Valantis and Pendle Partner to Launch Open Marketplace for Hyperliquid Trading Fee Discounts

Quick Summary

Valantis and Pendle have introduced the first open marketplace for Hyperliquid trading fee discounts, allowing perpetual futures traders to rent reduced fee tiers without buying HYPE tokens directly, while enabling HYPE stakers to sell discount rights to earn additional yield on their assets.

How Can Traders Access Hyperliquid Fee Discounts Without Staking HYPE?

Active traders can now access reduced trading fee tiers through a new open market enabled by Valantis and Pendle. Historically, accessing lower fee tiers required traders to directly lock up large capital amounts—ranging from 10 HYPE (about $800) for a 5% discount up to 500,000 HYPE (about $40 million) for a 40% discount. Under the new integration, Pendle separates the fee discount rights (via stHYPE Yield Tokens) from the underlying stHYPE asset, creating a permissionless liquid secondary market.

• Unlocks Capital Efficiency: Active perpetual futures traders can keep their primary capital liquid as active margin while renting lower fee tiers.
• Broad Market Access: Removes the high capital barrier previously required for institutional-grade discount brackets on Hyperliquid.
• Seamless Execution: Traders purchase stHYPE YTs directly on Pendle to activate their trading discounts on Valantis Prime.

What Problem Does the Valantis and Pendle Integration Solve for Stakers and Traders?

Hyperliquid fee discounts represent over $40 million annually in aggregate savings across the top 20,000 traders, yet roughly half of these traders do not stake native tokens because they prefer keeping capital available as trading margin. In fact, non-staking traders account for approximately 70% of total fees paid on the exchange. Valantis estimates that an additional $100M to $300M in annual savings could be unlocked by democratizing fee access.

By tokenizing and trading the yield rights via Pendle, stHYPE holders can monetize their unused discount allocations by selling them to high-volume market makers and retail traders. This transforms previously illiquid token utility into an active, yield-generating instrument.

How Does the Tokenized Discount Marketplace Function?

The market officially launched on August 27, 2026, establishing stHYPE YTs as the real-time market price for perpetual futures fee discounts. Valantis Prime smart contracts extend native staking benefits to stHYPE holders, while Pendle splits the utility right into a transferable asset.

“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.”

FF NEWS TAKE:

This integration marks a crucial evolutionary step for decentralised capital efficiency and token utility financialisation. Decoupling native platform privileges—such as fee discounts—from bare asset ownership allows high-frequency traders and institutional market makers to optimize operational expenses without taking on full price exposure to underlying tokens. As liquid staking protocols mature across perpetual DEXs, token utility markets will likely become standard infrastructure, forcing rival platforms to adopt similar yield-stripping primitives to retain institutional volume.