Fees and Rebates

Fairground does not use funding rates, and there are no fees for holding a position over time. The only fees positions experience on Fairground are charged when a position changes (open, increase, reduce, close).

These are the Season 4 testnet fee parameters. They may change before mainnet.

Every position change pays a trade fee. (market and limit orders) also pay an impact fee. No-rush orders pay the trade fee but receive the impact fee instead of paying it.

Fee	Applies to	Range per fill	What sets it
Trade fee	All orders	From 1 bps up to 5 bps (0.01% - 0.05%) of notional changed	The market’s daily base rate
Impact fee	Standard orders (market, limit)	From 0 bps to 5 bps (0.00% - 0.05%) of notional changed	External market slippage for your fill, set at fill time

For a standard order, your cost on a fill is the trade fee and impact fee added together. No-rush orders never pay an impact fee. The impact fee is how Fairground prices execution. Instead of building spread and slippage into your fill price, every order fills at the oracle price and the impact fee is shown as its own line item, based on what the same trade would cost on major external venues. It applies to limit orders as well as market orders, and the full 5 bps applies only to unusually large fills or very one-sided markets. For position-level fee and rebate detail from the API, on-chain parameters, and integration-oriented notes aimed at liquidity providers and integrators, see Market makers / LPs.

Trade fee

Every position change incurs a trade fee on the notional changed, whether you are opening, increasing, reducing, or closing a position. Standard orders pay the market’s base rate. No-rush orders pay the base rate multiplied by a wallet discount.

Market base rate

Each market’s base trade fee is between 1 bps (0.01%) and 5 bps (0.05%). It is recalculated every 24 hours from the average over the previous completed 24-hour period, then held fixed for the next 24 hours:

if average eligible OI = 0:
    base rate = 5 bps

otherwise:
    base rate = 1 bps × (OI target / average eligible OI),
    but never less than 1 bps or more than 5 bps

Average eligible OI is the average of no-rush originated long and short open interest, measured in the market’s base asset (for example, BTC on the BTC market).
OI target is set per market. It is the average eligible OI at which the base rate reaches its minimum.
Until a market has a full 24-hour period of data, it uses the maximum rate.

With Season 4’s 1 bps minimum and 5 bps maximum, the base rate depends on how close eligible OI is to the market’s target:

Average eligible OI, as a share of the market’s OI target	Base trade fee (bps)	Base trade fee (%)
0% to 20%	`5`	`0.05%`
25%	`4`	`0.04%`
50%	`2`	`0.02%`
100% or more	`1`	`0.01%`

No-rush wallet discount

A no-rush order’s trade fee is the base rate multiplied by your wallet’s discount multiplier. The multiplier is set from your filled no-rush volume in that market during the previous completed discount period (rolling 14 day window, in seconds), and it stays fixed for the current period: the more no-rush volume, the lower the multiplier. It ranges from 1.0 (no discount) down to 0.5 (half the base rate). Standard orders don’t get this discount. So a standard order’s trade fee is between 1 and 5 bps, and a no-rush order’s trade fee can be as low as 1 bps × 0.5 = 0.5 bps (0.005%).

Impact fee

The impact fee is separate from the trade fee. Every position change still pays the trade fee.

The impact fee reflects the execution cost of trading your size in one direction, similar to the slippage a taker pays on an order book. Every standard order pays it, market and limit alike, when it opens, increases, reduces, or closes a position. It ranges from 0 to 5 bps (0.05%) of the notional filled. The impact fee is charged separately on the fill. It is not built into your execution price. The rate depends on:

External market slippage: what it would cost to trade the same size on major external venues at that moment
Trade direction and fill size: buys and sells are priced separately, and larger fills pay a higher rate
Recent same-side volume: recent standard-order fills on the same side (buys or sells), including your own, raise the rate. Flow on the opposite side doesn’t offset it, and the effect fades over time

On Fairground, limit orders are standard orders, not maker orders, so they pay the impact fee too. No-rush orders are the order type that provides liquidity and receives it.

