Fees
Fees are charged in USDC from the subaccount's collateral when a trade settles. Both sides pay: the maker owns the order that rested in the book, the taker is the one who filled it.
Rates
The rate depends on the address's trading volume over the last 4,550,000 blocks (~44 days).
| Volume over the window | Maker | Taker |
|---|---|---|
| up to 250,000 USDC | 0.02% | 0.05% |
| from 250,000 USDC | 0% | 0.04% |
| from 2.5M USDC | 0% | 0.035% |
| from 10M USDC | 0% | 0.03% |
| from 50M USDC | 0% | 0.025% |
- How volume is counted. The notional of every trade counts toward the volume of both sides. Volume is counted per address, across all its subaccounts.
- Custody subaccounts. Subaccounts owned by the protocol (promo vouchers, the vault) do not accumulate volume.
- Rebates. There are no negative fees: the maker pays 0% or more.
Special cases
- Liquidation. The liquidated account pays no taker fee; the maker pays its usual fee. The 0.5% liquidation penalty is charged separately and goes to the insurance fund.
- Pairing in a liquidation. Positions are closed against opposite positions without fees.
- Gas. Paid separately, in USDC or NTX.
Where fees go
From each side of a trade:
- Insurance fund. 20% of the fee.
- Referrer. If the trader has a referrer, the referrer's share comes out of the remaining 80%. Details are in Referral program.
- Stakers and validators. The rest is distributed through the distribution module. 2% of this part goes to the community pool.