> For the complete documentation index, see [llms.txt](https://blackboard-fi.gitbook.io/blackboard-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://blackboard-fi.gitbook.io/blackboard-docs/resources/fees.md).

# Fees

This page explains Blackboard's fees. Perpetual futures fees are split between Crypto markets and TradFi markets, and both are discounted by your rolling 30-day volume tier.

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## Fee Tiers

Tiers are assessed daily on rolling 30-day volume, and a tier you reach holds for 30 days. Tier volume is measured per market. The exact fee for any trade is always shown on the order screen.

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## Crypto Perpetuals

Blackboard fees for crypto perpetual futures. Maker orders and higher tiers pay less.

| Tier      | 30-Day Volume | Taker   | Maker   |
| --------- | ------------- | ------- | ------- |
| Bronze    | $0            | 0.0650% | 0.0250% |
| Silver    | $10.7M        | 0.0620% | 0.0220% |
| Gold      | $53.6M        | 0.0590% | 0.0190% |
| Platinum  | $214.3M       | 0.0570% | 0.0170% |
| Diamond   | $1.07B        | 0.0430% | 0.0030% |
| Legendary | $2.14B        | 0.0430% | 0.0030% |

***

## TradFi Perpetuals (HIP-3)

Blackboard fees for equity, index, FX, and commodity markets. Which schedule applies is set per market and shown on the trading screen.

### HIP-3 Growth Mode Fee

| Tier      | 30-Day Volume | Taker   | Maker   |
| --------- | ------------- | ------- | ------- |
| Bronze    | $0            | 0.0340% | 0.0280% |
| Silver    | $10.7M        | 0.0285% | 0.0217% |
| Gold      | $53.6M        | 0.0195% | 0.0168% |
| Platinum  | $214.3M       | 0.0145% | 0.0119% |
| Diamond   | $1.07B        | 0.0098% | 0.0070% |
| Legendary | $4.29B        | 0.0051% | 0.0025% |

### Regular Fee

| Tier      | 30-Day Volume | Taker   | Maker   |
| --------- | ------------- | ------- | ------- |
| Bronze    | $0            | 0.0700% | 0.0400% |
| Silver    | $10.7M        | 0.0605% | 0.0325% |
| Gold      | $53.6M        | 0.0510% | 0.0240% |
| Platinum  | $214.3M       | 0.0415% | 0.0155% |
| Diamond   | $1.07B        | 0.0350% | 0.0070% |
| Legendary | $4.29B        | 0.0285% | 0.0025% |

***

## Prediction Markets

Fees differ by category and vary with probability (price), peaking at a 50% price.

> Fee formula: `fee = C × feeRate × p × (1 - p)` (C = shares, p = price)

| Category      | Fee Rate | Maker Rebate | Max Effective Fee |
| ------------- | -------- | ------------ | ----------------- |
| Crypto        | 0.072    | 20%          | 1.80%             |
| Sports        | 0.03     | 25%          | 0.75%             |
| Finance       | 0.04     | 25%          | 1.00%             |
| Politics      | 0.04     | 25%          | 1.00%             |
| Tech          | 0.04     | 25%          | 1.00%             |
| Economics     | 0.05     | 25%          | 1.25%             |
| Culture       | 0.05     | 25%          | 1.25%             |
| Weather       | 0.05     | 25%          | 1.25%             |
| Other/General | 0.05     | 25%          | 1.25%             |
| Mentions      | 0.04     | 25%          | 1.00%             |
| Geopolitics   | 0        | —            | 0% (Free)         |

> **Note**: Makers receive rebates, so they effectively pay no fees and may even earn.

Volume-tier rates apply on notional.

| Tier      | 30-Day Volume | Taker | Maker |
| --------- | ------------- | ----- | ----- |
| Bronze    | $0            | 1.0%  | 0.5%  |
| Silver    | $1M           | 0.8%  | 0.4%  |
| Gold      | $5M           | 0.6%  | 0.3%  |
| Platinum  | $20M          | 0.4%  | 0.2%  |
| Diamond   | $100M         | 0.2%  | 0.1%  |
| Legendary | $400M         | 0.1%  | 0.05% |

Options (Up/Down) use this same schedule.

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## Trading Cards

Trading card purchases and sales incur the network gas fee of the chain involved, plus the fees of the protocol the trade routes through. Spot trading is coming soon; its fees will be added to this page at launch.

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## Funding Rate Costs

* Crypto markets: 8-hour default interval, may vary per market
* TradFi markets (HIP-3): fixed 8-hour interval (00/08/16 UTC)
* Paid or received depending on position direction and market conditions
* Details: [Funding Rates](/blackboard-docs/trade/funding-rates.md)

## Deposit and Withdrawal Fees

### Deposits

| Asset               | Network                                  | Fee                                                   |
| ------------------- | ---------------------------------------- | ----------------------------------------------------- |
| USDC                | Arbitrum, Polygon, HyperEVM, Solana      | None (instant)                                        |
| USDC                | Ethereum, Base, BNB Chain                | Varies by route (routed, shown on the deposit screen) |
| USDT                | Routed and received as USDC, $10 minimum | Varies by route (shown on the deposit screen)         |
| BTC, ETH, SOL, HYPE | Routed                                   | Varies by route (shown on the deposit screen)         |

### Withdrawals

Withdrawing from the Blackboard wallet is an on-chain transfer and incurs that network's fee.

## Liquidation Fees

Liquidations incur a fee proportional to position size. See [Liquidations](/blackboard-docs/trade/liquidations.md).

## Next Steps

* [Margin and Leverage](/blackboard-docs/trade/margin-and-leverage.md) — how margin works
* [Referral Program](/blackboard-docs/rewards/referral-program.md) — earn fee discounts