Fees and funding
Fee schedule
| Fee | Rate | Charged on |
|---|---|---|
| Open (taker) | 1% | position size (deposit × 2x), taken from the deposit |
| Close (taker) | 1% | position size, taken from the payout |
| Maker | 0.25% | instead of the taker fee, on limit fills and take-profit exits |
| Profit fee | 10% | the profit of a winning close, after the max-profit cap. Nothing on a loss |
| Skew | up to 0.5% | size, on opens that make a market more one-sided |
| Funding | 0.05% per hour | position size, for as long as you hold |
| Liquidation tip | 0.5% of margin | paid to whoever liquidates, out of the lost margin |
| TP/SL tip | 0.1% of margin | paid to whoever executes your TP or SL, out of your payout |
Funding is a flat hourly charge paid to the vault. It does not pass between longs and shorts. All rates are locked into your position when it opens.
- Maker fee. A limit order that rested at least 60 seconds before filling, and a take profit set at least 60 seconds before it fires, pay 0.25%. Market opens, market closes, stop losses and partial closes pay the taker fee.
- First trade free. A wallet's first trade pays no open fee if the deposit is 0.5 SOL or less. The skew fee still applies. There is a budget of 100 free first trades across the app per 24 hours.
Worked example: 1 SOL long
Deposit 1 SOL, market order, no skew fee, held 10 hours.
| Item | SOL |
|---|---|
| Deposit | 1.0000 |
| Open fee: 1% × 2.00 | 0.0200 |
| Margin | 0.9800 |
| Position size: 0.98 × 2x | 1.9600 |
| Funding: 10 h × 0.05% × 1.96 | 0.0098 |
| Close fee: 1% × 1.96 | 0.0196 |
| Max payout before the profit fee: margin × 2 | 1.9600 |
Payout = margin + PnL − funding − close fee, then the 10% profit fee on anything above the 0.98 margin.
| Price at close | PnL | Before profit fee | Profit fee | Payout | Net vs deposit |
|---|---|---|---|---|---|
| −10% | −0.1960 | 0.7546 | 0 | 0.7546 | −0.2454 |
| 0% | 0 | 0.9506 | 0 | 0.9506 | −0.0494 |
| +20% | +0.3920 | 1.3426 | 0.0363 | 1.3063 | +0.3063 |
| +60% | +1.1760 | 1.9600, capped | 0.0980 | 1.8620 | +0.8620 |
With the full skew fee the open costs 0.03 SOL and the margin is 0.97 SOL.
Referrals
A trader who arrives through a referral link pays 5% less on every open, close and maker fee. The referrer gets 20% of what that trader then pays, credited on chain and claimable at any time. The referrer is set once, with the trader's first trade.
Where fees go
After the referral discount and the referrer's share, each open, close and maker fee splits:
- 60% stays in the vault, for its depositors.
- 25% is the operator fee.
- 15% goes to the $LEVER treasury for buybacks.
The profit fee, the skew fee, all funding and every losing margin stay in the vault. Winners are paid from the same vault. The only other payments are the liquidation tip and the TP/SL tip, to whoever executes them.
Daily settle
Once a day (at most every 20 h), the program checks the vault's result since the last settle: fees plus trading result.
- Net positive: the treasury share of the fees in that period moves out of the vault, capped at the period's net gain and the vault's free balance.
- Net zero or negative: nothing moves. The period carries forward into the next one.
The rest stays in the vault for its depositors.
Treasury buybacks
The program releases treasury SOL only in a transaction that buys $LEVER on its pool and burns at least 90% of its fair value, at most 10 SOL in any 24 hours. Setting that pool is a setting change and waits a public 6 h delay. Each buyback is an on-chain record on the Vault page. When and how much the treasury buys is not promised.