> ## Documentation Index
> Fetch the complete documentation index at: https://docs.joyride.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Fees

> What a trade costs on Joyride and what is charged at expiry

There are two fees. A trading fee is taken when a quote fills, and a settlement fee is taken at expiry from positions that finish in the money.

| Fee            | Rate                                                                         | Charged to                                                      |
| -------------- | ---------------------------------------------------------------------------- | --------------------------------------------------------------- |
| Taker fee      | 0.05% of the notional value, and never more than 12.5% of the option's price | the account that requested and accepted the quote, on each fill |
| Maker fee      | 0% at launch                                                                 | the market maker whose quote filled                             |
| Settlement fee | 0.015% of the notional value, capped at 12.5% of the payout                  | in-the-money positions at expiry, whichever side holds them     |

Notional value is the underlying's index price times the number of contracts, calculated when the trade executes.

## Trading fee

The taker fee is 0.05% of the notional value, and never more than 12.5% of the option's price, so a cheap option never costs more than an eighth of its price in fees. On a multi-leg trade each leg is charged this way and the leg fees are added up. The maker side pays its own rate, which is 0% at launch.

| Trade, BTC index at \$100,000                                                           | Fee                                        |
| --------------------------------------------------------------------------------------- | ------------------------------------------ |
| Buy one call for \$300                                                                  | \$37.50 (12.5% of \$300 is less than \$50) |
| Buy one far out-of-the-money call for \$20                                              | \$2.50                                     |
| Buy one deep in-the-money call for \$5,000                                              | \$50.00 (0.05% of \$100,000)               |
| Risk reversal, buy one call and sell one put, each leg worth \$300, net cost about \$10 | \$75.00                                    |

A multi-leg trade is charged on each leg, so its fee can exceed 12.5% of the package's net price, as the risk reversal shows. The cap protects each leg, not the package total.

## Settlement fee

At expiry an in-the-money position is paid its intrinsic value in USDC, and the settlement fee is taken from that payout. The fee is the lesser of 0.015% of the notional value and 12.5% of the payout. Out-of-the-money positions pay nothing, and a writer pays nothing at settlement.

If an account holds both winning and losing positions on the same expiry, the fee is charged against the account's net result for that expiry, never against the winning positions alone. An account that nets a loss at expiry pays no settlement fee.

## Where fees appear

Each fill shows the fee taken beside the premium, and each settlement shows the fee beside the gross payout, so the amount before fees and the fee itself are both visible in the app. Market makers can find how fee tiers are applied and collected on [Fees and Limits](/market-makers/fees-and-limits), and [Settlement](/market-makers/settlement) describes the expiry sequence in full.