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Fees

Parcl V4 charges volume-tiered trading fees. Rates depend on your 30-day rolling volume. Takers pay a fee. Makers at sufficient volume receive a rebate. The trading app displays the current tier schedule. To see it, open the Fee Tiers panel from the order entry form.

How fees are calculated

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

Rounding favors the protocol. Positive fees (taker pays) round up. Negative fees (maker rebates) truncate toward zero.

Liquidation fees

Liquidation fills charge ordinary trading fees. There is no separate liquidation penalty. When a liquidation closes a position on the orderbook, the liquidated account pays the taker fee at its own volume tier. Makers on the other side earn their ordinary rebate. Both sides accrue 30-day volume.

The taker fee folds into the liquidation's price bound. A fill only executes at a price where the account can afford the fee, so the fee alone can never push the account below zero equity.

Positions the Liquidator Vault absorbs, and positions ADL closes, are off-book transfers. They carry no fee. See liquidations for full mechanics.

Where fees go

Trading fees accumulate in the Parcl Treasury. The Treasury also grows from net funding flow on imbalanced open interest and from PnL the Liquidator Vault realizes on unwound inventory.