rather than taken out of it.

Why the protocol supports it

Interfaces, bots, terminals and wallets that route orders to an exchange need a way to be paid. Without one, the only options are charging users up front or being funded by the exchange, which makes the front end dependent on it.

An explicit, protocol-level fee makes the arrangement visible and gives independent front ends a business model that does not require a private deal.

What it means for you

Your cost of trading through a third-party interface is the exchange’s fee plus the builder’s. Both are real, and the second is easy to miss because the first is the one that gets compared between venues.

The approval step is where to pay attention. It sets a ceiling on what the builder may charge, and it is worth knowing what you agreed to rather than treating it as another prompt to click through.

How it differs from a referral code

A referral arrangement generally shares part of the fee you were already paying with whoever referred you. A builder fee is additional. The distinction matters when comparing the total cost of trading through one interface against another.

Where you will run into it

In the approval prompt shown when connecting a third-party trading interface or bot to Hyperliquid, and in the fee breakdown of orders placed through one.