Researchers from Stanford University and Columbia Business School published a study on September 18, 2026, analyzing trading behaviors in the cryptocurrency perpetual futures market. The report focuses on Hyperliquid, a decentralized exchange that provides transparent order book data for perpetual contracts.
The study reveals that retail traders consistently pay higher fees compared to institutional participants. This occurs because individual traders predominantly act as takers, executing market orders for immediate entry or exit, rather than using limit orders to provide liquidity.
Market makers and sophisticated traders typically operate on the maker side, which allows them to benefit from lower fees or rebates. This creates a structural value transfer from retail speculators to more experienced market participants, with costs scaling based on the frequency of trading activity.
The researchers did not disclose specific fee percentages or the names of individual tokens analyzed. Instead, the study emphasizes behavioral patterns, noting that retail traders prioritize speed over cost efficiency, which leads to a systemic disadvantage in the perpetual futures market.
