06 · Fees & liquidation
Fees & liquidation
Fees#
| Charge | Who pays | How much | Goes to |
|---|---|---|---|
| Taker fee | the taker, on every option open and close | 3 bps of notional (size × spot), never more than 12.5 % of the premium, never less than $0.25 per request | the venue |
| Maker fee | nobody | 0 | — |
| Holding-cost cut | out of each holding-cost payment (including one paid by notional decay) | 10 % | the venue |
| Host add-on | the taker, on opens, only when a front end names a host | up to 5 bps of notional (inside the same 12.5 % cap) | the host |
| Liquidation fee | the liquidated account | 1.5 % of what was closed, never more than the equity left; a Protect account forfeits what is left | the insurance fund |
The $0.25 floor applies once per request (an open, a close) and once per piece: an order split into pieces pays it on each piece. Notional decay pays no fee. HyperCore's own trading fee on a Protect perp, and HyperCore's $1 for a transfer to an address new to it, pass through at cost. The venue pays the gas for every act.
These are settings on chain, readable at /chain/health. A change goes through a 2-of-3 multisig and a timelock, so it is public before it takes effect.
Slippage is not a fee#
Slippage is the gap between your fill and the oracle venue's price on your side. It goes to the maker who filled you (it is part of its price), not to the venue. You cap it with Max slippage.
How a liquidation runs#
One test per account, across every asset it holds: liquidation starts when equity reaches the maintenance margin, using marks at the oracle venue's closeable side.
- Flag. A flagged account cannot open, add risk or withdraw.
- Close. The chain sizes each round so it stops once the account is back to 15 % above maintenance. Perps close on HyperCore; option legs close like any close — against the leg's writer of record at the best closing price. A Protect position closes as a whole.
- Fee. Charged on what was closed.
- Hole. If the account owed more than it had, the insurance fund pays the other side in full.
No one is liquidated while an asset's prices are frozen.
Insurance fund and no recourse#
Liquidation fees build the fund up to a target. If an account goes below zero, the fund pays the counterparty and the account's debt is wiped: a later deposit is yours in full. Anything the fund cannot cover is counted publicly as a shared loss among the makers who were paid.
Withdrawals and limits#
Withdraw releases equity above what the account must keep. A limit never refuses you — it queues the request and says when: per wallet and venue-wide rolling 24-hour limits, instant up to a threshold, larger requests after a short wait. Read the current limits at /chain/withdrawals?wallet=0x….
Kept in lockstep with the code: a check fails if this page drifts.