Perp fees and distributions
Collected perpetual trading fees support the exchange, its risk-bearing capital and defined participant economics.
Three different allocations#
The 25/45/30 split divides a bounded token reward budget. It doesn't allocate exchange revenue, creator receipts or total supply. Those budgets have separate sources, uses and accounting.
Perp fee policy covers exchange operations, liquidity compensation, insurance, retained market capital, funded token purchases and eligible distributions. The final percentages and distribution rights require economic reconciliation.
Revenue after obligations#
Collected fees are reconciled against rebates, refunds, infrastructure and operating costs, contributor obligations, recognized losses and required reserves. Only available revenue can support discretionary market purchases or holder distributions.
Trading notional isn't revenue. Trader deposits, funding transfers, vault principal and unrealized strategy gains aren't distributable exchange fees. Maker compensation can't be deducted once as a cost and then presented again as an additional payout.
Reinvestment and participation#
Retained revenue increases risk-bearing capital. Funded token purchases acquire existing tokens from the market and can replenish participant rewards under the published policy. Eligible locked holders can participate in defined distributions after the exchange's obligations.
These are distinct uses of revenue. A purchase doesn't increase token supply, and an emission doesn't create USDC. Distributions aren't guaranteed yields and can't draw on trader margin.
The transition from subsidies#
Scheduled reductions in acquisition subsidies shift the burden toward trading revenue, retained liquidity and recurring participant demand. The relevant measures are repeat usage, executable depth and contribution after incentives, rather than rewarded volume alone.
Historical fee-split calculations remain available as illustrative examples. They don't establish the launch waterfall or automatic holder entitlements.