Fees
All trading fees are charged per fill, on notional, deducted from each side’s collateral. Rates are in extended basis points (EBP, 1/100 bp).
| Stream | Maker | Taker |
|---|---|---|
| Sequencer | 0.25 bp + $0.03 flat/side | 0.75 → 3.75 bp by global bond utilization + $0.03 flat/side |
| Integrator | 0.25 bp | 0.25 bp |
| Insurance | 0.5 bp | dynamic — steers the fund to target; see below |
- Dynamic taker sequencer fee: 0.75 bp while global sequencer-bond utilization ≤ 50%, linear to 3.75 bp at ≥ 90% — congestion pays sequencers more and attracts more bonded capacity.
- Dynamic taker insurance fee: the base rate scales with the fund’s target ratio — 0.5 bp at the 2% minimum target, linear to 2 bp at the 10% maximum. Below target it multiplies up sharply — base × (1 + 49 × shortfall²), hard-capped at 45 bp; above target it discounts linearly to zero at 2× target. Risk-reducing size pays the base closing fee (or the dynamic rate, when that is even lower). Exact curve:
RiskParamsLib.getTakerInsuranceFeeEbp. - Integrator fee: each order carries an optional
integratoraddress (frontend/aggregator) that earns its cut on every fill of that order. Referral revenue is protocol-native — see the integrator guide. - Bug-bounty tax: 1% of every fee stream (sequencer, integrator, insurance) is skimmed to a bug-bounty address fixed at factory deployment — a standing white-hat budget that accrues automatically.
Non-trading rewards
| Action | Reward | Paid from |
|---|---|---|
| Liquidation (per position) | max($0.10, 2 bp of notional) | insurance fund |
| Terminal settlement (per position) | max($0.10, 2 bp of notional) | the settled position’s own remaining collateral; insurance only when its own loss wiped it out |
| ADL execution | 0.1% of averted bad debt | insurance fund |
| Omission challenge | 1% of min(batch, order) notional | sequencer bond |
| Stale-flag challenge | ½ × 1% of batch notional | sequencer bond |
| UMA termination proposer | 0.1% of the fund, capped $100, once per pair | insurance fund |
Fee payouts to sequencers/integrators/bounty that fail to transfer (e.g. USDC blacklist) are re-credited to the insurance fund rather than blocking settlement.