Fees

No trading fee, no spread, no gas. The house takes its cut from winning trades only.

There is no trading fee on size, no spread and no gas for the trader. Everything the house takes on a trade comes out of winning trades; losers lose exactly what they lose. Separately, positions on the crowded side of a stock pay hourly funding to the uncrowded side; it is zero until the house's net position in that stock passes 15% of its limit.

A winning close goes through three steps, in order:

1. Deadband. The gain is measured as if the exit were 0.2 bps less favourable.
2. Haircut. The remaining gain is scaled down. Small wins are trimmed hardest; no win keeps more than 90%.
3. Toxicity fee. Between 1% and 10% of what is left, depending on the stock and the trader.

Steps 1 and 2 are Papertrade's mechanism, unchanged. Step 3 replaces Papertrade's flat 2% win fee.

Losing closes and liquidations

The trader pays nothing beyond the loss itself.

While the payout queue is empty and the pool can cover it, a 2% fee is carved from the pool's gain on the loss, not added to the trader's loss. While the queue is active, the fee is waived and the whole loss goes toward paying the queue. Same as Papertrade.

Where fees go

This applies to both the toxicity win fee and the 2% loss-side fee. Fees are paid out only while the payout queue is empty; queued winners always come first. The haircut is not a fee: what it removes stays in the pool.

Worked examples

All examples: $100 margin, 1000x leverage, $100,000 position, Tier A stock, Papertrade's BTC multiplier as a stand-in.

Win, stock up 0.3%, new account (pays 10%). Raw gain $300. After deadband $298. After haircut $252.17. Toxicity fee 10%, 25.22.Traderreceives * *226.95** plus their $100 margin back.

Same win, clean account on a stock with a 2% floor. Toxicity fee 2%, 5.04.Traderreceives * *247.13** plus margin.

Win, stock up 0.1%, new account. Raw gain $100. After deadband $98. After haircut 73.91.After1066.52**.

Loss, stock down 0.03%. Raw loss $30. Trader gets $70 of margin back immediately. If the queue is empty, $0.60 (2%) of the pool's $30 gain goes to fees and the pool keeps $29.40. The $29.40 counts as eligible loss toward that period's $TRADE emissions.

Liquidation, stock down about 0.05%. Bust price crossed. Full $100 margin forfeited. If the queue is empty, $2 goes to fees, $98 to the pool. The full $100 counts as eligible loss toward that period's $TRADE emissions.