> ## Documentation Index
> Fetch the complete documentation index at: https://docs.derive.xyz/llms.txt
> Use this file to discover all available pages before exploring further.
# Trading Fees on Derive: Maker, Taker, RFQ, and Liquidation
> Orderbook and RFQ fee schedules for spot, perps, and options on Derive, plus liquidation fees and USDC interest.
Derive charges maker and taker fees on orderbook trades and a discounted schedule on RFQ trades. Options fees are capped at 12.5% of the option value. Additional fees apply to liquidations and to negative USDC balances.
Fees on Derive differ depending on whether you are a **maker** (you post a resting limit order that another user fills) or a **taker** (you buy or sell against an existing order). Takers pay a base fee per order regardless of order size.
## Orderbook fees
| Instrument | Taker | Maker |
| :--------- | :---------------------------------------------- | :--------------------------------------- |
| Spot | No taker fees | No maker fees |
| Perp | `$0.01 + 0.03% × notional` | `0.01% × notional` |
| Option | `$0.5 + min(0.03% × notional, 12.5% × premium)` | `min(0.01% × notional, 12.5% × premium)` |
Builder fees (the `extra_fee` field on an order) are charged **on top** of these fees and passed on directly to the builder. See [Builder Fees](/integrators/programs/builder-fees).
### Examples
1. Alice buys 2 ETH 2,000 puts using an aggressive order, oracle spot price $2,200:
`fee = $0.5 + 0.03% × 2 × $2,200 = $1.82\`
2. Bob opens a 0.1 BTC perp sell limit order, later filled by Charlie, spot $43,000:
`feeBob = 0.01% × 0.1 × $43,000 = $0.43`
`feeCharlie = $0.01 + 0.03% × 0.1 × $43,000 = $1.30\`
When setting the `max_fee` parameter on `private/order`, use the formula described in the [API reference](/api-reference). The matching engine adds extra buffers to the above calculation to prevent reverts during volatile market conditions. See [Order Types](/trading/order-types) for the `max_fee` requirement.
## RFQ fees
Trades conducted via RFQs are charged the taker notional fee rate on both counterparties, plus a base fee on the taker side. Multi-leg trades receive **up to 100% discounts** on the cheaper legs.
For the most common use cases:
* **2-leg option spreads** like straddles, verticals, and calendars pay zero fee on their second leg.
* **Hedged options** (option + perpetual) pay zero fee on the cheaper of the perp and option leg.
For more complicated trades, the following rules apply. All legs of an RFQ are grouped into `long calls`, `long puts`, `short calls`, `short puts`, `perps`, and total fee is calculated within each group. The full fee is always charged on the most expensive group. The remaining groups get a fee discount in this order:
1. Cheapest group gets 100% discount
2. Second and third cheapest group get 50% discount
3. Other groups do not get further discounts
**Examples:**
1. A call spread has 2 legs in different groups (one `long calls`, one `short calls`). The cheapest leg gets 100% discount.
2. A straddle or strangle has two legs in different groups. The cheapest leg gets 100% discount.
3. Two long calls at different strikes or expiries both fall into `long calls`, so no discount applies.
4. A risk reversal with a perp hedge has 3 legs in 3 groups. Cheapest gets 100% discount, second cheapest gets 50%, most expensive is paid in full.
### Box spreads
The system recognises box spreads as a special strategy with a different fee schedule. A box spread is a 4-legged trade with a long call and a short put at one strike and a short call and a long put at another, all at the same expiry. It can be thought of as a zero-coupon bond paying `(strike_1 − strike_2)` dollars at expiry, and it typically trades at a discount to its notional.
Derive charges a "yield spread" fee for this "bond" equal to `notional × 0.5% × years_to_expiry`. For a box with strikes $4,000 and $5,000 ($1,000 notional) and 1 month to expiry, the fee is `$1,000 × 0.5% × 1/12 = $0.42`. This fee is charged to **both maker and taker**, plus a $0.5 base fee to the taker side only.
## Liquidation fee
If a subaccount is liquidated, a liquidation fee of **10% of the liquidated portfolio value**, marked to market, is applied.
## Interest on borrowed USDC
Interest is charged on the debit balance of borrowed USDC — the fee only applies if your account has a negative cash component. Interest follows a utilisation curve similar to AAVE: the more negative cash in the system, the higher the interest rate. Derive charges a spread on the long/short balance in the system.
## Discounted fee tiers
Pay lower fees by trading more volume or staking DRV. View live fee tiers in the [Derive app](https://app.derive.xyz/fees). Institutional market makers receive additional discounts and rebates through the [Institutional Trading Rewards Program](/integrators/programs/institutional-trading-rewards).
## Setting max\_fee on orders
The `max_fee` field on `private/order`, `private/replace`, and quote submission is a per-contract cap denominated in USDC. It protects you against paying more than expected while giving the matching engine headroom for volatility.
* For resting (maker) orders: `max_fee > 2 × max(taker_fee, maker_fee) × spot_price + extra_fee / amount`
* For crossing (taker) orders: `max_fee > maker max_fee + base_fee / fill_amount`
In this calculation, the standard taker/maker fees are used regardless of any custom account tier. `max(limit_price, index_price)` is used to compute the notional. See the [Order Types](/trading/order-types) reference for how `max_fee` interacts with orderbook margin.
## Related
Charge `extra_fee` on top of exchange fees, paid to your Derive Wallet.
Market maker fee tiers, rebates, and DRV rewards.
`max_fee`, order flags, and other order-writing details.
Multi-leg RFQ workflow and quote execution.
## Related topics
- [private/rfq_get_best_quote](/api-reference/rfq/privaterfq_get_best_quote.md)
- [RFQ Trading](/trading/rfq.md)
- [Institutional Trading Rewards Program](/integrators/programs/institutional-trading-rewards.md)