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, plus an impact fee when a position is opened or closed. Fairground uses part of trading fees to fund upside-only rebates for makers. Eligible maker-originated open interest can accrue positive rebates while it remains open.
Are there hidden fees or costs without funding rates?
Fairground charges a fixed trading fee when positions are opened, increased, reduced or closed, and an impact fee when a position is opened or closed. There are no periodic funding payments. Eligible maker-originated positions may also accrue upside-only rebates.
Fairground offers positive rebate opportunities on open interest that filled from no-rush orders. Eligible maker-originated size can accrue positive rebates while it remains open. Rebates are always positive, never negative, so size that is not maker-tagged does not create an additional rebate-related charge. Rebate eligibility and amounts depend on market conditions and are not guaranteed.
A no-rush order is an order a maker designates to provide liquidity. It has no execution price threshold, 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 maker-originated open interest and 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, 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.
The trading fee is the same fixed rate on notional changed for every position change. The impact fee is different: when a taker order fills against a no-rush order, the taker order pays the impact fee and the no-rush order receives it. When two taker orders match, both pay the impact fee. Makers can also earn upside-only rebates on maker-originated open interest. See Fees and 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 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.
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. 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 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.
