> For the complete documentation index, see [llms.txt](https://handbook.spend.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://handbook.spend.market/markets/fees.md).

# Fees

Spend Market applies fees in three places. All fees are shown up front before you confirm.

**Phase 1, tiered pool entry fee.** A small fee when you buy into a pool, stepping up as the pool fills. The pool is split into four equal tranches by collateral: the first pays 0.5%, then 1.0%, 1.5%, and 2.0% for the last. Early buyers pay the least; later entries pay progressively more. The fee accrues to a seed fund deployed at graduation.

**Phase 2, maker rebate / taker fee.** Makers (resting orders) earn a 30 bps rebate per fill; takers (orders that consume liquidity) pay a 50 bps fee per fill. Of the taker fee, 30 bps is paid to the maker as the rebate and 20 bps is the net fee retained by Spend Market. Makers never pay to quote.

**Net-profit fee.** 1% of your net profit on a winning position: your payout minus what you paid. It applies to profit only, never to your stake and never to a losing position.

> **Example, a $100 position that resolves YES, 1% net-profit fee.**

* Bought at $0.50 → 200 tokens × $1.00 = $200 gross. Profit is $100, so the fee is $1: $199 net.
* Bought at $0.70 → 143 tokens × $1.00 = $143 gross. Profit is $43, so the fee is about $0.43: about $142.57 net.

Your cost basis, gross payout, and net payout are always shown before you confirm.


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