Fees

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Overview

Fees and rebates settle per fill in USDC. Base maker and taker rates are determined by the account’s 14-day trading-volume tier. Maker rebates are calculated separately from the account’s share of maker volume in each market. Volume from the main account and all sub-accounts is aggregated at the main account for tier qualification. The resulting rate applies to every account in that account tree, while the fee or rebate is posted to the account that executed the fill. BULK is fundamentally transparent. There is no separate liquidation fee. Liquidation pricing includes deterministic market-impact and reserve adjustments that are part of risk management rather than the trading-fee schedule. Every node in the network runs the same execution logic, and validators earn 12.5% of trading fees for running the network.

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Phase 1: Genesis Liquidity (First 30 Days)

Phase 1 has no base maker fee. Makers can also qualify for an additional rebate based on their share of maker volume in each market.

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Maker Rebates

The maker rebate is added to the base maker rate. Because the Phase 1 base maker rate is zero, a qualifying maker receives the full rebate shown above.

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Phase 2: Public Fee and Rebate Tiers

Phase 2 changes the base maker schedule while preserving the accumulated 14-day volume and maker-share history from Phase 1. The new policy activates atomically at its configured protocol slot; qualification history does not reset.

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Maker Rebates

The same per-market maker rebate schedule continues in Phase 2. The effective maker rate is the base maker rate plus the maker rebate. For example, a Tier 2 volume account with a 5.00% maker share pays 0.3 bps in Phase 2: 1.8 bps base maker minus a 1.5 bps rebate.

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How the Rolling Window Works

Fee qualification uses executed USD notional from the trailing 14 completed UTC days.

• The current UTC day’s activity is recorded immediately but does not affect that day’s tier. It becomes eligible after the next 00:00 UTC cutoff.
• A fill uses the tier established by volume completed before that fill. A fill cannot move itself into a lower-fee tier.
• Volume from the main account and all sub-accounts is aggregated for qualification. Self-trades between accounts under the same main account do not create qualifying volume.
• Volume thresholds are inclusive. The highest threshold reached determines the base maker and taker rates.
• Maker share is calculated separately for each market:

$$\text{Maker Share} = \frac{\text{Account Tree's Maker Notional}}{\text{Total Maker Notional in the Market}}$$ Both values in the maker-share calculation use the same trailing 14 completed UTC days. The calculation is a direct volume share; it is not time-weighted or exponentially decayed. Maker rebates are requested at the rates above and funded by each market’s rebate pool. The realized rebate on a fill cannot exceed the available pool balance plus the taker fee collected on that fill.

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The BULK Alpha Program

A performance-based rewards program on top of fee rebates, designed to accelerate market liquidity starting with makers. Reward pool: 7.5% of taker fee revenue per epoch (one epoch = 30 days).

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Quality Score

Each market maker is scored per market: $$QS = 0.40 \cdot \text{OI} + 0.30 \cdot \text{TightnessDepth} + 0.20 \cdot \text{Uptime} + 0.10 \cdot \text{Volume}$$ Distribution is market-weighted (larger markets allocate more rewards), then market-maker-weighted by $QS$ within each market. Rewards are paid out every epoch. No KYC or special requirements beyond the criteria above.