Fees

Real estate markets use one volume-based fee schedule. Your account family's trailing 30-day executed volume selects the tier. Maker and taker fills both count.

Closed-alpha activation

Creating a personal account requires at least $5 in confirmed USDC funding. The account pays a one-time $1 activation fee to the protocol. The remaining deposit becomes trading collateral. Initial-cohort members pay the same fee.

The activation fee has no referral split. Retrying a completed creation does not charge a second activation fee. See bridge funding.

Account families

A family is one top-level account plus its subaccounts. Every account in a family pays the tier the family's combined 30-day volume earns. Splitting your trading across subaccounts never raises your fees.

A vault is its own family. It starts at the base tier and earns its tier from its own trades and its subaccounts' trades. A vault does not inherit its leader's personal tier, and vault volume does not raise the leader's personal tier.

A trade between two accounts in the same family counts once toward the family's volume, the same as a trade against anyone else.

Trading fees

A negative maker fee is a rebate.

Fees use the order's executed notional:

notional = fill price * fill size
fee = notional * fee rate / 10,000

Each fill uses the maker's and taker's current fee tiers. A positive fee rounds up to the next USDC lamport. A negative maker rebate truncates toward zero.

Referral split

For an attributed taker fill, the default referral split is immediate:

• The referrer receives 10% of the taker fee.
• The referee receives a rebate equal to 4% of the taker fee.
• The remaining fee goes to the protocol.

Small integer fees can round a split to zero. Referral rewards do not accrue in a claim pool. See referrals for eligibility and caps.

After maker rebates and referral credits, remaining trading fees accrue to the protocol.

Liquidation fees

An order-book liquidation charges the liquidated account its ordinary taker fee and gives the maker its ordinary maker rate. There is no separate liquidation penalty or liquidator reward. An off-book transfer to the Liquidator Vault carries no trading fee.

Treasury and vault fees

A vault's trading pays the trading fee tiers above, at the tier the vault's own family volume earns. Depositing into or withdrawing from a vault is separate. The leader sets performance, deposit, and withdrawal fees per vault. Those fees go to the leader, not the protocol. See Treasury and community vaults.