Fees

Schedule

• Taker fee: 10 basis points of the premium, rounded up to the nearest USDC micro unit, paid by the buyer at buy. The figure on every quote is the program's own fee_bps, read from the protocol account.
• Integrator share: 30% of the taker fee when a buy carries a registered referrer. Referrals are not open yet; every fee currently stays with the protocol and the quote says so.
• Keeper fee: up to 2 USDC per auto-exercise, paid from the protocol's fee vault to whoever cranks it. Never charged to the holder.
• Writers: no fee to quote, cancel, claim premium, withdraw or settle. Writers pay only the network's transaction fee.
• Rent: creating a series costs rent for its accounts, paid by whoever creates it and returned when the series closes after expiry.

Where fees go

Fees sit in a program-owned fee vault per quote mint. Only the protocol authority can withdraw them, and only to the treasury account named in the protocol config. Dust left in a series vault after every writer has settled is swept to the same vault when the series closes.

The treasury

The treasury quotes Tier 1 and Tier 2 markets as a market maker. It is not a yield product: it can lose money in a week where the market gaps through its strikes, and its performance is published on the roster including losing weeks.