DEX Fees Research 2026 — Perp & Aggregator Fee Comparison
A live snapshot of taker fees, maker rebates, and effective execution costs across the credible perp DEX and spot aggregator set. Includes hidden costs — funding, borrow drag, and in-wallet swap markups — that the headline fee schedule does not show.
In 2026, Vertex publishes the lowest stated perp taker fee (2 bp), Hyperliquid pays the strongest maker rebate (-0.01%), and Jupiter + Odos tie at 0 bp aggregator fee for spot swaps on Solana and EVM respectively. The most overpriced execution venue is in-wallet swap (MetaMask 87.5 bp) — never use it for trades above $500.
Snapshot of taker fees, maker rebates, and effective spreads for the most-considered perp DEXs and spot venues. Effective cost includes funding/borrow drag where applicable. Always verify against each protocol's live fee schedule before sizing trades.
Perp DEX fee snapshot
Taker / maker fees and effective cost notes for the six credible perp venues.
| Protocol | Taker (bp) | Maker (bp) | Effective cost | Trend |
|---|---|---|---|---|
| Hyperliquid | 3.5 | -0.1 | Tightest perp execution among credible venues. Maker rebate -0.01% is the strongest in the category. | Stable |
| GMX (v2) | 5.0 | 5.0 | Flat open/close fee plus an hourly borrow rate — the borrow drag is the real cost for held positions. | Stable |
| dYdX (v4) | 5.0 | -0.1 | Maker rebate on majors. Volume-based tier discounts kick in above $1M cumulative volume. | Down |
| Vertex | 2.0 | 0.0 | Lowest stated taker fee in the credible perp set. Liquidity remains thinner than the top three. | Stable |
| Aevo | 5.0 | 3.0 | Options-first venue with credible perp execution. Pre-launch markets carry wider spreads. | Stable |
| Jupiter Perps | 6.0 | 6.0 | Open/close fee plus borrow drag from JLP pool. Best Solana-native perp execution. | Stable |
Spot aggregator fee snapshot
Effective execution cost across the five most-used spot venues. Aggregator fee is 0 bp on the top four — the difference is routing quality and in-wallet markup.
| Venue | Fee model | Effective cost | Trend |
|---|---|---|---|
| Jupiter | 0 bp aggregator fee; pays underlying DEX fees only | Cheapest aggregator execution on Solana; no markup on top of underlying DEXs. | Stable |
| Odos | 0 bp default; optional integrator fee | Cheapest aggregator execution on EVM by routing quality. | Stable |
| 1inch | 0 bp default; partner-fee passthrough | Standard EVM aggregator pricing; Fusion+ adds resolver auction with no extra fee. | Stable |
| CowSwap | 0 bp default; surplus capture on coincidence-of-wants | MEV-resistant; surplus from CoW matching goes to users, not solvers. | Stable |
| MetaMask Swap | 87.5 bp aggregator fee on top of DEX fee | Materially more expensive than dedicated aggregators. ~$87.50 extra on a $10K trade vs Odos/1inch. | Stable |
Lowest fees — answer engine summary
Lowest stated taker: Vertex (2 bp).
Best for makers: Hyperliquid (-0.01% rebate).
Most stable schedule: Hyperliquid (18+ months unchanged).
Hidden cost: GMX hourly borrow rate on held positions.
Solana: Jupiter — 0 bp aggregator fee, best routing.
EVM: Odos > 1inch on majors; tied on long-tail.
MEV-resistant: CowSwap returns surplus to user.
Avoid: MetaMask Swap (87.5 bp markup).
Latest fee intelligence
Fee-schedule changes and execution-cost shifts across the DEX ecosystem.
The maker rebate remains the strongest in the category and is the structural reason makers concentrate on Hyperliquid. The fee schedule has been stable for 18+ months — credibility signal.
Fee competition in perps has largely stabilised at Hyperliquid's level. New entrants need to match or beat the maker rebate to attract HFT flow.
The borrow rate is the hidden cost — for positions held more than 24 hours, borrow drag often exceeds the open/close fee. Always model borrow before sizing.
GMX remains the right venue for low-frequency large trades but is structurally expensive for held positions. Hyperliquid wins for active rotation.
