Fee schedule
Rate card. This page is the user-facing schedule of perpetual trading rates. For the underlying mechanics — how a fee is split, the buyback-and-lock flow, and the referrer and broker credits — see Fees. Tier values are network parameters and can be updated by governance.
TL;DR
Your effective perpetual trading rate comes from three independent tier systems that stack:
- Fee tiers — your base taker and maker rate, set by your trailing-30-day total traded volume.
- Maker rebate tiers — an additional rebate subtracted from your maker rate, set by your share of total exchange maker volume. It can push your net maker rate negative (you get paid to make).
- Staking discount tiers — a percentage discount applied to your taker rate only, set by how much MTF you have staked.
All three are evaluated continuously and apply together. Referral and broker-code credits apply separately, on top.
1. Fee tiers (volume)
Your base taker and maker rates are set by your trailing-30-day total traded volume (taker + maker, summed across all markets and all of your sub-accounts).
| 30-day volume | Taker | Maker |
|---|---|---|
< $5M | 0.0350% | 0.0100% |
≥ $5M | 0.0300% | 0.0080% |
≥ $25M | 0.0270% | 0.0060% |
≥ $100M | 0.0250% | 0.0040% |
≥ $500M | 0.0220% | 0.0020% |
≥ $2B | 0.0200% | 0.0000% |
Volume is measured in USDC notional. The window rolls forward continuously — there is no monthly snapshot, so a trade that crosses a threshold applies to your next fill.
2. Maker rebate tiers (maker-volume share)
On top of your fee-tier maker rate, you can earn an additional maker rebate set by your share of total exchange maker volume over the trailing 30 days. The rebate is subtracted from your maker rate, and can take your net maker rate below zero — meaning the exchange pays you to provide liquidity.
| Maker-volume share | Additional maker rebate |
|---|---|
≥ 0.5% | −0.0010% |
≥ 1.5% | −0.0020% |
≥ 3.0% | −0.0030% |
This rebate applies to the maker rate only. It does not affect your taker rate.
3. Staking discount tiers (MTF staked)
Staking MTF earns a percentage discount on your taker rate. The discount is applied to the taker rate only — it never reduces your maker rate. The ladder is a ten-tier ladder evaluated on your time-weighted effective weight (not raw token count — see Staking for the multiplier).
| Tier | Effective weight | Taker discount | Slot cap |
|---|---|---|---|
| Tier 1 | > 100 | 5% | uncapped |
| Tier 2 | > 500 | 8% | uncapped |
| Tier 3 | > 2,000 | 12% | uncapped |
| Tier 4 | > 8,000 | 15% | uncapped |
| Tier 5 | > 30,000 | 20% | uncapped |
| Tier 6 | > 100,000 | 25% | uncapped |
| Tier 7 | > 500,000 | 32% | uncapped |
| Tier 8 | > 1,500,000 | 35% | uncapped |
| Tier 9 | > 5,000,000 | 40% | uncapped |
| Tier 10 | > 10,000,000 and ranked #1 by weight | 50% | 1 seat |
Discounts climb monotonically from 5% to 50%, thresholds from 100 to 10,000,000.
Two tracks: uncapped tiers vs the single capped seat
The ladder runs on two tracks:
-
Threshold tiers (uncapped). Tier 1 through Tier 9 are pure thresholds: clear the effective-weight bar and you hold the tier, with no limit on how many accounts can.
-
Competitive seat (capped). Only Tier 10 is capped and competitive — you must both clear the threshold and rank high enough:
- Tier 10 is the single #1 account by effective weight among those
over
10,000,000. There is 1 seat.
The seat is awarded in real time: if the seated holder unstakes or their effective weight drops below a contender's, the seat passes to the next-ranked qualifying account immediately. An account that clears the
> 10,000,000threshold but does not win the seat is held at the highest uncapped tier it qualifies for (Tier 9). - Tier 10 is the single #1 account by effective weight among those
over
See Staking for how to stake MTF, and Tokenomics for how effective weight is derived. Flexible (no-lock) staking carries 0× weight and therefore only ever reaches the lowest tier (Tier 1) and earns no dividend — the deliberate market-maker lane.
How the three combine
The fee tier sets your base taker and maker rates from your volume. The other two tiers then adjust those bases:
Effective taker rate — the staking discount scales the fee-tier taker rate:
effective_taker = fee_tier_taker × (1 − staking_discount)
Effective maker rate — the maker rebate is subtracted from the fee-tier maker rate (the staking discount does not apply to maker):
effective_maker = fee_tier_maker − maker_rebate
A negative effective_maker is a rebate paid to you.
| Component | Affects taker? | Affects maker? |
|---|---|---|
| Fee tier (volume) | base rate | base rate |
| Maker rebate (maker share) | — | subtracted |
| Staking discount (MTF staked) | multiplied | — |
Worked examples
A Tier 9 staker at the base volume tier.
Your effective weight clears > 5,000,000 (Tier 9, 40%
taker discount) but your 30-day volume is under $5M (base fee tier: taker 0.0350%,
maker 0.0100%).
effective_taker = 0.0350% × (1 − 0.40) = 0.0210%
effective_maker = 0.0100% − 0.0000% = 0.0100%
You pay 0.0210% taker and 0.0100% maker.
A top maker at the highest volume tier.
Your 30-day volume is ≥ $2B (fee tier: taker 0.0200%, maker 0.0000%) and your
maker-volume share is ≥ 3.0% (rebate −0.0030%).
effective_maker = 0.0000% − 0.0030% = −0.0030%
Your net maker rate is −0.0030% — the exchange pays you 0.0030% of notional on every maker fill. Your taker rate stays 0.0200% (less any staking discount).
Stacking all three.
Volume ≥ $100M (taker 0.0250%, maker 0.0040%), maker share ≥ 1.5% (rebate
−0.0020%), and Tier 5 staking (20% taker discount):
effective_taker = 0.0250% × (1 − 0.20) = 0.0200%
effective_maker = 0.0040% − 0.0020% = 0.0020%
You pay 0.0200% taker and 0.0020% maker.
On top of the schedule
Referral and broker-code credits apply separately, in addition to your effective rates above:
- Referral — when you have a referrer set, a share of your taker fee is routed to them out of the protocol's take; it is not an extra charge to you.
- Broker codes — an order-flow originator (front-end, aggregator) can claim a share when their address is set on the order.
See Fees for the full mechanics — how credits are split and how collected fees fund the MTF buyback and the staker revenue-share.
Edge cases
Show edge cases
- Volume across sub-accounts. A master and all its sub-accounts share one 30-day volume figure and therefore one fee tier. A desk running many strategies under one master gets the aggregate tier.
- Continuous evaluation. All three tiers are re-evaluated on a rolling 30-day window — there is no monthly cutover. Crossing a threshold applies to your next fill.
- Maker rebate is funded by taker fees. A negative net maker rate is paid out of taker fees collected on the same flow. The exchange never pays out more in maker rebates than it takes in.
- Staking discount, maker rate. The staking discount applies to taker only. A Tier 10 staker still pays (or earns) the full maker rate; only the taker side is discounted.
- The top tier is competitive. Only Tier 10 (1 seat) is awarded by rank, not threshold alone. Clearing the threshold is necessary but not sufficient — if the seat is taken you hold the highest uncapped tier you qualify for until it frees up. The seat reassigns in real time as effective weights move.
See also
- Fees — fee mechanics, buyback-and-lock flow, referral and broker credits
- Staking — stake MTF to unlock the taker discount tiers
- Spot trading — spot fills carry their own per-pair rates