> For the complete documentation index, see [llms.txt](https://docs.flash.trade/flash-trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.flash.trade/flash-trade/flash-trade-protocol/perpetuals-specifications/fees.md).
# Fees
### Overview
All trading fees consist of three main components:
* **Open/Close Fees** — Charged when opening or closing positions
* **Margin Fees** — Continuous fees on open positions based on utilization
* **Swap Fees** — Applied when using different collateral assets
***
{% stepper %}
{% step %}
### Pool 1: Crypto Assets
**Supported**: SOL, BTC, ETH, ZEC, BNB
#### Open/Close Fees
* **Applied**: On both position opening and closing
#### Supported Markets & Fees
| Market | Open/Close Fee |
| ------ | ----------------------------------------------------------------------------------------------------------------- |
| SOL | 0.051% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.045%) |
| BTC | 0.051% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.045%) |
| ETH | 0.051% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.045%) |
| ZEC | 0.2% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.176%) |
| BNB | 0.1% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%%) |
#### Margin Fees
Margin fees accrue continuously on open positions, calculated from pool utilization:
$$
MarginFee/Hr = \frac{\text{Utilization %}}{\text{100%}}(\frac{\text{Step2%}}{hour}) :\ \text{ Utilization %} \geq \text{72%}
$$
* Below the optimal utilization threshold, margin fees scale linearly with utilization
* Above the optimal threshold, the step rate increases to incentivize liquidity
* A 90% utilization cap applies across all pools
{% hint style="info" %}
**Current step rates** vary per asset and pool, and are updated as the protocol tunes parameters. Live margin fee rates for any market are visible in the position panel before opening a trade.
{% endhint %}
#### Swap Fees
Applied when using non-native collateral:
* Calculated by the formulas below:
$$
SwapFee\_{total}=SwapFee\_{paying}+BaseFee\_{paying}
$$
**Fee Parameters**:
| Component | Rate |
| ------------- | ------- |
| Fee Target | 0.00075 |
| Fee Max | 0.0015 |
| Base Fee | 0.0002 |
| {% endstep %} | |
{% step %}
***
### Pool 2: Synthetic Assets
**Supported**: Crude Oil, Natural Gas, EUR, GBP, AUD, USDJPY, USDCNH, Gold, Silver
The FLP.2 pool ("Gold Pool") acts as counterparty to all Forex and Commodities markets. It is backed by USDC and XAUt, and provides liquidity for synthetic trades on assets the pool does not hold directly.
#### Open/Close Fees
* **Applied**: On both position opening and closing
#### Supported Markets & Fees
| Category | Markets | Open/Close Fee |
| ----------- | ----------------------------- | ----------------------------------------------------------------------------------------------------------------- |
| FX | EUR, GBP, AUD, USDJPY, USDCNH | 0.030% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.026%) |
| Metals | Gold, Silver | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| Commodities | Crude Oil, Natural Gas | 0.150% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.132%) |
#### Margin Fees
* Same structure as Pool 1 (Crypto Assets)
* Utilization-based dynamic rates
{% endstep %}
{% step %}
***
### Pool 3: Solana Assets
**Supported**: JUP, JTO, KMNO, PYTH, HYPE
#### Open/Close Fees
* **Applied**: On both position opening and closing
| Market | Open/Close Fee |
| ------ | ----------------------------------------------------------------------------------------------------------------- |
| HYPE | 0.150% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.132%) |
| JUP | 0.11% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.097%) |
| JTO | 0.11% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.097%) |
| KMNO | 0.2% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.176%) |
| PYTH | 0.11% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.097%) |
#### Swap Fees
* Calculated by the formulas below:
$$
SwapFee\_{total}=SwapFee\_{paying}+SwapFee\_{receiving}+BaseFee\_{paying} +BaseFee\_{receiving}
$$
**Fee Parameters**:
| Component | Rate |
| ------------- | -------- |
| Fee Target | 0.001125 |
| Fee Max | 0.00225 |
| Base Fee | 0.0003 |
| {% endstep %} | |
{% step %}
***
### Pools 4+ : Meme Assets
**Supported**: BONK, WIF, PENGU, SAMO, FARTCOIN
#### Open/Close Fees
* **Applied**: On both position opening and closing
| Market | Open/Close Fee |
| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| PUMP | 0.12% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.106%) |
| PENGU | 0.12% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.106%) |
| BONK | 0.12% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.106%) |
| WIF | 0.12% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.106%) |
| FARTCOIN | 0.12% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.106%) |
| SAMO | 0.17% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.15%) (Deprecated) |
#### Margin & Swap Fees
* **Margin**: Same as Pool 1
* **Swap**: Same formula as Pool 3
{% endstep %}
{% step %}
***
### Pools X : Equities Assets
**Supported**: TSLAx, SPYx, NVDAx, AMZNx, AAPLx, AMDx
{% hint style="warning" %}
#### **xStocks — Important Restrictions**
xStocks are tokenized equity products issued by Backed Assets (JE) Limited, now part of the Kraken group. xStocks are **not marketed, offered, or solicited to U.S. persons or within the United States**, nor in any jurisdiction subject to international sanctions or where such activity is otherwise prohibited.
xStocks do not represent direct ownership of the underlying shares. Trading involves risk of loss, and past performance is not indicative of future results.
{% endhint %}
#### Open/Close Fees
* **Applied**: On both position opening and closing
| Market | Open/Close Fee |
| ------ | ---------------------------------------------------------------------------------------------------------------- |
| TSLAx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| SPYx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| NVDAx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| AMDx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| APPLx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
| AMZNx | 0.10% ([Giga Chad](/flash-trade/flash-trade-protocol/faf-token/reward-utility-and-governance.md#utility) 0.088%) |
#### Margin & Swap Fees
* **Margin**: Same as Pool 1
* **Swap**: Same formula as Pool 3
{% endstep %}
{% endstepper %}
***
### Fee Calculation Formulas
#### Swap Fee Components
* Details on the components of the Swap Fee are below. FeeMin is always 0.
$$
SwapFee\_{paying}=M(Ratio)+b
$$
Where:
$$
\ M = \frac{Fee\_{target}-Fee\_{min}}{Ratio\_{target}-Ratio\_{min}}
$$
$$
\ b=Fee\_{min}-M(Ratio\_{min})
$$
### USDC Special Fee Structure
| Component | Fixed Fee |
| --------------------- | --------- |
| Add/Mint Liquidity | 0 bps |
| Remove/Burn Liquidity | 15 bps |
***
{% hint style="warning" %}
### Important Notes
> ⚠**Utilization Cap**: All pools maintain a 90% utilization cap to ensure liquidity provider withdrawals remain possible.
> **Dynamic Pricing**: All swap fees are calculated dynamically based on current pool ratios and target balances.
> **Real-time Updates**: Margin fees are calculated and charged continuously based on current utilization rates.
> {% endhint %}
---
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