> 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

#### The three costs of a trade

* **Open/Close Fees** — a flat percentage of position size, charged when opening and when closing
* **Trade Spread** — a size-based spread applied on entry **and** exit
* **Margin (Borrow) Fees** — continuous fees on open positions based on pool utilization

The order panel shows your exact fees before you confirm any trade — that readout is always the authority for your specific order.

***

#### Open/Close fees by market

Fee rates are per-market protocol parameters. Current on-chain values (as of 2026-07-03; parameters are tuned over time — the trade panel always shows the live rate):

| Markets                                                        | Open/Close fee    |
| -------------------------------------------------------------- | ----------------- |
| Majors — SOL, BTC, ETH, ZEC, BNB and other Crypto Pool markets | 0.02%             |
| Forex, metals, commodities (Gold Pool markets)                 | 0.02%             |
| Equities (Equity Pool markets)                                 | 0.02% (AMD 0.05%) |
| HYPE                                                           | 0.02%             |
| JUP, JTO                                                       | 0.1%              |
| Meme markets — BONK, PENGU, PUMP, WIF, FARTCOIN                | 0.1%              |
| KMNO, PYTH                                                     | 0.2%              |
| ORE                                                            | 0.5%              |

***

#### Trade spread

A size-based spread applies to the execution price — larger positions cross more spread. Two things matter:

* **It is charged on both legs**: you pay spread when you open and again when you close. A take-profit target needs to clear roughly two spreads before the position is net positive.
* **It varies per market and with market conditions.** The order panel's entry price already includes it — compare the entry price against the oracle price to see the spread you're paying.

***

#### 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 72% optimal-utilization threshold, margin fees scale linearly with utilization
* Above the threshold, the step rate increases to incentivize liquidity
* A 90% utilization cap applies across all pools

{% hint style="info" %}
**Current rates are always visible before you trade.** Margin fee per hour for any market shows in the order panel (and on your open positions) — rates move with pool utilization in real time.
{% endhint %}

***

#### Collateral-swap fees

When your deposit is converted into a position's backing asset (see Collateral Specification), a pool swap fee applies, calculated from pool balance ratios — depositing an underweight asset is cheaper:

$$
SwapFee\_{paying}=M(Ratio)+b
$$

$$
\ M = \frac{Fee\_{target}-Fee\_{min}}{Ratio\_{target}-Ratio\_{min}} \qquad b=Fee\_{min}-M(Ratio\_{min})
$$

This pool-level conversion is different from the Swap page in the app, which routes spot swaps through Jupiter.

#### USDC Special Fee Structure

| Component             | Fixed Fee |
| --------------------- | --------- |
| Add/Mint Liquidity    | 0 bps     |
| Remove/Burn Liquidity | 15 bps    |

***

{% 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 %}


---

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