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Phoenix charges trading fees on matched notional.

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Base trading fees

  • taker fee: 3.5 bps3.5\ \text{bps} (0.035%0.035\%)
  • maker fee: 0.5 bps0.5\ \text{bps} (0.005%0.005\%)
Examples: taker fee=10,000×0.035%=3.50 USDCmaker fee=10,000×0.005%=0.50 USDC\begin{aligned} \text{taker fee} &= 10{,}000 \times 0.035\% = 3.50\ \text{USDC} \\[0.5em] \text{maker fee} &= 10{,}000 \times 0.005\% = 0.50\ \text{USDC} \end{aligned}

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Maker vs taker

  • you are a maker when your order provides resting liquidity
  • you are a taker when your order removes existing liquidity
A limit order can be either:
  • taker on the crossed portion
  • maker on any remainder that rests

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What else can affect your all-in cost

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Referral discount

Referral codes can reduce user trading fees. See Referral Program.

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Flight builder fee

If you route an order through Flight, the builder fee is additive to exchange trading fees. See Builder Codes.