Fee Breakdown
Last updated
Last updated
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) assetsโe.g., a 4 bps fee, equivalent to 2 bps open + 2 bps close on other platformsโkept simple and predictable. More details .
Crypto Pairs
Fees vary based on leverage and open interest (OI) skew:
"Maker" fee applies if leverage <= 20ร and the trade reduces the OI imbalance.
"Taker" fee applies if leverage > 20ร 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.
Crypto
maker: 3 bps taker: 10 bps
0
Indices
taker: 5 bps
0
Forex
taker: 3 bps
0
Stocks
taker: 15 bps
0
XAU/USD
taker: 3 bps
0
CL/USD
taker: 10 bps
0
HG/USD
taker: 15 bps
0
XAG/USD
taker: 15 bps
0
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
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.
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
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.
If a position is liquidated, the traderโs remaining collateral is seized and paid out as a reward to Market Making Vault liquidity providers. This โliquidation rewardโ serves as the effective liquidation fee. More details .
All executions use top-of-book pricing from the underlying market, with no artificial spread adjustments. More details .
Funding fees accrue continuously (compounding per block) and are realized upon position close. More details .
This fee covers the cost of carrying positions over time. More details .