# Fee Structure

Fees are fully on-chain and verifiable.

### Trading fee

Charged on each buy and sell.

```solidity
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.

```solidity
feeBps = 0 ~ 3000; // max 30%
```

Calculation (conceptual):

```solidity
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% |

```solidity
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.

```solidity
protocolFee = 100; // 1%
```


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