Wins, losses and fees
How a close is settled: losses in full, wins after a small deadband, the impact haircut and the 2% fee.
Losing close
You pay exactly the loss at the fill price, never more than your margin. The rest of the margin returns to your available balance at once.
Winning close
A winning close goes through three steps:
- Deadband: the first 1/50,000 of the entry price (0.002%) of the move does not count. A smaller win settles as flat.
- Impact haircut: the remaining gain is scaled down, more for small moves than for large ones. The pool has no spread, and small fast wins are the cheapest to take from it, so they keep less.
- Win fee: 2% of the gain left after the haircut.
The haircut does not depend on your position size. The share of the gain you keep (BTC, after the deadband, haircut and fee):
| Price move | 0.05% | 0.1% | 0.5% | 1% | 2% | 5% |
|---|---|---|---|---|---|---|
| Kept | 60.7% | 72.4% | 84.6% | 86.4% | 87.3% | 87.8% |
ETH keeps slightly less on small moves and SOL less again, because their impact constants differ. You never keep more than 88.2% of the raw gain.
Paid now or queued
Your margin always comes back immediately. The profit is paid from the house's free cash when the payout queue is empty. If the house cannot pay all of it, the rest joins the back of the queue. While anything is queued, every new win is queued in full, so nobody can skip the line.
Where fees go
Win, loss and liquidation fees are 2% each (the loss and liquidation fees come out of what the house receives, not on top of your loss). Half goes to stakers and half to the protocol (SAMPLE split). Fees are paid out only while the queue is empty; otherwise they stay in the house to pay queued winners first.