Spot markets run on the same on-chain order book as the perpetuals, under the HIP-1 token standard. You buy and hold the token itself rather than a contract tracking its price.
What’s listed
A smaller set than the perpetual markets — community-launched HIP-1 tokens, including HYPE. The perpetual side is far broader.
Spot fees
Spot carries higher base maker and taker rates than perpetuals. Pairs between two spot quote assets have 80% lower taker fees and rebates.
Spot volume counts double
Spot volume is weighted twice toward your 14-day rolling fee tier: 14-day weighted volume equals perps volume plus two times spot volume. Active spot trading pulls down the rate you pay on everything, including perps.
Your fee tier is a single figure across perps, HIP-3 perps and spot.
When spot is the right instrument
Holding a token for months with no funding, no liquidation and no leverage. For a directional view with defined size and horizon, a perpetual is usually the better tool — the entry on perpetuals versus spot covers the trade-off.