# Siren Protocol Fees

## Trading

### Margin Vault Deposit Fee

0.0% (no fee)

### Margin Vault Withdrawal Fee

0.0% (no fee)

### Settlement Fee

0.0% (no fee)

### Trading Fee

First Siren Protocol calculates Leg Fee for each of the series traded, then a User pays Total Fee over all the legs:

* Leg Fee *(fee for each option series traded)* = MIN {0.04% \* Current Underlying Price; 12.5% \* Premium} \* number of contracts
* Total Fee = MAX over Leg Fees *(max fee among all legs)*

The formula above means that trading fee is capped at a maximum of 12.5% of the premium on options contracts.

All fees do not differ between buy and sell trade direction, and are applied in USDC.

#### **Example with 1 Leg**

An ETH option series is traded with the Premium of 400 USDC, and the Current Underlying Price is $3,000.

So, the Total Fee paid by a User will be:

* Leg Fee = MIN {0.04% \* 3,000; 12.5% \* 400} \* 5 contracts = MIN {1.2; 50} \* 5 = 1.2 \* 5 = 6 USDC
* **Total Fee = Leg Fee = 6 USDC**

#### **Example with 2 Legs**

The first ETH option series is traded with the Premium of 400 USDC, the second one with the Premium of 500 USDC, and the Current Underlying Price is $3,000.

So, the Total Fee paid by a User will be:

* Leg Fee = MIN {0.04% \* 3,000; 12.5% \* 400} \* 10 contracts = MIN {1.2; 50} \* 10 = 1.2 \* 10 = 12 USDC
* Leg Fee = MIN {0.04% \* 3,000; 12.5% \* 500} \* 15 contracts = MIN {1.2; 62.5} \* 15 = 1.2 \* 15 = 18 USDC
* **Total Fee = MAX {12; 18} = 18 USDC**

## Earn

### USDC Pool Deposit Fee

0.0% (no fee)

### USDC Pool Withdrawal Fee

0.0% (no fee)