> For the complete documentation index, see [llms.txt](https://docs.fermi.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fermi.trade/14-fees.md). # 14 fees Current trading fees are fixed across all Fermi perp markets: | Side | Current rate | Effect | | -------------- | -----------: | -------------------------------------- | | Taker | **0.06%** | Charged to the crossing order. | | Maker | **-0.03%** | Paid as a rebate to the resting order. | | Protocol share | **0.03%** | Net of taker fee minus maker rebate. | There are no fee tiers, volume discounts, maker tiers, VIP levels, or market-specific trading-fee schedules. A fill on SOL-PERP, ETH-PERP, and BTC-PERP uses the same taker fee, maker rebate, and protocol share. This page covers **on-chain protocol fees**: trading fees, maker rebates, IOC / Market penalties, settlement bonuses, liquidation fees, and fee withdrawal. Relayer SOL fee credits are a separate off-chain relayer accounting system, not part of the on-chain trading-fee mechanism. ## Trading fees (per fill) | Field | Meaning | Sign | | ------------------------ | --------------------------------------------------- | ----------------------------- | | `PerpMarket.maker_fee` | Fee paid by the resting side; currently `-0.0003`. | May be **negative** = rebate. | | `PerpMarket.taker_fee` | Fee paid by the crossing side; currently `0.0006`. | Must be ≥ 0. | | `PerpMarket.fee_penalty` | Fixed quote-native fee on every IOC / Market order. | ≥ 0. | Both `maker_fee` and `taker_fee` are stored as `I80F48` and are applied as a **fraction of notional**: ``` fill_notional = match_base_lots × match_price × base_lot_size (in quote native) taker_fee_paid = fill_notional × taker_fee maker_rebate = fill_notional × -maker_fee // when maker_fee < 0 protocol_share = fill_notional × (taker_fee + maker_fee) ``` The `fee_penalty` is a flat amount, charged on entry to `new_order` when the order is `Market` or `ImmediateOrCancel`, regardless of fills (`book.rs:66-70`): ``` taker.quote -= fee_penalty ``` This penalty exists to discourage spammy IOC traffic (each IOC costs the matcher a full `new_order` pass). ## Self-trades Both fees are **forced to zero** on a self-trade resolved with `DecrementTake` (`book.rs:184-195`). `CancelProvide` self-trades generate no fill at all (so no fee). `AbortTransaction` reverts. ## Fee accrual When a fill happens (`book.rs:454-488`): ``` market.fees_accrued += taker_fees + maker_fees // (i.e. net fee revenue for the protocol) taker.taker_volume += quote_filled ``` Note the **maker rebate is netted against taker fee** in the fee bucket: the current 0.06% taker fee and -0.03% maker fee leave a 0.03% protocol share. The **maker's account** is credited the rebate (or charged the fee) only when `perp_consume_events` runs; the matcher only updates the taker's quote position synchronously. ## Settlement bonuses `perp_settle_pnl` is permissionless. To incentivize anyone to settle, the market pays a bonus to the caller when the conditions are right: | Field | Effect | | -------------------------------- | -------------------------------------------------------------------------------------------- | | `settle_fee_flat` | Quote-native bonus to the caller. | | `settle_fee_amount_threshold` | Settlement amount needed to earn the flat fee. | | `settle_fee_fraction_low_health` | Extra fraction of settled PnL when the +PnL account is unhealthy. Capped at 2× the flat fee. | Practical effect: if you call `settle_pnl` on a healthy +PnL counter with a settled amount above threshold, you collect `settle_fee_flat` in USDC. If the +PnL side is approaching liquidation, the bonus scales up. ## Liquidation fees | Field | Where it goes | Trigger | | ----------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------------------- | | `PerpMarket.base_liquidation_fee` | Liquidator | Per-base-lot transferred during `perp_liq_base_or_positive_pnl`. | | `PerpMarket.positive_pnl_liquidation_fee` | Discount on settled positive PnL during liquidation. | Liqee receives `(1 - fee) × settled`. | | `PerpMarket.platform_liquidation_fee` | Group owner | Additional cut, **on top of** `base_liquidation_fee`. | | `Bank.liquidation_fee` | Liquidator | On spot-token liquidation `token_liq_with_token`. | | `Bank.platform_liquidation_fee` | Group owner | Additional cut on spot liquidation. | The fee math for perp base reduction (`perp_liq_base_or_positive_pnl.rs:295-322`): ``` For long reduction: fee_factor = 1 - base_liq_fee - platform_liq_fee For short reduction: fee_factor = 1 + base_liq_fee + platform_liq_fee quote_transferred = -base_transferred × oracle_price × fee_factor (in oracle quote units) ``` So if `oracle_price = 100`, `base_liq_fee = 0.02`, `platform = 0.005`, and a liquidator buys 1 long lot from a liqee: ``` fee_factor = 1 - 0.02 - 0.005 = 0.975 liqor pays liqee = 1 × 100 × 0.975 = 97.5 liqor profit = 100 - 97.5 = 2.5 // captured as quote on liqor's perp group revenue = 0.5 // platform_liquidation_fee × 100 × 1 ``` Spot-token liquidation works analogously (`token_liq_with_token.rs`): ``` asset_transferred = liab × (liab_price / asset_price) × (1 + liab_fee) × (1 + asset_fee) ``` The liquidator captures the difference between `asset_transferred × asset_price` and `liab × liab_price`. ## Fee withdrawal Accrued fees sit on the `PerpMarket` until two admin paths drain them: * **`perp_settle_fees`** moves accrued fees into `fees_settled` and pays them out into the settle-token vault. Permissionless to trigger; the actual withdrawal is gated on the +PnL leg being collateralized (no bankrupt-fee withdrawal). * **`admin_perp_withdraw_fees`** (admin only) transfers settled fees from the perp settle vault to a destination token account. Token fees follow the same pattern but on the Bank (`admin_token_withdraw_fees`). ## Worked example — placing one IOC on SOL-PERP Assume: * `taker_fee = 0.0006` (6 bps), `maker_fee = -0.0003` (-3 bps rebate), `fee_penalty = 0.001` (USDC native ≈ 0.001 USDC) * Order: bid 1 SOL at `$150`, IOC. * Fills 1 SOL at `$150` against a resting maker. ``` match_notional = 1 SOL × $150 = $150 = 150_000_000 native taker_fee_paid = 150_000_000 × 0.0006 = 90_000 native ($0.09) maker_rebate = 150_000_000 × 0.0003 = 45_000 native ($0.045) market.fees_accrued += 90_000 - 45_000 = 45_000 ($0.045 net) taker.quote -= 90_000 + 1_000 (fee_penalty) = -91_000 ($0.091) maker.quote += 45_000 (credited when consume_events runs) ``` The taker has spent `$0.091` total fees + penalty for `$150` of notional volume. The maker netted `$0.045` rebate. The protocol captured `$0.045`. ## A few non-obvious things * **Fee penalty is on placement, not fills.** A no-fill IOC still costs you `fee_penalty`. This is intentional — it prices in the matcher work. * **Maker rebates aren't free money.** They settle against `quote_position_native` only on `consume_events`; until consumed they're "in flight." Don't model them in your real-time PnL until you see the maker trade log. * **Fees accrue to the protocol but withdrawals respect health.** `perp_settle_fees` won't withdraw fees if doing so would push the group's books into unsocialized loss; this is the same invariant that protects depositors. * **Liquidation fees on perps are paid in quote, not in base.** The liqor takes over base at a discount and books the difference as quote PnL. This is why liquidators show up in the fill log as large maker-side trades, not as "liquidate" events on the book. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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