Fees
All fees are in USDC and charged on-chain.
| Fee | Who pays | Amount | Goes to |
|---|---|---|---|
| Performance fee | Followers, on gains in NAV per share above the strategy's high-water mark | Set by the leader, 0–25%, 15% default | 80% leader; 20% protocol, which buys and burns $UNSEEN |
| Execution fee | The strategy, per filled notional | 2 bps, within a daily ceiling | Protocol, which buys and burns $UNSEEN |
| Venue fees | The strategy, per fill | Jupiter Perps' open/close fee (0.06%) and price impact | Jupiter liquidity providers |
| Management fee | — | None | — |
| Deposit and withdrawal | — | None | — |
Performance fee
The fee is charged at each final epoch on followers' gain in NAV per share above the strategy's high-water mark — the highest NAV per share, after fees, at which the strategy has closed an epoch. The mark never falls: while NAV per share is below it, no fee is charged.
With the epoch's NAV per share before the fee, the mark, the shares followers hold and the fee rate:
After the fee the mark rises to the new NAV per share if that is higher. The leader's own shares pay no performance fee; the program mints the leader compensating shares so the fee leaves the leader's equity unchanged.
Example. Followers' shares gain $10,000 above the mark in a strategy with a 15% fee: the fee is $1,500; the leader receives $1,200, the protocol $300, and followers keep $8,500.
Founding leaders keep the protocol's 20% as well for their first 90 days.
Execution fee
2 bps of every filled notional, charged on the changed amount when a position grows or shrinks. On a $100,000 fill that is $20.
Two bounds apply on-chain. A strategy's execution fees in one UTC day never exceed 1% of platform AUM (the protocol default). On Jupiter Perps a fill is also never charged more than the strategy's cash beyond the USDC reserved for withdrawals, so a fill there can carry less than 2 bps.
Where fees show
- Followers: Portfolio shows value after fees at the last final NAV.
- Leaders: the console shows execution and venue fees paid and performance fees earned, and Claim pays earned fees to the leader's wallet.