Clearing & Settlement
The clearing module turns fills produced by the matching engine into balance and position changes. All of it completes atomically within the same block — there is no separate settlement cycle.
Settlement by instrument type
| Type | Settlement |
|---|---|
| Spot | settles on fill — the buyer's and seller's spot balances are swapped directly |
| Perps | per-fill update of the position (size, average entry price) and realized PnL; funding continues to accrue against the open size and is settled on the funding cycle |
| Outcome | shares trade as synthetic assets; at market resolution they are redeemed to the margin asset at 0 or 1 |
See TIP — Improvement Proposal for the full per-type semantics.
Fees
Fees are charged at settlement:
- Each user is matched to a single fee tier based on their 14-day rolling trading volume, which combines weighted perpetual and spot volume. The matched tier then supplies four rates: perps maker/taker and spot maker/taker. Outcome instruments use their own type-specific fee schedule instead of the perpetual / spot tier ladder.
- When no tier ladder is configured, the instrument's own base maker/taker rates apply.
-
Referral system:
- a referred user pays a discounted fee (billed at 95% of the standard rate);
- the referrer earns a rebate on those fees (default 10%);
- the discount has a per-address volume cap.
- Remaining fees accrue to the protocol fee account.
Realized vs. unrealized PnL (perps)
- Realized PnL is booked when a position is reduced or closed — the difference between the average entry price and the fill price, times the closed size.
- Unrealized PnL is marked continuously against the mark price and feeds the margin / health calculation (see Margin System).
- Funding is accrued per position and settles into margin (isolated) or account equity (cross) — see Risk Engine § Funding.