Fees and trading cost

The price shown on a market is only one part of trading cost. The complete result depends on how the order meets the book, which role each fill takes, and what it costs to hold and settle the position.

Market-specific rates appear in the Novrinex fee schedule. The committed fill and ledger entry determine the final amount.

Execution fees

A resting order is the maker for the liquidity it supplies. An incoming order is the taker for the liquidity it uses. Each fill receives its role independently.

A limit order does not automatically receive a maker rate. If it crosses an available price, its immediate fills are taker fills. A remainder that rests may later fill as maker.

Novrinex calculates the fee from integer notional and the configured rate:

notional = floor(price × quantity / price scale)
fee      = floor(notional × fee rate / 1,000,000)

The fee settles with the fill and moves to the market’s named fee collector. Margin uses conservative upward rounding and therefore follows a different rounding rule.

Spread, slippage, and price impact

The spread is the distance between the best bid and best ask. A trader crossing the book begins by paying that difference.

Slippage is the difference between the expected or reference price and the average execution price. A larger order may consume several price levels, creating price impact as it reaches deeper liquidity.

These costs are execution outcomes rather than separate invoices. They depend on the order size, available depth, volatility, and the price bound chosen by the trader.

Funding

Funding is a periodic transfer between long and short positions, separate from execution fees. Its direction and amount depend on the relationship between the perpetual mark and index.

Receiving funding does not make a position profitable by itself. The position remains exposed to price movement, fees, margin requirements, and liquidation.

Network and capital movement

A signed network transaction can carry a network fee. Deposits, withdrawals, approvals, or bridge transfers can add costs from the networks and systems involved in moving the asset.

Completing a capital transfer does not preserve an earlier market quote. The order receives a new price, margin, and slippage estimate before submission.

Builder revenue

A builder exchange can receive a share of positive trading fees within the protocol maximum. Novrinex measures the fee collected from each builder-market trade, rounds the configured share down, and transfers it to the builder’s revenue account.

The remaining amount stays in the protocol fee collector. Both movements belong to the same clearinghouse record as the trade.

Pre-trade costs are estimates. The committed network events and ledger state establish the final fee, funding payment, and balance change.