We’re thrilled to unveil the latest enhancement to our services: the Custom Trading Fee System. This innovative feature introduces a suite of flexible fee-setting options, allowing brokers to tailor fee structures to their unique user bases more effectively than ever before. By departing from the limitations of Orderly’s standard fees, brokers now have the freedom to set fees that align perfectly with their strategies and customer profiles.
Overview of Fee Structure
Base Fee: Orderly retains 100% of the 3 bps taker fee, and there’s no maker fee.
Custom Fee: Brokers keep 100% and decide their own additional charges, respecting Orderly’s base fee minimum.
User Flow for Brokers
Determining the fee tiers
Brokers decide on the logic for fee tiers for their users based on specific criteria, like volume or staked tokens, ensuring flexibility and precision in fee management, or set all users under the same fee rate.
Calculating the fee rates
After the criteria has been decided, brokers need to assign users to fee rates based on that criteria.
Orderly has released a tool for assigning users to fee tiers based on volume to save brokers the hastle of building it from scratch. Source code can be found on out GitHub.
The fee rate is total charged to the user (Orderly base fee + custom fee).
Cannot be less than Orderly base fee.
Set the default fee rate
default fee rate through POST
Setting the fees
After determining each user’s fee rate, brokers need to send the updated list to Orderly at any time.
For users keeping their fee rate, including default: no update needed
For users re-assigned to “default” fee rate: send the list through POST
For users assigned to new fee rate: send the list through POST
/v1/broker/fee_rate/set. Send updates in batches, grouped by the same
All users are assigned to “default” fee rate unless overriden by broker.
Broker Rebate Distribution
Brokers receive daily rebates in their fee wallet, calculated after deducting any referral rebates.
Live Fee Rate Impact: More broker flexibility in fee structuring.
Frequency of Fee Rate Changes: No strict limitations, but consistency is recommended.
Impact on End Users: Personalized and competitive fee structures.
Broker Integration Work: Development of a dynamic fee rate assignment system.
Fee Wallet Requirements: Currently EOA, with multisig support upcoming.