💰Fees

An overview of the trading and sequencer fees charged on Vertex.

Fee Model

Trading fees are a standard feature of any exchange venue. Fee models vary between exchanges but are generally charged:

1. As a percentage of the total value of a trade.

2. Each time an order is executed.

As a hybrid orderbook-AMM with an integrated money market, Vertex’s fee model applies to:

• AMM Liquidity Pools

• Borrow / Lend Pools

• The Sequencer’s Central-Limit Orderbook (CLOB)

As a result, the four primary market participants on Vertex with an impact from fees include:

1. Price Makers

2. Price Takers

3. Liquidity Providers (LPs)

4. Borrowers & Lenders

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Trading Fees & Rebates

While high fees typically characterize most decentralized exchanges, Vertex is built different.

To enable cheap and efficient trading for users in the greatest volume possible, Vertex aims to promote liquidity, defined as:

• Tight Spreads

• Low Slippage

Vertex’s trading fee model is competitive with centralized crypto exchange venues – offering cheap trading for takers (0.02%) and zero fees for makers across all markets.

The maker / taker trading fee model is displayed below.

Maker / Taker Trading Fee Model

Taker Fees Structure

• Minimum Taker Fee: Upon matching, every taker order is subject to an immediate fee. This fee is calculated based on the formula: minSize × maker.price × feeRate.

• No Fees Interval: For the initial part of the order, specifically [0, minSize), there are no fees charged.

• Standard Fee: For any portion of the order amount that exceeds minSize, a standard fee is charged based on the formula: quoteAmount × feeRate.

Vertex Edge -- Cross-Chain Fee Sharing

The Vertex Edge fee structure reflects the flow of value between chains connected by Edge’s unified orderbook liquidity. The Edge fee structure accounts for maker & taker flow sourced from connected Edge chains, including:

• Arbitrum

• Blast

• Mantle

• Sei

• Base

• Sonic

Trading fees across the Vertex Edge ecosystem are composed of:

• Taker Fees = 0.02%

• Maker Rebates = - 0.005%

The primary difference is how fees are paid out for order matches in cross-chain vs. single chain scenarios. In a cross-chain order match between Arbitrum and Sonic, the taker fee is charged on the taker chain, and the maker rebate is charged on the maker chain.

Makers are incentivized by token rewards and maker rebates, as such some revenue must accrue to the maker chain. The fee structure for Edge between two instances like Arbitrum and Sonic is as follows:

Sonic Taker & Arbitrum Maker:

• Taker Fee (Sonic) = 1 bps

• Maker Rebate (Arbitrum) = 0.5 bps

• Fee Accrual (Arbitrum) = 0.5 bps

Arbitrum Taker & Sonic Maker:

• Taker Fee (Arbitrum) = 1 bps

• Maker Rebate (Sonic) = 0.5 bps

• Fee Accrual (Sonic) = 0.5 bps

Should both a maker & taker order match on the same chain, then the fee structure equates to:

Arbitrum Taker & Arbitrum Maker:

• Taker Fee (Arbitrum) = 1.5 bps

• Fee Accrual (Arbitrum) = 0.5 bps

Sonic Maker & Sonic Taker:

• Taker Fee (Sonic) = 1.5 bps

• Fee Accrual (Sonic) = 0.5 bps

Revenue flows throughout the system to reward the sourcing of liquidity and users via Vertex Edge. The comparative advantage to the earlier fee structure accounting is that the new model enables any cross-chain match to accrue revenue to the maker chain via Edge.

Liquidity is utilized more for the same amount of incentives. Any venue built on top of Edge can utilize existing liquidity and focus on sourcing users.

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Sequencer Fees

Vertex charges a straightforward flat fee, denominated in USDC, for interactions with the Vertex Sequencer. This fee covers the gas costs associated with the underlying blockchain while delivering a seamless and low-latency trading experience via lightning-fast order matching.

The Vertex sequencer serves as the interface with underlying chain that Vertex Edge is deployed to, efficiently matching orders between supported EVM chains.

Beyond order matching, the sequencer facilitates high-speed operations such as rapid deposits, withdrawals, liquidity provider (LP) minting, and more — ensuring a smooth and responsive user experience.

For more details on the sequencer, please refer to the documentation section on the subject here.

NOTE: If you don’t have USDC in your subaccount, either a loan will be taken out or the transaction will fail, depending on whether spot leverage is enabled.

Of note, sequencer fees are approximate values for withdraws and deposits denominated in the corresponding asset. Fees are subject to change over time as gas fees and other variables are adjusted, but they should remain relatively stable within months of launch.

Sequencer Fee Structure

• Deposit = 0 USDC

• Submitting a Liquidation = 1 USDC

• Withdrawing Collateral:

  • BTC = 0.00004 BTC

  • ETH = 0.0006 ETH

  • USDC = 1 USDC

• Placing an order that takes liquidity from the book = 0 USDC*

• Minting / Burning LP Tokens = 1 USDC

Sequencer fees are only charged if the operation is successful.

For example, if you submit a collateral withdrawal request that causes your account to be under-collateralized, you will not be charged sequencer fees for the failed action.

*Limit orders and takers aren't mutually exclusive, so sequencer fees may still apply to specific limit orders.

• For example, a trader might place a limit order that does not immediately match any existing orders, adding liquidity to the market.

• Later, the same trader might execute a market order or a limit order that matches an existing order, taking liquidity and acting as a taker that is charged a sequencer fee.

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Network Gas Fees

Vertex’s sequencer handles user interactions with the blockchain. As a result, users' sequencer fees are paid in lieu of gas and are akin to some combination of gas and “clearing fees” on a traditional exchange.

Withdrawals

Vertex minimizes user fees by sending transactions on the underlying chain when gas fees are low. All actions on Vertex still happen instantaneously, but withdrawals can take up to 30 minutes or longer during high gas periods.

The 30-minute time-frame is the targeted maximum that a withdrawal will remain pending, as Vertex usually sends the transaction to the underlying chain after this time automatically -- even during high gas periods. If your withdrawal takes longer, it may be due to persistent and excessively high gas costs.

Vertex users can also elect to bypass the withdrawal queue via the Fast Withdrawal feature.

NOTE: If your withdrawal appears on the Vertex app, that means it was successfully placed and will settle on-chain once gas costs come down or if gas is already below the target threshold at the time of your withdrawal.

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