Fees

We charge a fee on each order placed by a user. The total fee is 70 bps (0.7%) of the notional value of every trade. This means that the fee is charged on the total value of the trade, not the size of the position or the leverage used.

The fee has two components:

• a 30 bps liquidity fee, which is added directly to AMM liquidity,
• a 10 bps creator fee, which is rewarded to the creator of the market
• a 30 bps platform fee, which is charged by the platform.

Maximum fee value is limited to 30% of collateral (for opening positions) or 30% of position equity (for closing positions).

The fee is charged in USD, and is deducted from the funds used to open the position (when opening) or from the sale proceeds (when closing). The fee is not charged on the unrealized PnL, and is not included in the calculation of the account value.

Currently, there are no rebates or volume discounts, but this may change in the future.

Liquidations

When a position is liquidated, the remaining position equity is not charged a fee - instead, it is split between protocol participants:

• 50% is added to the AMM's liquidity pool,
• 30% goes to the platform,
• 10% goes to the market creator,
• 10% is returned to the liquidated user as a cashback.

This is not a fee in the traditional sense. The position equity that remains at the time of liquidation is redistributed according to the split above rather than being returned in full to any single party.

Additionally, there is a referral program which allows users to earn a part of the platform fee paid by the users they invited.