Trading Fees
Trading Fees
Leopard offers a highly competitive fee structure with low taker fees and maker rebates across all tiers, with the potential for even lower fees as trading volume increases. Fees are calculated per trade based on the filled notional position size and are charged in the market's quote asset (USDC), affecting the position's cost basis.
High-volume markets benefit from a 75% fee reduction, with rates starting as low as 2.5 bps. See Fee-Adjusted Markets
If a user holds only non-USDC assets, a USDC borrow may be triggered upon settlement of a loss in perpetual markets (see P&L).
Leopard's tiered fees for futures markets are based on an on-chain calculation of 30-Day Volume or Insurance Fund Stake*.
Fee Structures
Some markets can have discounted or increased fees See Fee-Adjusted Markets
Perp Market Fees
1
-1 bps
10 bps
5%
15%
10%
2
-1 bps
9 bps
5%
15%
10%
3
-1 bps
8 bps
5%
15%
10%
4
-1 bps
7 bps
5%
15%
10%
5
-1 bps
6 bps
5%
15%
10%
VIP
-1 bps
3 bps
5%
15%
10%
Spot Market Fees
1
-2 bps
5 bps
0%
0%
10%
Fee Tiers
To qualify for a fee tier you only need to hit one of the cut-offs, not ALL of them. E.g. just meeting the minimum volume quota will qualify you, without needing the Insurance Fund Stake as well.
Maker/Taker 30-Day Volume is tracked on-chain. The calculation uses an aggregate rolling sum estimate across all the user's subaccounts.
Note: Leopard Staking Fee Tiers shown below will go into effect 8/10/2024. USDC Staking Fee Tiers will be removed 9/6/2024.
0
0
0
1
1K
1M
2
10K
5M
3
50K
10M
4
100K
50M
VIP
120K
100M
Fee-Adjusted Markets
These markets have a flat adjustment to all fees
Perp Markets
SOL-PERP
-75% (discount)
BTC-PERP
-75% (discount)
ETH-PERP
-75% (discount)
Spot Markets
PYTH
+100% (premium)
JTO
+100% (premium)
WIF
+100% (premium)
JUP
+100% (premium)
W
+100% (premium)
TNSR
+100% (premium)
Leopard
+100% (premium)
POPCAT
+100% (premium)
MOTHER
+100% (premium)
Taker Fees
Takers are charged a variable Taker Fee depending on which Tier they belong to. (See PERP/SPOT Fee Structures)
Taker Fees (High Leverage Mode)
If a user has High Leverage Mode turned on, taker trading fees for all perp markets will be 2x the bottom fee tier.
Maker Fees
Makers are provided with a flat 1bps rebate regardless of the Taker Fee paid.
Referee Discount / Referer Reward
These apply to accounts that were signed up using a referred account. These percentages are applied to the effective taker fee paid.
Filler Reward
Filler rewards are variable but up to 10% of the effective taker fee paid by the user. See Keeper Incentives.
Spot Fees
Spot Fees are set per market. Most major markets have 5 bps taker and 1bps rebate for maker.
Fee Adjustments
Longer tail assets can have increased fees to stay in line with external markets fee schedules. Some markets will periodically have flat discounts applied to all fee tiers. See Fee-Adjusted Markets
Disclaimers
Leopard Protocol reserves the right to end the promotional period and the Taker Incentive Program at any time. If the Leopard Protocol chooses to do so, it will provide notice to participating users, but such notice is not required in order to conclude the program early or extend the program. Please note that the terms and conditions of this program are subject to change without notice.
There are risks associated with Insurance Fund Staking. Read more about the Insurance Fund Staking and Risks).**
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