The blog

Fees and what they really cost

Maker, taker, funding, spread and slippage. What each one is, when you pay it, and what actually changes the number at the bottom of a statement.

Fees · 9 min read

The convert button: the cost that appears on no fee schedule

Most platforms offer two ways to exchange one asset for another. One shows you a market and charges a stated fee. The other shows you a price and charges nothing visible. The second is almost always the more expensive of the two, and the reason it does not look that way is that its cost is inside the number rather than beside it.

Fees · 10 min read

Network fees: the cost nobody sets, and the three ways to reduce it

Every fee schedule you read is a decision somebody made and could change. The network fee is not one of those. It is the clearing price of an auction that runs every few seconds among everybody who wants their transaction included, and no platform sets it, discounts it, or keeps it. Understanding whose money it is explains most of the confusion around it.

Fees · 9 min read

The cost of frequency: why doubling your trades more than doubles the drag

Everybody knows that trading more costs more in fees. Fewer people have worked out what it costs in total, because the fee is the smallest and most visible of three costs that scale with frequency, and the other two do not appear anywhere you would look for them.

Fees · 9 min read

The total cost of a position, and the five lines nobody counts

Traders compare platforms on the published fee because it is the only number anybody publishes. It is one of six costs a complete round trip incurs, and depending on what you trade and when, it can be the smallest of them. The other five are all measurable and none of them appear on a statement.

Fees · 9 min read

Volume tiers and rebates: what a fee schedule is actually selling

Nobody publishes a fee schedule to inform you. It is a pricing structure designed to change what you do, and every feature of it exists because it produces behaviour the venue wants. Reading it that way makes the arithmetic obvious and stops several expensive habits before they start.

Fees · 10 min read

Fiat ramps: what entering and leaving actually costs

Every fee comparison stops at the trading schedule. But before a single order is placed, money has to enter the system, and afterwards it has to leave, and both of those movements have a cost that appears on no schedule and gets quietly deducted from returns.

Fees · 9 min read

Maker or taker: which one you actually are, and what it costs

Every exchange publishes two rates and almost none explains which one you will be charged. The honest answer is that most traders are on the expensive side far more often than they believe, and not because of anything they decided.

Fees · 9 min read

How leverage changes your fee bill, and the part nobody mentions

Everybody understands that leverage multiplies exposure. Far fewer notice that it multiplies the fee bill by exactly the same factor, on every single trade, whether the trade worked or not.