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

# Fees

The charges the protocol applies, whose pocket they come from, and what they fund.

Fees appear where value actually changes hands, they are explicit, and each of them has its own line on the ticket. Nothing is marked up quietly, and order flow is never sold.

| Fee                    | Rate (initial)                                                          | Paid by                         | When          |
| ---------------------- | ----------------------------------------------------------------------- | ------------------------------- | ------------- |
| Vault swap fee         | 2 bps of notional, inside the quoted all-in price but listed on its own | Trader                          | Each fill     |
| Vault spread share     | 10% of whatever spread the vault realises                               | LPs, netted from spread revenue | Each fill     |
| RFQ settlement fee     | 2 bps of notional                                                       | Trader                          | Each RFQ fill |
| Deposit and withdrawal | Nothing                                                                 |                                 |               |

Two legs means the fee applies twice, once per leg. Every rate is a `ParamController` value that only the timelock can move, always with a published reason, and never applied backwards: the fee in force when the fill happens is the fee that is charged.

## Your quote doubles as the invoice

Mid, spread and fee stand as separate figures in bps and USDG on every ticket before anything is signed, and the fill event commits the identical breakdown to the chain. Any fee change surfaces in the governance log before it ever surfaces on a ticket.

## Where fees go

The `FeeCollector` contract accumulates them, and they pay for audits, the bug bounty, oracle and infrastructure costs, and running the venue. Allocation passes to the governance module once parameter control does. See [Parameter governance](/transparency/governance.md).

## Economics at scale

Take 10M USDG of average daily volume and an average all-in half-spread of 12 bps:

* Swap and RFQ fees come to 10M × 2 bps × 365, around 730K USDG annually.
* The spread share comes to 10M × 12 bps × 10% × 365, around 438K USDG annually.

Roughly 1.2M USDG a year, then, at volumes that look modest beside how fast this asset class is expanding. Redo the same sum at 50M daily and it lands near 5.8M USDG a year. See [Business model](/resources/business-model.md).


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