Understanding trading fees is essential for any trader engaging with perpetual and futures contracts. These fees can impact your overall profitability and vary depending on your role in the market, the type of contract, and the settlement currency. This guide breaks down the key fee structures for inverse, USDT, and USDC margined contracts.
Who Pays Trading Fees?
In the world of derivatives trading, participants are broadly categorized into two groups based on how their orders interact with the market:
- Takers: These are traders who place orders that are filled immediately by taking liquidity from the order book. Market orders are the most common type of taker order. For this service, they pay a taker fee.
- Makers: These traders provide liquidity to the market by placing orders that are not filled immediately, such as limit orders that sit on the order book. This activity adds depth to the market. They are charged a typically lower maker fee.
A crucial point to remember is that trading fees are automatically deducted from your account balance upon order execution. Importantly, these fees do not affect the initial margin you posted to open the position.
You can always review a detailed history of all fees incurred in your account's transaction history log. 👉 View your transaction history
Key Concepts and General Rules
Before diving into specific contract types, it's important to understand some universal principles.
- The rates discussed in the following sections are generally applicable to non-VIP users. VIP users often benefit from discounted fees based on their trading volume and asset balance.
- The examples provided are for illustrative purposes only. To see the exact fees that apply to your specific account, you should always refer to your account's dedicated fee rate page.
- Delisting can occur if a trading pair no meets a platform's stringent listing requirements. Any open positions on a delisted pair will be automatically closed beforehand. These forced closures are typically subject to a fixed settlement fee, and regular VIP fee discounts do not apply.
Inverse Perpetual and Futures Contracts
Inverse contracts, such as BTCUSD, are quoted and settled in the cryptocurrency itself (e.g., BTC).
Trading Fees
The standard trading fee structure for inverse contracts is as follows:
| Fee Type | Rate |
|---|---|
| Taker Fee | 0.055% |
| Maker Fee | 0.02% |
Calculation Formula:Fee = Order Value × Fee RateOrder Value = Order Quantity / Execution Price
Example:
Trader A uses a market order to buy 10,000 BTCUSD contracts.
Trader B uses a limit order to sell 10,000 BTCUSD contracts.
Assuming the execution price is $8,000:
- Trader A's Taker Fee = (10,000 / 8,000) × 0.055% = 0.0006875 BTC
- Trader B's Maker Fee = (10,000 / 8,000) × 0.02% = 0.00025 BTC
Upon execution, Trader A pays 0.0006875 BTC, and Trader B pays 0.00025 BTC.
Settlement Fee (Applicable only to Inverse Futures Contracts)
Inverse futures contracts have a set expiry date. All open positions must be closed by this settlement date. If a trader does not manually close their position, the system will automatically close it at settlement.
A settlement fee of 0.05% is charged for this automatic process.
Calculation Formula:Settlement Fee = Order Value × Settlement Fee Rate (0.05%)Order Value = Order Quantity / Settlement Price
Example:
A trader holds a long position of 10,000 contracts on BTCUSD0331 futures with an entry price of $20,000. They hold the position until the automatic settlement on March 31st, 2023. Assuming the final settlement price is $20,600:
Settlement Fee = (10,000 / 20,000) × 0.05% = 0.00025 BTC
The trader is charged 0.00025 BTC for the settlement.
Note: This settlement fee is typically fixed and does not qualify for any VIP-level discounts or rebates.
Delisting Fee
If an inverse contract is delisted, any remaining open positions are closed automatically. These closures are subject to a fixed 0.05% settlement fee, and standard VIP trading fee rates are not applied.
USDT-Margined Perpetual and Futures Contracts
USDT-margined contracts are quoted and settled in Tether (USDT), a stablecoin pegged to the US dollar.
Trading Fees
The standard trading fee structure for USDT-margined contracts is as follows:
| Fee Type | Rate |
|---|---|
| Taker Fee | 0.055% |
| Maker Fee | 0.02% |
Calculation Formula:Fee = Order Value × Fee RateOrder Value = Order Quantity × Execution Price
Example:
Trader A uses a market order to buy 10 BTC worth of contracts.
Trader B uses a limit order to sell 10 BTC worth of contracts.
Assuming the execution price is 8,000 USDT:
- Trader A's Taker Fee = (10 × 8,000) × 0.055% = 44 USDT
- Trader B's Maker Fee = (10 × 8,000) × 0.02% = 16 USDT
Upon execution, Trader A pays 44 USDT, and Trader B pays 16 USDT.
Settlement Fee (Applicable only to USDT-Margined Futures Contracts)
Like all futures, USDT-margined futures contracts have an expiry date and will be automatically closed at settlement if still open. A key advantage is that no settlement fee is charged for USDT-margined futures contracts.
Delisting Fee
As with other contracts, delisting triggers automatic position closure. For USDT pairs, this incurs a fixed 0.05% settlement fee, bypassing any standard VIP fee discounts.
USDC-Margined Perpetual and Futures Contracts
USDC-margined contracts are quoted and settled in USD Coin (USDC), another prominent stablecoin pegged to the US dollar.
Trading Fees
The standard trading fee structure for USDC-margined contracts is as follows:
| Fee Type | Rate |
|---|---|
| Taker Fee | 0.055% |
| Maker Fee | 0.02% |
Calculation Formula:Fee = Order Value × Fee RateOrder Value = Order Quantity × Execution Price
Example:
Trader A uses a market order to buy a BTC-PERP contract with a notional value of 10 BTC.
Trader B uses a limit order to sell a BTC-PERP contract with a notional value of 10 BTC.
If the execution price is $50,000:
- Trader A's Taker Fee = (10 × 50,000) × 0.055% = 275 USDC
- Trader B's Maker Fee = (10 × 50,000) × 0.02% = 100 USDC
After execution, Trader A pays 275 USDC, and Trader B pays 100 USDC.
Settlement Fee (Applicable only to USDC-Margined Futures Contracts)
USDC-margined futures contracts expire and are automatically closed at settlement. Similar to USDT contracts, no settlement fee is charged for USDC-margined futures contracts.
Delisting Fee
The delisting policy is consistent across all contract types. Automatic closures for delisted USDC pairs incur a fixed 0.05% settlement fee, irrespective of VIP status.
Frequently Asked Questions
What's the difference between a maker and a taker?
A maker adds an order to the order book that isn't filled immediately (like a limit order), providing liquidity. A taker places an order that is filled immediately (like a market order), taking liquidity from the book. Makers usually pay lower fees as a reward for adding market depth.
How are trading fees deducted from my account?
Fees are automatically deducted from your available account balance at the moment a trade is executed. It's important to factor these costs into your trading strategy, as they affect net profitability. 👉 Explore more trading strategies
Do I pay fees if my limit order isn't filled?
No. Fees are only incurred when an order is successfully matched and executed. An unfilled limit order resting on the book does not incur any charges.
Why is there a settlement fee for some contracts but not others?
Settlement fees are specific to the contract design. Inverse futures contracts traditionally charge this fee for the automatic closing process. Stablecoin-margined futures (USDT/USDC) often waive this fee as a competitive feature to attract traders.
Can I reduce the trading fees I pay?
Yes, most platforms offer fee discounts based on your 30-day trading volume and the amount of assets held in your account. Achieving a higher VIP tier can significantly reduce both maker and taker fees.
What happens to my position if a trading pair is delisted?
If a pair is delisted, the exchange will announce the process beforehand. All open positions will be automatically closed by the platform at a specified time before delisting, and the fixed delisting/settlement fee will be applied.