Fees and risk
Understand execution costs and the limits enforced by the market.
On this page
Trading fees
| Fee | Rate |
|---|---|
| Core trader fee | 5 bps of executed notional. |
| Depth share | 3 bps, plus the deterministic rounding remainder. |
| Insurance | 1 bp. |
| Maker rebate | 1 bp. |
| App fee | 0–2 bps, added by the integrating app. |
The total execution fee rounds up to micro-USDC; insurance, app fees, and the maker rebate round down. Orders bind the app fee and reject execution above maxFee. A 20 USDC execution at 6 bps costs 0.012 USDC before any funding.
Margin and liquidation
The devnet configuration requires 10% initial margin and 5% maintenance margin. It sets a 0.5% liquidation fee. These are market settings; read the verified market policy when building your order form.
Unrealized PnL and accrued funding affect equity. Removing margin must preserve the required health. A position below maintenance can be liquidated through the encrypted risk computation.
Prices and funding
The market pins a Pyth SOL/USD account and checks price age and confidence. Funding updates follow the market’s configured interval and rate cap. Stale prices or overdue funding stop new trading until the market is ready.
Check before signing
- Read the market’s active status and current policy.
- Show the app fee, maximum execution fee, and price bound.
- Keep SOL available for wallet transactions.
- Confirm the order outcome before updating the displayed position.