Fees

Devnet trading fees are 0%. No maker, taker, or liquidation fees are charged during the devnet phase.

The mainnet fee schedule will be published before launch.

How fees are calculated

notional = price * size / 10^8
fee = notional * fee_bps / 10,000

Rounding favors the protocol: positive fees (taker pays) are rounded up, negative fees (maker rebates) are truncated toward zero.

Liquidation fees

There is no liquidation fee in the post-vault model. The Liquidator Vault inherits inventory from underwater accounts at the user's entry price; the vault realizes PnL on the unwind in lieu of a fixed fee. See liquidations.

Where fees go

Trading fees accumulate in the Parcl Treasury. While fees are 0%, the Treasury grows only from net funding flow on imbalanced open interest and from PnL the Liquidator Vault realizes on unwound inventory.