> For the complete documentation index, see [llms.txt](https://flipper-3.gitbook.io/flipper-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://flipper-3.gitbook.io/flipper-docs/flipper-trading/fees.md).

# Fees

| <h3><mark style="color:$primary;"><strong>FLIPPER EXECUTION FEE</strong></mark></h3>                       |
| ---------------------------------------------------------------------------------------------------------- |
| <h4><strong>0.025% on open + 0.025% on close</strong></h4>                                                 |
| <mark style="background-color:$info;">Calculated on executed notional, not on deposited collateral.</mark> |

### <mark style="color:$primary;">How fees work</mark>

When a trade is executed through Flipper, the total trading fee consists of the fee charged by the underlying venue plus the Flipper execution fee. Both are calculated on the executed notional. If Split Execution splits an order across venues, each venue charges only on its executed leg, and the Flipper fee is not duplicated on the same volume.

### <mark style="color:$primary;">Current fee summary</mark>

<table data-header-hidden><thead><tr><th></th><th align="right"></th><th align="right"></th><th width="128" align="right"></th><th align="right"></th><th align="right"></th></tr></thead><tbody><tr><td>Venue / market</td><td align="right">Venue fee (open)</td><td align="right"><strong>Total (open)</strong></td><td align="right">Venue fee (close)</td><td align="right"><strong>Total (close)</strong></td><td align="right"><strong>Round trip¹</strong></td></tr><tr><td><strong>GMTrade — Crypto</strong></td><td align="right">0.040‑0.060%</td><td align="right"><mark style="color:$primary;"><strong>0.065‑0.085%</strong></mark></td><td align="right">0.040‑0.060%</td><td align="right"><mark style="color:$primary;"><strong>0.065‑0.085%</strong></mark></td><td align="right"><mark style="color:$primary;"><strong>0.130‑0.170%</strong></mark></td></tr><tr><td><strong>GMTrade — RWA²</strong></td><td align="right">0.004‑0.006%</td><td align="right"><mark style="color:$primary;"><strong>0.029‑0.031%</strong></mark></td><td align="right">0.004‑0.006%</td><td align="right"><mark style="color:$primary;"><strong>0.029‑0.031%</strong></mark></td><td align="right"><mark style="color:$primary;"><strong>0.058‑0.062%</strong></mark></td></tr><tr><td><strong>Adrena</strong></td><td align="right">0%</td><td align="right"><mark style="color:$primary;"><strong>0.025%</strong></mark></td><td align="right">0.140%</td><td align="right"><mark style="color:$primary;"><strong>0.165%</strong></mark></td><td align="right"><mark style="color:$primary;"><strong>0.190%</strong></mark></td></tr><tr><td><strong>Phoenix — Maker</strong></td><td align="right">0.005%</td><td align="right"><mark style="color:$primary;"><strong>0.030%</strong></mark></td><td align="right">0.005%</td><td align="right"><mark style="color:$primary;"><strong>0.030%</strong></mark></td><td align="right"><mark style="color:$primary;"><strong>0.060%</strong></mark></td></tr><tr><td><strong>Phoenix — Taker</strong></td><td align="right">0.035%</td><td align="right"><mark style="color:$primary;"><strong>0.060%</strong></mark></td><td align="right">0.035%</td><td align="right"><mark style="color:$primary;"><strong>0.060%</strong></mark></td><td align="right"><mark style="color:$primary;"><strong>0.120%</strong></mark></td></tr></tbody></table>

¹ Round-trip assumes the same notional is opened and later fully closed. Funding, borrowing, price impact, slippage, network and liquidation-related costs are excluded.

² GMTrade describes RWA trading fees as as low as 0.004% or 0.006%. The actual fee may vary by market and venue conditions. The live estimated fee shown before execution should be treated as the operative amount.

### <mark style="color:$primary;">What the user actually pays</mark>

The table above shows fixed trading fees. The final economic cost of a perpetual trade can also include dynamic costs that change with market conditions.

#### <mark style="color:$primary;">Example</mark> - $10,000 GMTrade Crypto position

**Open:** GMTrade $4.00-$6.00 + Flipper $2.50 = $6.50-$8.50.

**Close at the same notional:** GMTrade $4.00-$6.00 + Flipper $2.50 = $6.50-$8.50.

**Estimated round trip:** $13.00-$17.00, before funding and other dynamic costs.

#### <mark style="color:$primary;">Other costs not included in the table</mark>

Funding payments, borrowing fees, price impact, slippage, network transaction costs and liquidation-related costs may apply. These values can change continuously and are therefore not represented as fixed percentages in the table.

### <mark style="color:$primary;">Official venue fee pages</mark>

Venue fee schedules may change. Use the official pages below to verify the latest rate before trading.

| <p><br></p>                   | <p><br></p>                                                                        |
| ----------------------------- | ---------------------------------------------------------------------------------- |
| **GMTrade - Trading Fees**    | [Open official fee page](https://docs.gmtrade.xyz/about/trading_fees_and_rebates/) |
| **GMTrade - RWA Market Fees** | [Open official fee page](https://docs.gmtrade.xyz/about/rwa_markets/)              |
| **Adrena - Fees**             | [Open official fee page](https://docs.adrena.trade/about-adrena/fees)              |
| **Phoenix - Fees**            | [Open official fee page](https://docs.phoenix.trade/phoenix/matching-engine/fees)  |

### <mark style="color:$primary;">Routing and fee changes</mark>

Underlying venues may change their fee schedules at any time. Flipper continues to expand its execution surface and optimize Split Execution across trading fees, liquidity, price impact, funding and other relevant execution costs. Whenever available, the estimated fee applicable to a specific order should be displayed before execution.

**Product objective:** make the total cost of trading through Flipper lower than executing the same order entirely on a single supported venue whenever market conditions allow.