💲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.
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.
Fees per Asset Class
Crypto
maker: 3 bps taker: 10 bps
0
Indices
taker: 5 bps
0
Forex
taker: 3 bps
0
Stocks
taker: 10 bps
0
Commodities:
XAU/USD
taker: 3 bps
0
CL/USD
taker: 10 bps
0
HG/USD
taker: 15 bps
0
XAG/USD
taker: 15 bps
0
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.
Spread
All executions use top-of-book pricing from the underlying market, with no artificial spread adjustments. More details here.
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.
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.
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