Fee Structure
Provider fee comparison and net-price routing
The smart order router uses fee schedules to calculate net execution price. This ensures orders are routed to the cheapest venue after accounting for both spread and trading fees.
Provider Fee Schedule
Fees are configured in basis points (bps). 1 bps = 0.01%.
| Provider | Maker (bps) | Taker (bps) | Notes |
|---|---|---|---|
| Alpaca | 0 | 0 | Commission-free equities |
| Tradier | 0 | 0 | Commission-free equities |
| Binance | 10 | 10 | Flat rate, volume discounts available |
| SFOX | 15 | 25 | Prime dealer |
| Kraken | 16 | 26 | Volume-tiered |
| Gemini | 20 | 40 | ActiveTrader pricing |
| BitGo | 25 | 25 | Prime trading estimate |
| Coinbase | 40 | 60 | Advanced Trade pricing |
| FalconX | 5 | 10 | Institutional RFQ |
| Interactive Brokers | 0.5 | 0.5 | Per-share, approximated to bps |
| CurrencyCloud | 3 | 5 | Tight FX spreads |
| LMAX | 2 | 3 | Institutional CLOB |
| Fireblocks | 0 | 0 | Custody/transfer, no trading fees |
| Circle | 0 | 0 | Stablecoin transfers |
| Polygon.io | 0 | 0 | Market data only |
| Finix | 0 | 0 | Payment processor |
Net-Price Routing
The SOR calculates net execution price for each venue:
Buy: net_price = ask_price * (1 + taker_fee_bps / 10000)
Sell: net_price = bid_price * (1 - taker_fee_bps / 10000)For a buy order, the venue with the lowest net price wins. For a sell, the venue with the highest net price wins. This means a venue with a slightly wider spread but lower fees can beat a tighter-spread venue with higher fees.
Example
Buying 1 BTC when two venues quote:
| Venue | Ask Price | Taker Fee | Net Price |
|---|---|---|---|
| Binance | $42,155.00 | 10 bps | $42,197.16 |
| Coinbase | $42,150.00 | 60 bps | $42,402.90 |
Despite Coinbase having a lower ask price, Binance wins on net price due to lower fees. The difference is $205.74 per BTC -- over $2,000 on a 10 BTC order.
Split Fee Calculation
When splitting an order across venues, each leg calculates its own fee:
leg_fee = leg_qty * estimated_price * (taker_fee_bps / 10000)The split plan response includes estimated_fees (total across all legs) and savings_vs_single_venue (bps saved compared to sending everything to the worst venue).