London, UK, August 27, 2026, Chainwire

Traders can now buy lower fee tiers on Hyperliquid, while HYPE stakers can sell their discounts to earn additional yield. Valantis and Pendle have launched what they describe as the first open market for Hyperliquid trading fee discounts. Previously, the discount could only be obtained by staking HYPE directly or through private deals.

Valantis, the liquid staking and trading platform built around stHYPE on Hyperliquid, has introduced an integration with Pendle that allows traders to purchase a Hyperliquid trading fee discount without buying the HYPE that underlies it. According to the companies, this is the first time a discount of this type has been separated from the token that grants it and assigned its own market price.

How Hyperliquid fee discounts work

Hyperliquid is the largest onchain exchange for perpetual futures. Every trade on Hyperliquid carries a fee, so changes to discount access affect a broad base of active users rather than a niche incentive program. Traders can access lower fees by staking the platform’s native token, HYPE. The more HYPE a trader stakes, the larger the discount, ranging from 10 HYPE, or about $800, for 5% off to 500,000 HYPE, or about $40 million, for 40% off.

According to Valantis research, Hyperliquid staking discounts currently represent $40 million a year in savings across the top 20,000 traders on Hyperliquid, and about 5% of circulating HYPE is staked by traders for the discount. Valantis estimates that traders could save an additional $100 million to $300 million per year if the discount were more accessible.

Valantis said staking discounts are underused because active traders generally prefer to keep capital available as margin rather than lock it up for a fee reduction. Roughly half of the top 20,000 traders do not stake at all, and they pay about 70% of all fees. Earlier this year, Valantis launched Valantis Prime, which allows stHYPE holders to receive the same fee discount as native stakers while still using the token as margin on platforms such as Hyperlend and Morpho, unlocking USDC margin and closing the gap that kept half of Hyperliquid’s traders from staking.

The HYPE fees marketplace

Before this launch, a private market had already emerged, with top market makers and protocols sourcing HYPE in bilateral deals to raise their discount tier. Hyperion DeFi, a Nasdaq-listed company that holds HYPE as a treasury asset, has publicly committed HYPE to large trading wallets in exchange for revenue from trading fee savings.

Valantis said stHYPE and Pendle now make the same market open and permissionless, turning a previously negotiated benefit into something that can be priced and accessed more broadly. Valantis Prime smart contracts extend staking discounts to stHYPE holders, while Pendle separates the discount from the underlying stHYPE. As a result, fee discounts can be purchased by any trader and sold by any HYPE holder.

stHYPE YTs are now the market price of a Hyperliquid fee discount. The market opened on August 27, 2026 and expires on January 28, 2027, with a follow-on market set to open before expiry. Traders can buy stHYPE YTs on Pendle and open a Trading Discount at prime.valantis.xyz.

“Hyperliquid is leading the frontier on token utility. There is more than $40 million a year in fee savings sitting on Hyperliquid, and until today none of it could be bought, sold, or priced,” said Deven Matthews, co-founder and CEO of Valantis Labs. “A trader who needs lower fees can now rent them. A holder who doesn’t can sell them and earn more for it. That is what a market is for, and we think it is the first of many pieces of token utility that will end up priced this way.”

About Valantis

Valantis is the liquid staking and trading ecosystem on Hyperliquid, built around stHYPE, the first liquid staking token on the network. stHYPE allows holders to earn staking rewards while using the token across DeFi, and it unlocks Hyperliquid’s staking-based utility, including trading fee discounts and HIP-3 market deployment. Valantis Prime is the trading layer that brings those discounts to stHYPE holders while keeping their funds on Hyperliquid’s own exchange.

Website: X: https://x.com/ValantisLabs

About Pendle

Pendle is a protocol for tokenizing and trading yield. Pendle splits yield-bearing assets into principal and yield tokens, creating markets for fixed rates, yield speculation, and token utility across major chains including Ethereum, Arbitrum, and HyperEVM.

Website: X: https://x.com/pendle_fi

CEO Deven Matthews
Valantis Labs
hello@valantis.xyz

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