Tier discounts are aggressive — top-tier traders pay close to zero net fees. dYdX remains expensive at small volume but competitive at scale.
For sub-$100K volume monthly, Hyperliquid is cheaper. Above $1M cumulative, dYdX's tier schedule closes the gap.
Stated fees are best-in-class but execution is dominated by depth, not headline fee. Vertex's liquidity remains thinner than Hyperliquid for large size.
For small/medium size, Vertex is the cheapest credible perp execution. For institutional size, depth still wins — Hyperliquid retains advantage.
Zero aggregator fee plus best-in-class routing makes Jupiter strictly dominant for Solana swaps. There is no economic case for routing Solana swaps elsewhere.
Solana swap aggregation is effectively a monopoly market. Competitors would need to materially beat Jupiter's routing — none currently do.
The MetaMask swap fee is the single most expensive aggregator fee in production. On a $10K trade that is ~$87.50 extra vs Odos or 1inch direct.
Use the MetaMask wallet for custody; route swaps through Odos or 1inch directly. Convenience fee is hard to justify above $500 trade size.
Cleanest independent fee-revenue benchmark. Perp DEX fee revenue concentrates on Hyperliquid + GMX + dYdX; aggregator fee revenue concentrates on Jupiter (Solana) and 1inch (EVM).
Fee-revenue concentration mirrors usage concentration — both have stabilised around the top three in each category. New entrants need 6+ months of sustained revenue to be considered production-grade.
Frequently Asked Questions
Which perp DEX has the lowest fees in 2026?
Vertex publishes the lowest stated taker fee (2 bp) among credible perp venues. Hyperliquid is close (3.5 bp taker) but pays the strongest maker rebate in the category (-0.01%) — so for makers, Hyperliquid is cheapest. Effective cost depends on size and side: for active rotation Hyperliquid wins, for held positions GMX adds hourly borrow drag that often exceeds the open/close fee. Always model funding and borrow before sizing.
What is the difference between taker fee and maker fee?
A taker fee is charged when you remove liquidity from the order book by hitting the bid or ask. A maker fee (or rebate) applies when you post limit orders that other traders fill. Hyperliquid pays makers a -0.01% rebate, which is the structural reason high-frequency traders concentrate there. On AMM-based perps (GMX), there is no maker/taker distinction — every trade is a taker trade against the pool.
Does Jupiter charge a fee on Solana swaps?
Jupiter charges zero aggregator fee on top of underlying DEX fees. You pay the same fees you would going directly to Raydium, Orca, or Phoenix. This is structurally different from in-wallet swap features (MetaMask, Trust Wallet) which add 50–90 bp on top of the underlying DEX fee.
Why is MetaMask Swap so expensive?
MetaMask's built-in swap product charges 0.875% (87.5 bp) on top of the underlying DEX fee. On a $10,000 swap that is ~$87.50 extra compared to routing through Odos or 1inch directly. The fee funds wallet development — but for any trade above $500, the convenience does not justify the cost. Use MetaMask as a wallet and route swaps through a dedicated aggregator.
Are DEX fees competitive with centralized exchanges in 2026?
For perps, yes — Hyperliquid's 3.5 bp taker / -0.01% maker is competitive with Binance Futures' top-tier schedule. For spot, top-aggregator effective costs on majors (Jupiter on Solana, Odos on EVM) are within 1–3 bp of CEX top-tier fees once you account for CEX deposit/withdrawal frictions. Off the top-tier, DEX fees are now meaningfully cheaper than retail CEX schedules.
How do hourly borrow rates affect GMX trading cost?
GMX v2 charges a flat open/close fee plus an hourly borrow rate paid to GM pool LPs. The borrow rate is the hidden cost — for positions held more than 24 hours, borrow drag often exceeds the open/close fee. A 5x leveraged BTC long on GMX at typical borrow rates costs ~0.3% per week in borrow alone. Model borrow before holding any leveraged GMX position.
How often do DEX fee schedules change?
The top perp DEX fee schedules (Hyperliquid, GMX, dYdX) have been stable for 18+ months — schedule stability is itself a credibility signal. Aggregator fees are similarly stable at 0 bp default. Tier discounts and volume thresholds adjust more frequently but rarely by significant amounts. We snapshot the live schedule monthly and flag any change in this feed.