Fees and cashback
Terminal charges roughly 0.5% to 1% per trade depending on the trade type, with 10% of fees returned as SOL cashback by default. Signing up through a referral link gives you 35% lifetime cashback. which meaningfully lowers effective costs for active traders.
Axiom uses a volume-tiered model: net fees range from 0.95% at the entry Wood tier down to 0.75% at the Champion tier, with cashback paid in SOL through tier multipliers. Referred users also receive a 10% discount on trading fees. Perpetual trades through Hyperliquid carry a separate 0.01% fee.
For most traders, Terminal referral cashback produces the lower effective cost. Very high-volume Axiom users who reach top tiers can close that gap.
Verdict: Terminal wins on effective cost for most traders via 35% referral cashback; Axiom rewards sustained high volume.

