Docs/Protocol/Fees
Protocol
Fees
Simple, flat, and aligned: the protocol earns when the night is busy.
2 min read
Fee schedule
| Action | Fee | Notes |
|---|---|---|
| Open a gap position | 0.10% | on notional exposure |
| Close before the bell | 0.10% | on notional exposure |
| Settlement at the bell | 0% | holding to the print is free |
| Night Vault deposit / withdraw | 0% | ERC-4626, NAV-based |
| Night Vault performance fee | 15% | on positive nightly PnL only, high-water mark |
| The Gap Terminal | free | forever, no wallet needed |
Where fees go
- 70%, protocol treasury (audits, listings, ops)
- 20%, insurance fund backstopping settlement
- 10%, night liquidity incentives
Subject to change
Final numbers ship with the contracts.