MetaMask Perps (Hyperliquid)

At a glance Live

What

Wallet

Runs on

HyperCore

Official site

metamask.io

Docs

support.metamask.io

X

@MetaMask

Builder fees, 30 days

$2.03M

Builder fee

perps 10 bps (0.1%) (on top of Hyperliquid's fee)

Official links

• Download
• iOS App Store
• Google Play
• Chrome extension
• Support: Trade perps
• Support: Equity perps
• X
• X (support)

Checked against MetaMask's own site on November 4, 2026. Bookmark these instead of using search ads.

What MetaMask Perps is

MetaMask is the EVM wallet made by Consensys. Its Perps tab, in both MetaMask Mobile and the MetaMask extension, lets you open leveraged long or short positions without leaving the wallet. MetaMask’s help center says all perp trading in MetaMask is powered by Hyperliquid: your orders go to HyperCore, Hyperliquid’s trading engine and order book, and MetaMask sends them on your behalf. Press coverage dated the mobile launch to October 8, 2025.

MetaMask lists over 150 contracts across crypto, commodities, stocks and forex. Its “Stocks” section uses HIP-3 markets: permissionless perp markets run by independent deployers who stake 500,000 HYPE. Margin is isolated only, so each position has its own collateral. On mobile you can fund with almost any EVM token, the Money Account, Apple Pay or a card, and MetaMask converts it to USDC on Hyperliquid.

What it costs

MetaMask earns through a builder code: an extra fee Hyperliquid lets a front end add to each fill.

Cost	MetaMask Perps	Official Hyperliquid app
Taker fee, entry tier	0.1432% all-in	0.045%
Maker fee, entry tier	0.1144% all-in	0.015%
Builder fee	10 bps (0.1%), the perps maximum	none
Withdrawals	Relay provider fee; 0.875% to most tokens	Hyperliquid’s own withdrawal fee

MetaMask publishes the all-in rate, not the split. The numbers work out exactly to Hyperliquid’s tier-0 fee with a 4% referral discount (0.045% becomes 0.0432%; 0.015% becomes 0.0144%) plus 0.1%. Onchain data agrees: on November 2, 2026, 100% of MetaMask’s builder volume, on core perps and HIP-3, paid exactly 10 bps.

On $10,000 of taker volume you pay about $14.32 through MetaMask, compared with $4.50 on the official app. Without the referral discount, the same 0.1% builder fee on top of Hyperliquid’s 0.045% would come to $14.50. Try your own sizes in the fee calculator.

MetaMask says it charges no fee or swap fee on deposits. Withdrawals carry a variable Relay “provider fee” plus a 0.875% MetaMask fee when you withdraw to most tokens. That 0.875% is waived for the Money Account, mUSD (Ethereum, Monad, Linea) and USDC on Arbitrum.

How to use it

1. Update MetaMask Mobile or the extension and open the Perps tab.
2. Tap Add funds, pick a token (minimum $10) and confirm. It is converted to USDC on Hyperliquid. On the extension you must deposit before opening a position.
3. Pick a contract, choose Long or Short, and set size and leverage with the sliders.
4. Add Auto close (take-profit or stop-loss), check margin, liquidation price and fees, then confirm.
5. Close from the position screen. To avoid the 0.875% fee, withdraw as USDC on Arbitrum or to the Money Account.

Risks and limits

• Leverage. Maximum leverage varies by market, up to 40x for BTC. If you are liquidated, MetaMask says the margin can’t be recovered. Read how perpetual futures work and how funding rates affect positions you hold.
• Cost. The builder fee sits at Hyperliquid’s 0.1% cap, so the taker fee is about three times the official app’s.
• Equity perps are experimental. MetaMask calls them “new and experimental”. They trade outside market hours with thinner liquidity and open-interest caps.
• Region limits. MetaMask blocks perps in the USA, the UK, Ontario, Belgium and US-sanctioned countries. Hyperliquid’s own terms also restrict the US and Ontario.

Who it suits, and alternatives

MetaMask Perps suits people who already live in MetaMask and value funding from any EVM token over price. If you trade often, the fee gap matters. You can connect MetaMask to the official app at app.hyperliquid.xyz and pay no builder fee. Among wallets, Rabby charges 4 bps and Phantom 5 bps, and terminals such as Based (2.5 bps) or Axiom (1 bp) cost less again. Compare them in best Hyperliquid wallets and Hyperliquid front ends compared.

MetaMask has no perps-specific affiliate fee share. Its opt-in MetaMask Rewards program gives each user a referral code that earns bonuses in time-limited campaigns, each with its own terms and regional eligibility.