Fee model

The maker-taker fee model is a pricing structure that differentiates between fees charged on maker orders and taker orders.

An order can have both a maker and a taker fee. For example, when a participant places an order that gets partially matched, the participant pays a taker fee for that portion. The remainder of the order is placed on the order book and when matched is considered a maker order. The participant pays the maker fee rate for the remaining portion of the total order.

Fees are only charged on a per trade basis on orders that are filled. If an order is open and canceled, a fee will not be incurred.

Fees are calculated as a percentage of the trade's quote currency volume. For example, a participant who wants to go long $1,000,000 USD of BTCUSD perpetual contracts will incur a trade fee of <insert fee>, resulting in a nominal cost of of <insert amount> ($1,000,000 USD * <insert fee>).