In Brief:The Arena (official site) is introducing tiered fee discounts on Arena Perps, opening with a 2.5% reduction for anyone trading more than $10,000 in volume.Three inputs determine the discount: a user’s status on the platform, customer loyalty and volume traded.Order flow from Arena Perps is routed to Hyperliquid, with Arena earning via a builder code — a mechanism that caps perp builder fees at 0.1% and therefore limits how much Arena can hand back.Perpetuals trading is getting cheaper for The Arena’s most active users, with the size of the discount pegged to trading activity and tenure on the platform.Tier 1 starts the ladder: a 2.5% discount on fees once a trader clears $10,000. Additional tiers sit above it.
Introducing tiered fee discounts on Arena Perps!We are implementing a program to reduce fees based on your status on the platform, your customer loyalty, and the volume that you trade. The breakdown is as follows:Tier 1 – 2.5% discount on fees for trading over $10k USD ofThe ArenaView on X ↗
“We are implementing a program to reduce fees based on your status on the platform, your customer loyalty, and the volume that you trade,” The Arena said in announcing the program.Three distinct inputs, in other words — a departure from the volume-only tiers that most perp venues offer.What the discount actually discountsThere is no matching engine of Arena’s own behind Arena Perps. Trades are sent to Hyperliquid L1, and Arena is paid through a builder code, the mechanism that hands a frontend a share of every fill it originates.Those builder fees are defined per order and capped at 0.1% on perps and 1% on spot. A maximum builder fee must be approved by the user, who can revoke it whenever they choose. To collect at all, builders need a minimum of 100 USDC in perps account value.The ceiling, then, is fixed. Anything Arena rebates is carved out of a fee that cannot go beyond 10 bps in the first place — and that fee sits above Hyperliquid’s own Tier 0 rates of 0.045% taker and 0.015% maker.Discounts already exist on Hyperliquid’s end. Its tiers are calculated from rolling 14-day volume and assessed at the close of each UTC day, with spot weighted at double. Arena’s program layers on top of that.The volume it applies toSet against the venue it feeds, Arena Perps is modest. DefiLlama records around $14.28 million in Arena perp volume across 30 days, $975,000 over seven days and $182,000 in the past 24 hours. Cumulatively, perp volume stands at $164.18 million.DefiLlama tracks four fee lines for Arena, of which perps is one. The rest are SocialFi protocol, creator and referral fees, the DEX’s swap fees and Arena Launch.Elsewhere, builder codes have become a genuine revenue stream. Hundreds of developers rely on them — MetaMask, Phantom (official site) and VALR among them — producing roughly $90 million to date, per Flowscan. Third-party frontends now account for around 40% of Hyperliquid’s daily active users.BackgroundThe project debuted in late 2023 under the name Stars Arena, a Friend.tech spin-off on Avalanche and the first SocialFi app to ship a public social feed. Tickets are its central product: tradable claims on a user’s relevance that unlock that creator’s content. Fees on secondary ticket trades run as high as 10%, of which up to 70% streams through to the creator.A reentrancy exploit on Oct. 7, 2023 drained close to $3 million in AVAX; DefiLlama pegs the loss at $2.9 million. The project was subsequently acquired by a new team and rebuilt.On Oct. 15, 2024, The Arena closed a $2 million pre-seed round backed by Blizzard Fund, Abstract Ventures, D1 Capital, C Squared, Sarson Funds and Alpha Crypto.Governance token ARENA carries a total supply of 10 billion. Its price hovers near $0.0007, giving it a market cap of roughly $3.15 million and a fully diluted valuation of $6.71 million — well below its all-time high of $0.027.
