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Phoenix charges trading fees on matched notional.

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Base trading fees

  • taker fee: 3.5 bps (0.035%)
  • maker fee: 0.5 bps (0.005%)
Examples:
  • $10,000 * 0.035% = $3.50 taker fee
  • $10,000 * 0.005% = $0.50 maker fee

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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 Flight.