💲Fee Breakdown

Opening Fee

A one-time opening fee is charged when a position is opened, designed to cover the cost of initiating trades without charging again on close. This fee is a flat rate for traditional (non-crypto) assets—e.g., a 4 bps fee, equivalent to 2 bps open + 2 bps close on other platforms—kept simple and predictable. More details here.

There is no closing fee for manually closed or automation-triggered (TP/SL) exits of non-liquidated positions.

Crypto Pairs

Fees vary based on leverage and open interest (OI) skew:

• "Maker" fee applies if leverage < 20× and the trade reduces the OI imbalance.

• "Taker" fee applies if leverage ≥ 20× or the trade increases the OI imbalance.

• For mixed trades (partially balancing, partially new imbalance), maker fees apply to the balancing portion and taker fees to the imbalance-creating portion.

The total opening fee equals the sum of maker + taker charges.

Non-Crypto Pairs

Static Taker fee, offering a straightforward fee model without any OI or leverage adjustments.

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Fees per Asset Class

Asset Class	Opening	Closing
Crypto	maker: 3 bps taker: 10 bps	0
Indices	taker: 5 bps	0
Forex	taker: 3 bps	0
Stocks	taker: 15 bps	0

Commodities:

Pair Name	Opening	Closing
XAU/USD	taker: 3 bps	0
CL/USD	taker: 10 bps	0
HG/USD	taker: 15 bps	0
XAG/USD	taker: 15 bps	0

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Liquidation Fee

If a position is liquidated, the trader’s remaining collateral is seized and paid out as a reward to Market Making Vault liquidity providers. This “liquidation reward” serves as the effective liquidation fee. More details here.

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Spread

All executions use top-of-book pricing from the underlying market, with no artificial spread adjustments. More details here.

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Funding Rate (Crypto Pairs)

Applied only to crypto pairs, the funding fee compensates for OI imbalances between long and short sides. It:

• Incentivizes OI rebalancing

• Minimizes delta exposure for the liquidity buffer

• Operates as a zero-sum transfer between traders

Funding fees accrue continuously (compounding per block) and are realized upon position close. More details here.

The funding rate is displayed on the Net Rate (L/S) label. Hover over it to display a tooltip explaining the long/short funding rates.

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Rollover Fee (Non-Crypto Pairs)

The rollover fee reflects short-term volatility when applied to non-crypto assets (forex, commodities, indices). It:

• Charges both sides of the market equally

• Is non-zero-sum (paid into the protocol)

• Compounds per block are realized when the position is closed

This fee covers the cost of carrying positions over time. More details here.

The rollover fee is displayed on the Net Rate (L/S) label. Hover over it to display a tooltip explaining the long/short rollover fees.