The serum iron level in humans is tightly controlled by the action of the hormone hepcidin on the iron efflux transporter ferroportin. Hepcidin negatively regulates iron absorption and iron recycling by inducing ferroportin internalization and degradation. Aberrant ferroportin activity can lead to diseases of iron overload, like hemochromatosis, or iron limitation anemias. The molecular basis of ferroportin-mediated iron transport and regulation by hepcidin remain incompletely understood. Here, we combine cryo-electron microscopy, molecular dynamics simulations, and biochemical experiments to decipher molecular details of iron recognition and hepcidin binding to ferroportin. Iron binds to a conserved cavity in the C-domain of ferroportin, in a site unique within the broader major facilitator superfamily of transporters. We further show that hepcidin binding to ferroportin is allosterically coupled to iron binding, with an 80-fold increase in hepcidin affinity in the presence of iron. Hepcidin binds to the outward open conformation of ferroportin in a region adjacent to the iron-binding site in the C-domain. These results suggest a new model for hepcidin regulation of ferroportin, where only iron loaded ferroportin molecules are targeted for degradation. More broadly, our structural and functional insights are likely to enable more targeted manipulation of the hepcidin-ferroportin axis in disorders of iron homeostasis.Our structure reveals a monomeric FPN bound to a single Fab45D8 molecule, which recognizes a short alpha helical segment in extracellular loop 2 (ECL2) ( Fig. 1a and Supplementary Fig. 5).Similar to other MFS transporters, FPN contains twelve transmembrane (TM) helices arranged in two domains. Both the N-terminal and C-terminal domains are composed of six helices, with a large central cavity that in our structure is open to the extracellular side and closed intracellularly ( Fig. 1b). Ferroportin shares significant structural similarity with the bacterial bbFPN transporter, with an overall root mean squared deviation (RMSD) of 2.0 Å when compared to the outward-open conformation of bbFPN (Fig. 1c). The overall backbone conservation is even higher within the isolated C-terminal domain (RMSD 1.4 Å). Unlike most other MFS transporters, the alpha helix of FPN TM7 is interrupted by a short non-helical stretch of six residues. This unique feature, previously posited to be important in iron binding 24 , is shared between human FPN and bbFPN.Several interacting residues define an intracellular gate that keeps the N-and C-domains of 151 min at RT, and fluorescence polarization was recorded on a Biotek Synergy H4 (Agilent) in polarization mode using fixed bandpass filters with λ ex of 484 nm and λ em of 520 nm.Analytical fluorescence size exclusion chromatography (FSEC) was performed by mixing 25 µg of NW11-FPN with 2x fold molar excess of RhoG-Hepcidin in sample buffer comprised of 20 mM HEPES (pH 7.50), 100 mM NaCl and 10 µM CoCl 2 . Samples were incubated for 20 min on ice and 1.5 x molar excess of Fab45D8,...