Fees
| Action | Charge | Who receives it |
|---|---|---|
| Buy on the curve | 1% of gross USDC input | Windup treasury Safe |
| Sell on the curve | 1% of gross USDC redemption | Windup treasury Safe |
| Buy or sell after graduation | 1% of swap input | Retained in pool reserves for liquidity providers |
| Open a long or short | 5% of posted margin | Windup treasury Safe |
| Add margin | 5% of the added amount | Windup treasury Safe |
| Close a long or short | 5% of current posted-margin basis, limited by remaining funds | Windup treasury Safe |
| Borrow assets | 10% annualized simple interest on the borrowing basis | The relevant lending vault and its providers |
| Launch a token | 5 HYPE refundable bond | Held for the creator's refund |
| Submit a transaction | Network gas | Network execution costs |
Margin-market swaps are exempt from the extra 1% spot toll. They pay the separate margin fees instead.
The 5% margin fees apply to posted margin, not the full leveraged position value. If you post 100 USDC and later close without adding margin, the opening fee is 5 USDC and the closing fee is up to 5 USDC. Borrowing interest, price impact and gas are additional costs.
At closure, lender principal and recovered interest are paid before the platform closing fee. If less than the full closing fee remains, the platform takes only the available residual amount.
On liquidation, the operator can also receive a bounty of up to 0.5% of the unwind's execution quote. The bounty is capped by funds remaining after debt, recovered interest and the platform closing fee. It does not create a payment when no funds remain.
Exchange fees are not automatically distributed to HYPE stakers, token creators or $WIND holders.
Borrowing interest#
Interest accrues for the actual time a position is open, using a 365-day year:
Interest = ceil(borrowing basis Γ 0.10 Γ elapsed seconds / 31,536,000)For longs, the basis is borrowed USDC principal. For shorts, it is the recorded USDC proceeds from the opening token sale.
For example, a 100-USDC borrowing basis held for one day accrues approximately 0.0274 USDC of interest, before rounding. This is a calculation example, not an executable position quote.
There is no periodic funding payment exchanged between longs and shorts. This engine charges borrowing interest on asset-backed positions.