Fees and limits

What a trade costs and what you can do: the fees, how a win and a loss are worked out, the stake limits and the minimum hold.

Values as of 2026-11-10; they can change. Every value here lives on chain. A change is public, and a position keeps the terms it opened with. Read the live value through the SDK before you trade.

What a trade costs

Open	Free. The entry fee is 0, so the stake is the whole cost of an open.
Add collateral	Free. The entry fee is 0 on the added amount too.
Close	On a loss, a loss tax first: 99.96 % of the loss, taken before the exit fee. Then an exit fee, charged on the exit value: the money the position closes with, before the fee. The base terms are 5 % on a win and 6 % on a loss, and a close within 1 bp of your entry price pays a rate between the two. The terms a new position freezes can be lower than the base terms: read them before you open (see the terms in force). On a gain the terms also withhold part of the gain: you keep 63 % of it at a move of 1 bp or less, and the share you keep rises with the size of the move, to 87 % at 10 bp and 93 % at 100 bp or more. How a win is calculated and how a loss is calculated have the steps and a worked example each.
Knockout	No fee. The stake is gone and nothing is left to charge.
No-price close	If no price can be obtained for 24 hours, a live position gets its stake back with no exit fee.
An order that is returned	The whole stake comes back. No fee.
Holding	The funding rate is 0. It is a governed rate, and a position keeps the rate it opened with.

Setting your own timer is free. A wallet linked to a referrer pays less exit fee: 10 % less for a link made from 2026-11-10, and 25 % less for a link made before. See Referrals.

The terms a position freezes

Each market’s fee terms are entries in its fee-terms account (feeTermsTablePda(market)), and the market names the entry a new position freezes. That entry can be lower than the base terms on this page. Read it before you open: openFeeTerms(config, market, table) returns the terms an open would freeze. A position keeps the terms it froze until it closes, and its close shows the rate it paid on its SettlementFeeTerms event.

What you can do

Stake	From $0.20 to $1,000 for one position. A $1,000 stake is a $1,000,000 position at 1000x.
1000x	The same on every market. It sets how far the price has to move before a position ends.
Barrier	Every position has one, set when it opens. If the price touches it, the position is knocked out and you get nothing back. At 1000x it is close to the entry price. The SDK returns the exact distance for the terms you are about to open: openPreview().barrierMicroBp.
Target (optional)	A take-profit target you can add: at least 2.00x your stake. Without one, the target is the payout cap. Reaching the target means a gross gain of the multiple less one, times your stake: a 2.00x target is a gain equal to the stake. You receive that gain less the share the terms withhold and less the exit fee. The payout cap is 65,535x, the largest value the program accepts, so the pool’s cover decides whether a position fits, not a cap on the target.
Timer	Optional. A timer you set is 26 seconds or more.
Minimum hold	You cannot ask to close in the first 6 slots after your entry price, about 1.3 seconds at mainnet’s measured slot time. A knockout is never held back.

How a win is calculated

When you close, the math runs in four steps. Each step uses the terms your position locked in when it opened.

1. Gross gain. The move in your favour, times your exposure. At 1000x, a move of 10 bp (0.10 %) is a gross gain equal to your stake.
2. The part you keep. The terms withhold part of a gain. The share you keep rises with the size of the move (table below). A flat close or a loss has no gain to withhold from.
3. The exit value. Your stake plus the part of the gain you keep.
4. The exit fee. A share of the exit value: 5 % on a win at the base terms. What is left is paid to you.

The share of the gain you keep, by the move in your favour:

Move	Share you keep
1 bp or less	63 %
2 bp	71.5 %
5 bp	81.5 %
10 bp (a 2.00x target at 1000x)	87 %
100 bp or more	93 %

Between two moves in the table the share is on the straight line between them.

Worked example, at the base terms. A $1.00 stake at 1000x with a 2.00x target. The price moves 10 bp in your favour and reaches the target.

Step	Amount
Gross gain (the target)	$1.0000
Part you keep, 87 %	$0.8700
Exit value, stake plus the part you keep	$1.8700
Exit fee, 5 % of the exit value	$0.0935
Paid to you	$1.7765

At the base terms, a 2.00x target on a $1.00 stake therefore pays $1.7765, not $2.00: the multiple names the gross payout, before the exit fee and the share of the gain the terms withhold. openPreview().maxPayout is that gross figure. Read what a close paid from its SettlementFeeTerms event.

How a loss is calculated

A close at a loss pays the loss tax first, then the exit fee (at the base terms, 6 % of the exit value at a move of 1 bp or more against you). At 1000x, a move of 2 bp against you is a loss of 20 % of your stake.

Worked example, at the base terms. A $1.00 stake at 1000x. The price moves 2 bp against you and you close.

Step	Amount
Loss	$0.2000
Equity, stake less the loss	$0.8000
Loss tax, 99.96 % of the loss	$0.1999
Exit value, equity less the loss tax	$0.6001
Exit fee, 6 % of the exit value	$0.0360
Paid to you	$0.5641

A move against you that uses up the whole stake is the barrier: the position is knocked out and you get nothing back.

How a win is paid

A win is paid in full. Part of it may be paid later, in order. There is no guaranteed time. The amount queued ahead of you is shown. Your stake comes back at once; what the pool cannot pay yet joins a first-in, first-out queue. The rule in full is under how a win is paid.

Trading hours

Market	Hours (UTC)
BTC, ETH, SOL, XRP, HYPE	Always open.

Gold (XAU/USD) is not available for now. See markets.

For the mechanics behind each value, read how the product works and the venue. The SDK page reading the venue lists where each value is read.