Fairground has no periodic funding payments. Instead of requiring recurring payments to maintain a position, traders pay a fixed trading fee when positions are opened, increased, reduced or closed. Fairground also uses part of trading fees to fund upside-only rebates when market flow becomes imbalanced. Eligible positions can accrue positive rebates when they help balance long and short exposure.
Are there hidden fees or costs without funding rates?
Fairground charges a fixed trading fee when positions are opened, increased, reduced or closed. There are no periodic funding payments. Eligible positions may also accrue upside-only rebates when they help balance long and short exposure.
Fairground offers positive rebate opportunities when your position helps balance long and short exposure. Eligible positions can accrue positive rebates while they remain open when they help balance long and short exposure. Rebates are always positive, never negative, so being on the other side of the market does not create an additional rebate-related charge. Rebate eligibility and amounts depend on market conditions and are not guaranteed.
Fairground uses a proprietary oracle built in-house to determine the market price. The protocol operates on a single oracle price, meaning there is no separate distinction between mark price and order book price.
The oracle price updates whenever activity occurs on the protocol, such as order submissions, trade matching, liquidations, or other on-chain actions. There is no fixed update interval - the price refreshes dynamically as the market operates.
No. Fairground does not distinguish between maker and taker fees. All trades pay a single flat fee based on trade size. Your net trading cost may vary depending on market balance, as a portion of trading fees may be rebated to traders on the less crowded side of the market. These rebates can reduce trading costs but never increase them.
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 maintenance margin 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 places your position within the liquidatable range when a keeper submits a liquidation transaction, your position may be liquidated. There is no grace period or buffer.
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 Insurance Fund.
Can profitable positions be auto-deleveraged (ADL)?
Yes. Auto-deleveraging (ADL) may reduce positions on the profitable side of the market, since they are the counterparties to liquidated positions. It is a last-resort mechanism that only occurs if the Insurance Fund cannot cover liquidation losses.
Orders are matched using price-time priority. The best available price is matched first, and orders at the same price are filled in the order they were received (FIFO). This is the same matching model used by traditional exchanges.
How is my entry price calculated if my order fills across multiple price levels?
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 in the order book 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.
Removing margin will move your liquidation price closer to the current market price. However, the protocol prevents margin from being removed if doing so would cause the position to be immediately liquidated.
