Valantis Uses Pendle to Launch a Market for Hyperliquid Trading Fee Discounts
London, UK, August 27th, 2026, Chainwire
Any traders can now buy lower fee tiers on Hyperliquid – and any HYPE staker can sell their discounts to earn extra yield. Valantis and Pendle have launched the first open market for Hyperliquid trading fee discounts. Until now, 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 launched an integration with Pendle that lets traders buy a Hyperliquid trading fee discount without buying the HYPE behind it. It is the first time a discount of this kind has been separated from the token that grants it and given its own market price.
How Hyperliquid Fee Discounts work
Hyperliquid is the largest onchain exchange for perpetual futures. Every trade on Hyperliquid is charged a fee. Hyperliquid allows Traders to access lower fees by staking its native token HYPE. The more HYPE a trader stakes, the bigger the discount, from 10 HYPE (about $800) for 5% off to 500,000 HYPE (about $40 million) for 40% off. Hyperliquid Staking Discounts today represent $40 million a year in savings across the top 20,000 Traders on Hyperliquid and an estimated 5% of circulating HYPE staked by traders for the discount, according to Valantis research. Valantis estimates traders could save a further $100M–$300M a year if the discount were more accessible.
Staking discounts are badly underused: active traders would rather keep capital available as margin 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. Valantis Prime, launched earlier this year, lets stHYPE holders receive the same fee discount as native stakers while continuing to use the token as margin on platforms like Hyperlend and Morpho, unlocking USDC margin and closing the gap that kept half of Hyperliquid’s traders from staking.
The HYPE Fees Marketplace
Before today, a private market had already formed, with top market makers and protocols sourcing HYPE in bilateral deals to raise their discount tier. Hyperion DeFi, a Nasdaq-listed company holding HYPE as a treasury asset, has publicly committed HYPE to large trading wallets in exchange for revenue from trading fee savings.
stHYPE and Pendle make the same market open and permissionless: Valantis Prime smart contracts extend staking discounts to stHYPE holders, and Pendle splits the discount from the underlying stHYPE. Fee Discounts become purchasable by any Trader and sellable 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 to open ahead of 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 lets holders earn staking rewards while using the token across DeFi, and 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: https://www.valantis.xyz/ X: https://x.com/ValantisLabs
About Pendle
Pendle is the leading protocol for tokenizing and trading yield. Pendle splits yield-bearing assets into principal and yield tokens, creating markets for fixed rates, yield speculation, and now token utility, across major chains including Ethereum, Arbitrum, and HyperEVM.
Website: https://www.pendle.finance/ X: https://x.com/pendle_fi