Fees

What each trade pays, where the fees sit, and how to see them on chain.

Who pays

Only takers pay. A swap, a queued swap when its batch fills, or a stop when it fires pays the taker fee of 0.2% of what it trades:

• A buyer pays it on top of what they spend.
• A seller has it taken off what they get.

Makers (limit orders and liquidity pools) pay nothing. The fee is rounded down, and it's paid in the market's quote token: USDM on SHADE/USDM, SHADE on MOTH/SHADE.

The Private Book charges the same. The Dark Pool fills at the public book's price and fee, plus 0.3%.

Midnight's own network fee is separate. It's paid in DUST, which your NIGHT makes.

Where fees go

The order book keeps each market's fees in that market until Nightshade's admin key withdraws them, to an address it names. Nothing sweeps them automatically.

See it on chain

Fees in the footer shows every market's fees as the chain records them: collected all time, still held in the contract, and withdrawn.