Fee schedule
Fees are charged once, when an order is matched — never on settlement. The fee is a percentage of a contract's expected earnings, so it peaks near 50¢, where the outcome is least certain, and tapers to almost nothing at either end of the book.
Trading fees
fees = round up(0.07 × C × P × (1 − P))
P is the price of a contract in dollars (50 cents is 0.5), Cis the number of contracts traded, and the result is rounded up to the cent. S&P 500 and Nasdaq-100 markets are billed at half this rate.
General trading fees
| PRICE | 1 CONTRACT | 100 CONTRACTS |
|---|---|---|
| $0.01 | $0.01 | $0.07 |
| $0.05 | $0.01 | $0.34 |
| $0.10 | $0.01 | $0.63 |
| $0.15 | $0.01 | $0.90 |
| $0.20 | $0.02 | $1.12 |
| $0.25 | $0.02 | $1.32 |
| $0.30 | $0.02 | $1.47 |
| $0.35 | $0.02 | $1.60 |
| $0.40 | $0.02 | $1.68 |
| $0.45 | $0.02 | $1.74 |
| $0.50 | $0.02 | $1.75 |
| $0.60 | $0.02 | $1.68 |
| $0.75 | $0.02 | $1.32 |
| $0.90 | $0.01 | $0.63 |
| $0.95 | $0.01 | $0.34 |
| $0.99 | $0.01 | $0.07 |
Everything else
| Membership | Free |
| Settlement | Free |
| Cancelling a resting order | Free |
| ACH deposit | Free |
| ACH withdrawal | Free |
| Wire withdrawal | Free |
| Debit card deposit | Up to 2% |
| Debit card withdrawal | $2 flat |
Maker fees
fees = round up(0.0175 × C × P × (1 − P))
An order that rests on the book instead of matching immediately is quoted at a quarter of the general rate, and only if its series is listed in this section — none currently are, so resting orders trade free. Cancelling a resting order never costs anything. Liquidity providers can offset fees entirely through the incentive programs.