Fee Structure

Fees are fully on-chain and verifiable.

Trading fee

Charged on each buy and sell.

tradingFeeBps = 100; // 1%

• Deducted from USDC on buy.

• Stays in the vault. This increases NAV.

Performance fee

Charged only when a user sells at a profit.

feeBps = 0 ~ 3000; // max 30%

Calculation (conceptual):

function _calculatePerformanceFee(
  address user,
  uint256 tokens,
  uint256 currentNav
) internal view returns (uint256 feeTokens) {
  EntryRecord storage record = entryRecords[user];
  if (currentNav <= record.weightedEntryNav) return 0;

  uint256 profitPerToken = currentNav - record.weightedEntryNav;
  uint256 totalProfit = (tokens * profitPerToken) / PRECISION;
  uint256 fee = (totalProfit * feeBps) / BPS;

  // paid as newly minted tokens to the leader
  feeTokens = (fee * PRECISION) / currentNav;
}

Notes:

• Fee is minted to the leader as vault tokens.

• Entry NAV uses weighted average.

• Entry NAV is inherited on transfers to reduce fee avoidance.

Exit fee

Tiered by holding duration:

Holding duration	Fee
< 7 days	15%
7–30 days	8%
30–90 days	3%
> 90 days	0%

struct ExitFeeTier {
  uint256 daysHeld; // minimum days held
  uint256 feeBps;   // 100 = 1%
}

Destination:

• exitFeeRecipient = address(0): stays in vault (increases NAV).

• Otherwise: sent to exitFeeRecipient.

Protocol fee

Taken from trading fees and sent to protocol treasury.

protocolFee = 100; // 1%