Perpetual trading fees
Promotion: For a limited time, base trading fees are discounted 50% off and are set as follows:
Fees are calculated on the filled notional value (price x quantity) and assessed in USDC. These are the default perpetual trading rates. Actual fees may be lower depending on your 14-day rolling trading volume (volume-based fee tiers) or individual fee arrangements. Referral rebates reduce the net perpetual trading fee.
Spot trading fees
This section describes Ondo Global Markets Spot trading. The launch promotion below does not apply to Private Markets; see Private Markets trading fees. Launch promotion: Spot maker and taker trading fees are 0% for the first 30 days after Spot launch.
The promotion runs from Spot launch, not from your first trade. Check your authenticated
GET /v1/markets response under result.spot.tradingPairs for the applicable makerFee and takerFee. Rates are decimal fractions: 0 means 0%, and 0.0001 means 0.01%. See the Spot API guide.
Spot fees apply to completed fills in the user’s Spot balance:
For a buy, the fee is calculated from the filled equivalent quantity and the applicable fee rate. For a sell, it is calculated from the USDC proceeds and the applicable fee rate.
Spot fee rates are set by market and may differ under individual fee arrangements. The perpetual promotional rates and volume tiers above do not determine Spot fees.
Private Markets trading fees
Private Markets has its own trading fees. Do not assume that the fee rates for perpetual markets or other spot markets apply. The introductory rates for OPAIPon are:
Fees are subject to change and may differ for future listings. Trading fees are separate from any tax withholding or settlement fees deducted from an eventual redemption payout by the Issuer. See Private Markets for trading mechanics.
Liquidation Fee
A 1.5% fee is charged on the notional value of any liquidated position. This fee goes directly to the Insurance Fund. The fee is reduced if charging the full amount would push the user’s Perps margin balance below maintenance margin, and is set to zero if the user’s Perps margin balance is not positive.Fee Distribution
Trading fees and liquidation fees flow to two separate destinations:
There is no automated split between trading revenue and the insurance fund. They are independent streams.
For perpetual trading fees, the protocol may pay out from the Exchange Fee Account:
- Referral commissions to referrers (percentage of the trading fee)
- Referral rebates back to referred traders (percentage of the trading fee)
- Builder commissions to API integrators (incremental fee up to 10 bps, added on top of the base maker/taker fee and paid to the builder)
Insurance Fund
The Insurance Fund is funded exclusively by liquidation fees. It serves as a backstop when liquidation cannot fill at a viable price:- Activates after ~60 seconds of failed liquidation attempts; or
- Immediately if the mark price crosses the bankruptcy price for the position being liquidated; and
- Can widen the acceptable liquidation price up to 5% worse than the mark price.
Learn More
Funding rates
Hourly funding mechanism, formula, scaling factors, and worked examples.
Liquidations and insurance
The multi-layered liquidation waterfall and how the insurance fund is funded.