Fees
Hypercall will launch with venue fees disabled. API responses and WebSocket fill messages report trading fees as 0, and nullable builder code fee fields return null while this launch policy is active.
Launch Fee Schedule
| Action | Launch fee |
|---|---|
| Maker trade | 0% |
| Taker trade | 0% |
| Builder code fee share | Inactive |
| Settlement | 0% |
| Liquidation | 0% |
| Deposit | Free |
| Withdrawal | Network gas only |
Builder codes may still be included in order requests for attribution and future compatibility, but they do not generate revenue while trading fees are disabled.
Future Trading Fees
The planned post-launch fee schedule is not active on day one. When enabled, trading fees are expected to be charged as a percentage of notional value:
| Type | Rate |
|---|---|
| Maker | 0.02% |
| Taker | 0.05% |
Fee Cap
Future option trading fees are expected to be capped at 12.5% of the option premium.
Fee = min(rate × notional, 0.125 × option_price × quantity)
Examples
Standard trade:
- Buy 1 ETH call, strike 3,200
- Notional = 1 × 3,200
- Taker fee = 0.05% × 1.60**
Low-premium trade (fee cap applies):
- Buy 10 far-OTM calls at 3,200
- Notional fee = 0.05% × 10 × 16.00
- Capped fee = 12.5% × 0.625
- Actual fee = $0.625 (cap applied)
Settlement Fees
No settlement fees are charged at launch. The planned future settlement fee is:
| Type | Rate |
|---|---|
| Settlement | 0.015% of notional |
Future settlement fees are expected to be capped at 12.5% of intrinsic value. Options expiring out-of-the-money incur no settlement fee.
Liquidation Fees
No liquidation fees are charged at launch. The planned future liquidation fee is:
| Type | Rate |
|---|---|
| Liquidation | 1% of liquidated notional |
Builder Codes
Builder code revenue sharing is inactive while launch trading fees are disabled. See builder codes.
When trading fees are enabled in the future:
- 50% of the trading fee goes to the builder
- 50% goes to the protocol
Builder fees are paid from the protocol's share. Traders pay the same fees regardless of builder code.
Fee Distribution
Future trading fees are expected to accrue to the protocol treasury and be used for:
- Protocol development
- Liquidity incentives
- Insurance fund contributions
Hypercall does not charge fees on deposits or withdrawals beyond L1 gas costs.