> For the complete documentation index, see [llms.txt](https://fx100.gitbook.io/fx100-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fx100.gitbook.io/fx100-docs/how-the-system-works/fees.md).

# Fees

Every cost a trader bears, and where each one appears.

{% hint style="warning" %}
FX100 is on private testnet. All rates are configured per market and subject to change before mainnet. The order preview shows the actual fees for your specific order and is authoritative.
{% endhint %}

## Trader fees

| Fee                      | When                                        | Rate                                                       |
| ------------------------ | ------------------------------------------- | ---------------------------------------------------------- |
| **Position fee (open)**  | Opening or adding to a position             | 0.05% on BTC & ETH · 0.075% on all other markets           |
| **Position fee (close)** | Closing or reducing a position              | 0.05% on BTC & ETH · 0.075% on all other markets           |
| **Liquidation fee**      | On liquidation, after the protection window | Per market, deducted from remaining collateral             |
| **Execution fee**        | Per order                                   | On-chain gas paid to the keeper                            |
| **Borrowing fee**        | —                                           | **None.** FX100 does not charge borrowing fees.            |
| **Funding**              | Accrues continuously (per second)           | See [funding](/fx100-docs/how-the-system-works/funding.md) |

All fees are shown up front in the order preview.

### Position fee

Charged once on open and once on close, as a fraction of notional size. There are two tiers:

| Market            | Open   | Close  |
| ----------------- | ------ | ------ |
| BTC, ETH          | 0.05%  | 0.05%  |
| All other markets | 0.075% | 0.075% |

When you increase leverage on an existing position, the fee applies to the **added size only**, not the whole position.

### Execution fee

The gas cost of the keeper executing your order on-chain. For small orders you prepay an estimate and the excess is refunded after execution.

Liquidations and some large orders are subsidised by the protocol, in which case the execution fee is zero.

### Liquidation fee

Applies only after the [15-minute protection window](/fx100-docs/start-here/liquidation-protection.md) has ended. Deducted from the position's remaining collateral — it is not charged on top of your loss, and it cannot produce a negative balance.

The fee accrues to the protocol, not to the keeper that executes the liquidation.

### Referral rebate

Trading through a referral code can earn a fee discount. The rate depends on the active campaign.

On private testnet, a referral code is also the access requirement — see [your first trade](/fx100-docs/start-here/your-first-trade.md).

## Costs that are not fees

Two things reduce your return that are not line-item fees:

**Spread.** Your execution price differs from the oracle mid by the dynamic spread, which can be positive or negative. On a large order the spread can exceed the position fee. See [pricing and execution](/fx100-docs/trading/pricing-and-execution.md).

**Closing impact.** Realized when you close, and not visible in unrealized PnL. Can be positive if your close improves the market's imbalance. See [PnL and closing](/fx100-docs/trading/pnl-and-closing.md).

## Where fees go

The majority of system fees flow to liquidity providers, as compensation for acting as counterparty. A portion funds an insurance reserve, and a further reserve is used to top up LP returns during low-volume periods so that yield is smoother across cycles.

All allocations are adjustable by governance. See [LP economics and risk](/fx100-docs/providing-liquidity/lp-economics.md).