Example: how the impact fee is calculated

For each market, Fairground gets slippage quotes from major external venues: what it costs, on average, to buy or sell 10,000 USD and 100,000 USD of the asset compared with the oracle price. The two quotes are blended into a rate per dollar traded. Your impact rate is that blended rate applied to your counted volume: recent standard-order volume on the same side, plus half of your own fill. Counting half your fill gives the average rate across the fill under this model. Say ETH is at $2,000 and external venues quote:

Amount bought	Average price	Slippage
`$10,000`	`$2,000.40`	`2 bps`
`$100,000`	`$2,001.60`	`8 bps`

Each quote becomes a rate per 1,000 USD traded: 2 bps spread over 10,000 USD is 0.2 bps per 1,000, and 8 bps over 100,000 USD is 0.08 bps per 1,000. Weighting them equally gives (0.2 + 0.08) ÷ 2 = 0.14 bps for every $1,000 of counted volume. Here is what different buy orders would pay:

Your buy order	Recent buy volume	Counted volume	Impact rate	Impact fee
`$10,000`	`$0`	`$5,000`	`0.7 bps`	`$0.70`
`$10,000`	`$20,000`	`$25,000`	`3.5 bps`	`$3.50`
`$40,000`	`$0`	`$20,000`	`2.8 bps`	`$11.20`
`$100,000`	`$0`	`$50,000`	`7 bps`, capped at `5 bps`	`$50.00`

Recent buy volume is the market-wide volume of standard-order buys, including fills earlier in the same block. It decays over time, so older fills count for less and the rate falls back as same-side flow slows. Sell orders work the same way, using sell-side quotes and recent sell volume. The quotes above are an example; real quotes move with market conditions. Because recent same-side volume isn’t shown in the app, use the impact fee estimate in the order panel to see what your order will pay before you place it. Impact fee is assessed at fill:

When a standard order fills against a no-rush order, the standard order pays the impact fee and the no-rush order receives it.
When two standard orders fill against each other, both pay the impact fee, and it goes into the fee pool described in Where trade fees go.

Fees in the app

The order panel shows two fee line items before you place an order:

Trade fee: an estimate for every order type
Impact fee: an estimate of what a market or limit order will pay

Both are estimates. The actual fees are set when the order fills.

When fees are charged

Open / increase: The trade fee is estimated and taken along with the margin when the order is placed. At fill time, the and fee may have changed from the estimates, and excess value is used for additional collateral for the position.
Reduce / close: The trade fee is charged when the order is matched and filled.

If an open/increase order is canceled before fill, the pre-deducted fees (and margin) are returned.

Where trade fees go

Collected fees include trade fees, and impact fees from matching cycles with standard orders on both sides. Collected trade fees are allocated to:

Rebates (see the Rebates section below for how this share is determined)
Insurance Fund
Protocol fees

After the rebates allocation, the remaining collected fees are split between the IF and the protocol according to a single parameter. In this initial phase, this parameter is set to send all remaining collected fees to the IF.

Rebates

Rebates offer an additional benefit to traders who provide liquidity through No-rush Orders. Eligible open interest (OI) generated fromno-rush orderfills can accrue rebates while positions remain open. No-rush Orders are an advanced order type designed for market makers and experienced liquidity providers: they trade price control and fill timing for receiving the impact fee and earning rebates. Rebates are funded by a pool of value collected each matching cycle, made up of trade fees, plus any impact fees from two standard orders matching each other. That pool is divided across all open interest in the market, but only eligible open interest (the portion that came from no-rush order fills) actually receives a share. The rest funds the Insurance Fund and protocol fees. Two factors drive how much you earn:

How much trading activity the market sees: more volume means a bigger pool of rebates that cycle.
How much eligible OI you hold, and for how long: your rebate accrues continuously on your eligible size and is paid out when you reduce or close.

Note: only the portion of a position that came from a no-rush order fill is eligible. If you increase an existing position with a standard order, the added size is not eligible. If you partially close a mixed position, the eligible and non-eligible portions shrink proportionally.

What rebates are not

Rebates are not funding payments and do not create periodic holding costs.
You never pay an additional “negative rebate” beyond the trade fee and, when applicable, the impact fee.
A placed order is not guaranteed to earn rebates. Rebate accrual depends on filled no-rush size remaining as open interest and later matching cycles.

Introduction

Trading

Earn

Trade fee

Market base rate

No-rush wallet discount

Impact fee

Example: how the impact fee is calculated

Fees in the app

When fees are charged

Where trade fees go

Rebates

What rebates are not

​Trade fee

​Market base rate

​No-rush wallet discount

​Impact fee

​Example: how the impact fee is calculated

​Fees in the app

​When fees are charged

​Where trade fees go

​Rebates

​What rebates are not

Trade fee

Market base rate

No-rush wallet discount

Impact fee

Example: how the impact fee is calculated

Fees in the app

When fees are charged

Where trade fees go

Rebates

What rebates are not