Fees

Protocol fee#

30 bps (0.30%) of settled notional, charged to the buying side on top of the price.

• In a Tender the buyer is the issuer. The issuer's escrow at creation is the budget plus 30 bps. At settlement the fee is 30 bps of the amount actually charged for the units bought; the unspent budget and the unused part of the fee are both refunded.
• In an Exit the buyers pay. Each buyer escrows limit * quantity plus its fee; the fee is 30 bps of the cash charged for their fill, and everything above their charge plus fee is refunded.
• In an Advance the funders pay, on the same terms: 30 bps of the cash charged for their fill.

Sellers receive the clearing price with nothing deducted.

The fee is computed on the settled notional, rounded up to the tick (0.000001 USDC), in the round's cash venue. It is shown before every bid in the bid form's fee and collateral preview, and in every receipt.

Why 30 bps#

OTC desks for locked tokens quote spreads measured in percentage points, and bilateral buybacks have no published price at all. A fee of 30 bps on a uniform, public price undercuts those spreads by an order of magnitude while still paying for the protocol.

Fee recipient#

The fee recipient is fixed when the engine is initialized. No method changes it and the engine has no upgrade method; the final engine is keyless, so its code cannot be replaced either. A staging engine keeps a full-access key, and the status page shows the live access key check of the engine the app uses. Slashed bonds go to the same treasury.

What is not a fee#

• Bonds: max(1 USDC, 1% of the bid's escrow or of its locked units valued at the round's max price), posted with each bid and refunded on a valid opening. Only an order that is void at opening loses its bond: never opened, an escrow below its sealed limit * quantity plus fee, a quantity above its locked units, a buy quantity above the round's largest buy quantity, or an Advance reserve whose quantity is not the claim K.
• Gas: NEAR gas for your own transactions; about 0.0132 NEAR per bid for whoever opens the book after close (each opening is prepaid with 200 Tgas and burns about 132 Tgas); Base Sepolia gas for submitting a RoseVault authorization; Solana fees are paid by the engine's gas/sol address. A Solana claimant pays the rent of their two payout nonce accounts, the durable nonce and the receipt, once (80 bytes and 1,056,640 lamports each when measured); both are reused for later claims.
• Storage deposits on NEAR: a NEP-145 registration to hold units and cash (minimum 0.00619 NEAR for one class and one cash venue; 0.0031 NEAR per further class held and 0.00172 NEAR per further cash venue with a balance; withdrawable), 0.02 NEAR per sealed order (refunded at settlement net of the bytes kept for its outcome), 0.05 NEAR per round (kept with the round record), 0.025 NEAR per signed custody action and 0.015 NEAR per deposit attribution or registration.
• Sablier's withdrawal fee, when Sablier's comptroller sets one, is forwarded at withdrawal time (it was 0 on Base Sepolia when measured).

Worked numbers#

These are the rounds of Clearing rules, examples 1, 4 and 6.