Fees & Discounts
What you pay to trade, how the maker/taker split works, and how volume lowers your rate.
Maker vs. taker
| Role | You are… | Rate |
|---|---|---|
| Maker | the resting order that gets filled | lower |
| Taker | the order that crosses and removes liquidity | higher |
Use a post-only (ALO) limit order to ensure you're a maker.
Volume tiers
Your tier is set by your 14-day rolling weighted volume, assessed daily in UTC (excluding the current day). Perps and spot volume count together toward a single tier level; the tier you land in then supplies separate maker/taker rates for perps and for spot:
14d weighted volume = 14d perps volume × perps weight
+ 14d spot volume × spot weightBoth weights default to 1, so in practice the two volumes simply add up. They are governance parameters and can be retuned per exchange.
| Level | Weighted volume | Perps maker | Perps taker | Spot maker | Spot taker |
|---|---|---|---|---|---|
| VIP 0 | < $5M | 0.0150% | 0.0450% | 0.0400% | 0.0700% |
| VIP 1 | ≥ $5M | 0.0120% | 0.0400% | 0.0300% | 0.0600% |
| VIP 2 | ≥ $25M | 0.0080% | 0.0350% | 0.0200% | 0.0500% |
| VIP 3 | ≥ $100M | 0.0040% | 0.0300% | 0.0100% | 0.0400% |
| VIP 4 | ≥ $500M | 0.0000% | 0.0280% | 0.0000% | 0.0350% |
| VIP 5 | ≥ $1B | 0.0000% | 0.0260% | 0.0000% | 0.0300% |
| VIP 6 | ≥ $2B | 0.0000% | 0.0240% | 0.0000% | 0.0250% |
The ladder above is the schedule published for the platform exchange. Thresholds and rates are governance parameters and can change — read the configured ladder via feeTierInfo, or query effective rates via userFees / feeTierRates.
How a fee is charged
A fee applies to the notional value of each fill:
fee = fill notional × your rate (maker or taker)
fill notional = fill size × fill priceFees are charged per side — opening and closing a position each incur their own fee — and settle atomically in the same block as the fill, with no separate settlement step.
On spot, the fee is taken from the asset you receive: a buy pays fill size × rate in the base asset, a sell pays fill notional × rate in the quote asset. The value is the same either way; only the asset it is deducted in differs. Perps always charge in the quote asset (USDC).
Referral discount
If you sign up under a referral, your fees are billed at a discount — you pay 95% of the standard rate — up to a per-address volume cap. Your referrer separately earns a rebate on the perp fees you pay (default 10%). Both rates are governance parameters.
The discount is applied automatically once a referrer is set. Query your referral state with the referral request on the Info API.
See Referral for how to create and use a code, the volume caps on both sides, and how rewards are paid out.