Fees and risks
Trading automation has venue fees, product fees, spread costs, execution risk, and market risk. This article covers what Anello fills actually cost and how to reason about whether a grid’s spacing can carry those costs.
Two fees can apply to a fill:
- Hyperliquid trading fee: charged by the venue on every fill, at your wallet’s current fee tier. Check your tier on Hyperliquid; it improves with volume.
- Anello builder fee: charged where Hyperliquid applies builder codes.
- Spot: 0.02% (2 bps) on sell fills only; buy fills carry no Anello fee. Averaged over a full buy-sell grid cycle this works out to 0.01% per fill.
- Perps (terminal): 0.01% (1 bp) per fill, both sides.
- DCA: no Anello fee. DCA only buys spot, and spot buys never carry a builder fee, so DCA is free apart from the venue fee.
What that means against your grid spacing
Section titled “What that means against your grid spacing”A grid round trip (one buy + one sell) pays the venue fee twice and the Anello fee once. Worked example: suppose your Hyperliquid tier charges 0.07% per fill:
- Venue: 2 × 0.07% = 0.14%
- Anello: 0.02% (sell side only)
- Round-trip cost ≈ 0.16% of the order’s value
Against 1% spacing, that cost is about a sixth of each cycle’s gross. You keep ~0.84%. Against 0.3% spacing (Anello’s minimum), the same costs consume over half the gross. That’s the practical rule: spacing needs to be a comfortable multiple of your round-trip fee cost, not just barely above it. Tighter grids look busier; they are not automatically more profitable.
Market risk
Section titled “Market risk”Grid trading can lose money. The dominant grid risk is price leaving the range downward: the grid holds bought inventory at a paper loss and stops trading until price returns. A profitable-looking configuration does not remove this. It is the structural trade the strategy makes. The failure modes are walked through in how grid trading works, and the broader picture in Risks of grid & perp trading.
Grid and DCA bots run on Hyperliquid spot, so their inventory is owned outright: no leverage, no funding drag, no liquidation price. Perp positions you open on the terminal have all three. Read those articles before sizing a leveraged position.
Operational risk
Section titled “Operational risk”Automation depends on APIs, wallets, infrastructure, and correct configuration. A wrong range or size executes exactly as configured, and venue rules can reject orders that round below Hyperliquid’s $10 notional minimum (Anello enforces $20 per order up front partly for this reason). Start with small sizes, verify the preview before launching, and monitor the first runs closely rather than assuming. The preview is exactly what gets placed.