Trading fees apply when positions are opened, increased, reduced, or closed. Fairground’s fee structure includes two components:
Trade Fees: Apply to all orders, with rates that vary based on market conditions and order type.
Impact Fees: Apply to Standard Orders and are designed to serve a similar function to spreads on a Central Limit Order Book (CLOB) exchange. Fees vary based on factors such as order size, trade direction, and market activity.
Applicable Trade Fees and Impact Fees are displayed separately at Fairground, allowing traders to review estimated costs before placing an order. Eligible positions may also qualify for rebates.For details on fee calculations and how they apply to different order types, see Fees and Rebates.
Are there hidden fees or costs without funding rates?
No. Fairground’s fee structure is designed to provide transparency into trading costs, allowing traders to review estimated Trade Fees and applicable Impact Fees before placing an order.With no periodic funding payments, Fairground simplifies the economics of maintaining a position by reducing the number of cost variables traders need to consider.For more details, see How do trading fees work on Fairground?.
Fairground offers rebate opportunities on eligible open interest (OI) generated through No-Rush Orders. Rebates accrue while eligible open interest remains open and are paid when positions are reduced or closed. Rebates only ever add to your balance: they can never be negative. Amounts vary based on market activity, eligible position size, and holding duration, and are not guaranteed. See No-rush orders and Fees and Rebatesfor details.
A no-rush order is an order designated to provide liquidity. It has no , does not trigger matching when placed, fills only after other orders, and never fills against another no-rush order. Size that fills from a no-rush order is eligible for rebates. See Orders and Fees and Rebates.
Fairground uses a proprietary oracle built in-house to determine the market price. The protocol operates on a single oracle price, so there is no separate mark price or index price.
The protocol retrieves the latest oracle price at the start of each protocol action, including matching, liquidation, and ADL. There is no fixed update interval. See Pricing.
Are fees different for No-rush and Standard Orders?
All orders pay a Trade Fee based on the notional value traded, at the market’s current rate. However, the fee structure differs by order type:
Standard Orders: Pay an Impact Fee in addition to the Trade Fee. When two Standard Orders match against each other, both pay the Impact Fee.
No-rush Orders: May qualify for discounted Trade Fees based on the wallet’s No-rush trading volume. When matched with a Standard Order, the No-rush Order receives the Impact Fee paid by the Standard Order. Eligible open interest (OI) generated through No-rush Orders can also qualify for rebates.
Your liquidation price is determined by your entry price, margin, leverage, and position direction. It is the price at which your remaining margin falls below the requirement, making the position eligible for liquidation.
Can my position be liquidated as soon as the liquidation price is reached?
Yes. If the oracle price reaches your position’s liquidation threshold when a keeper submits a liquidation transaction, your position may be liquidated immediately.
What happens if my position is liquidated? Will I lose all of my margin?
Not necessarily. If your position is liquidated while there is still margin remaining, the unused portion of your margin is returned to you after losses are settled. If the position’s margin has fallen below a defined threshold at liquidation, the remaining margin may be transferred to the .
Can profitable positions be auto-deleveraged (ADL)?
Yes. Auto-deleveraging (ADL) is a last-resort risk management mechanism used when liquidation losses exceed, or are at risk of exceeding, a market’s insurance fund budget. In these circumstances, positions on the opposite side of the market may be reduced, including those that are profitable.
All fills execute at the current oracle price. There is no price priority. Within each side, liquidations fill first, then reduce orders, then increase orders, then no-rush orders (no-rush reduces before no-rush increases). At each level, earlier orders fill first (FIFO). No-rush orders never fill against other no-rush orders. See Order matching.
How is my entry price calculated if my order fills in several parts?
Your entry price is the size-weighted average of all fill prices. If part of your order fills at one price and the rest fills at another, those fills are combined proportionally so your entry price reflects what you paid across all fills.
If there isn’t enough opposing order volume to fill your entire order, the portion that can be matched executes immediately. The remaining size stays open until more opposing orders become available.
Can I have both a long and short position open on the same market at the same time?
No. Each wallet can hold only one position per market. To switch direction, you must first close your existing position. Support for multiple positions will be introduced in future releases.
Yes. Adding margin lowers your leverage and moves your liquidation price further from the current price. Removing margin moves your liquidation price closer to the current price. However, the protocol prevents margin from being removed if doing so would push the position’s leverage above the market’s maximum leverage at the current oracle price.
