> ## Documentation Index > Fetch the complete documentation index at: https://docs.rekt.money/llms.txt > Use this file to discover all available pages before exploring further. # 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](#the-terms-a-position-freezes)). 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](#how-a-win-is-calculated) and [how a loss is calculated](#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](https://docs.rekt.money/referrals.md). ### 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](https://docs.rekt.money/liquidity.md#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](https://docs.rekt.money/markets.md). For the mechanics behind each value, read [how the product works](https://docs.rekt.money/how-it-works.md) and [the venue](https://docs.rekt.money/venue.md). The SDK page [reading the venue](https://docs.rekt.money/sdk/reading.md#where-each-value-is-read) lists where each value is read. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.