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117 lines
6.2 KiB
Markdown
117 lines
6.2 KiB
Markdown
# Fees & Rebates
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Nado's fee structure is designed for precision and fairness, rewarding liquidity providers while keeping costs lean for active traders.
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The fee model follows a classic maker-taker structure across spot and perpetuals markets:
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* **Makers** (limit orders adding liquidity): Earn rebates at higher tiers.
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* **Takers** (market orders removing liquidity): Pay a modest fee.
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All fees are calculated in basis points (bps, or 0.01%) of the trade's notional value and settled instantly in USDT0 from your collateral.
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Setting Nado apart from fixed-rate models, the volume-based scaling tiers update monthly to encourage deeper orderbooks and sustained activity. As your 30-day trading volume (maker + taker) climbs, taker fees decrease and maker rebates increase, creating a virtuous cycle of growing efficiency and participation.
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Traders can monitor their current tier and monthly volume accrual directly in the account overview, with epochs resetting on the first of each UTC month.
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Fee tiers compete with DeFi's most cost-effective venues, letting high-volume users pay as little as 1.5 bps as a taker – while elite makers are compensated to bolster the book.
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***
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### Trading Fees & Scaling Tiers
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Nado's fee tiers scale based on your total trading volume (maker + taker) over the prior 30 days, aggregated across spot and perpetuals. Starting at accessible entry levels, they progress to elite rebates, encouraging consistent engagement without arbitrary barriers. Benefits include:
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* **Capital Efficiency**: Lower fees free up more funds for positioning, amplifying returns on scale.
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* **Liquidity Incentives**: Maker rebates (expressed as negative fees) directly reward orderbook depth, tightening spreads for all traders.
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* **Transparency**: Real-time tier visibility lets you strategize volume to unlock better rates, with no hidden multipliers.
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<figure><img src="https://1830223543-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FAF0FfquYfYpmCNhlEvb9%2Fuploads%2Fgit-blob-45c07a137e9ec7ef54c0d4c0def7e1b66c6e6f5b%2FFee%20%26%20Rebates%20Tables02.png?alt=media" alt="" width="563"><figcaption></figcaption></figure>
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Fees apply per execution:
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* For a partial fill, only the matched portion incurs fee charges.
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* No fees are applied to deposits or non-trading actions like borrowing.
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#### Minimum Fee for Takers
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Taker orders are subject to a minimum fee based on each product's minimum size:
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* **Orders ≥ minimum size**: Standard fee applies to the full notional value: `orderSize × feeRate`
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* **Orders < minimum size**: Minimum fee applies: `minSize × feeRate` (effectively treating small orders as if they were minSize)
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{% hint style="info" %}
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The minimum size is measured in **notional dollar value** (USDT0), not the asset quantity itself. For example, if minSize is $100, you could trade 0.001 BTC at $100,000/BTC (= $100 notional) or 0.033 ETH at $3,000/ETH (= $100 notional).
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{% endhint %}
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{% hint style="info" %}
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While certain order types enforce a minimum order size, the minimum fee applies to ALL taker orders regardless of size. This ensures consistent fee collection even for order types that allow smaller sizes.
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{% endhint %}
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**Example - Large order**: Assume minSize = $100. A $50,000 taker order at 3.5 bps:
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* Fee: $50,000 × 0.035% = $17.50 (standard calculation)
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**Example - Small order**: Assume minSize = $100. A $75 taker order at 3.5 bps:
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* Fee: $100 × 0.035% = $0.035 (minimum fee applies, calculated as if the order was minSize)
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Maker orders do not have minimum fee requirements and are charged or receive rebates on the full notional value based on your fee tier (see fee table above).
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#### Example: Impact of Fee Tiers on a Trade
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Consider a $50,000 ETH perpetuals market order (taker) or limit order (maker) at ETH $3,000.
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> **Entry Tier** ($0 volume): Taker pays 3.5 bps = $17.50 (0.035% × $50,000). Maker pays 1 bp = $5.00.
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> **Mid-Tier** ($25M volume): Taker pays 3 bps = $15.00. Maker pays 0.5 bps = $2.50.
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> **Elite Tier** ($5B+ volume): Taker pays 1.5 bps = $7.50. Maker receives rebate of 0.8 bps = -$4.00 (added to collateral).
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The scaling dynamic rewards whales without alienating newcomers, as even base rates (3.5 bps taker) beat many other exchange venues fee models.
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{% hint style="info" %}
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Maker rebates accrue instantly to your subaccount, boosting health and compounding on unified cross-margin.
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{% endhint %}
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***
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### Sequencer & Network Fees
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Nado's off-chain sequencer handles order matching for sub-15 ms speed, with on-chain settlement via Ink L2.
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To cover onchain interactions without gas volatility, Nado charges flat, predictable fees in USDT0 (or equivalent asset for withdrawals) – cheaper than typical L2 costs.
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* **Deposits**: 0 USDT0 (instant bridging from Ink).
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* **Order Placement** (Maker): 0 USDT0.
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* **Order Placement** (Taker): 0 USDT0 (bundled with trading fee).
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* **Subaccount Transfers**:
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* Standard: 1 USDT0
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* Isolated subaccounts: 0.1 USDT0 (when either sender or recipient is isolated)
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* **Liquidations**: 1 USDT0 (to the liquidator).
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* **Withdrawals**:
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* USDT0: 1 USDT0
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* wETH: 0.0006 wETH
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* kBTC: 0.00004 kBTC
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Sequencer fees are exclusively applied upon successful execution of the corresponding action. Failed actions, such as an attempt at an under-collateralized withdrawal, incur no sequencer fee charge.
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Nado submits orders on-chain to the Ink L2 in batches to optimize for gas efficiency. During instances of excessive network congestion and high gas costs on-chain, Nado withdrawals may queue longer than usual, typically settling within \~30 minutes maximum.
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### Fast Withdrawals
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Users can also select the option for "Fast Withdrawals" anytime for withdrawal priority, which incurs an extra USDT0 charge, calculated as follows:
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$$
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\text{Fast Withdrawal Fee} = 1 , \text{USDT0} + \max\left(5 , \text{USDT0}, 10 , \text{bps} \times \text{amount}\right)
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$$
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For BTC, the fee calculation is:
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$$
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\text{Fast Withdrawal Fee (BTC)} = 1 , \text{USDT0} + \max\left(0.0002 , \text{BTC}, 10 , \text{bps} \times \text{amount}\right), \text{ when the withdrawal fee for BTC is } 0.00004 , \text{BTC}
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$$
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With tiered scaling and minimal overhead, Nado's fee model turns every fill into forward momentum – precise, scalable, and built for the long-haul.
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***
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