Trade
Fees
Keeper Fees
0.35%.
This is paid to the keeper bot, including gas fee.
Trading Fee
0.1% of the trading volume. Trading volume = Trading Size * Execution Price
70% of all trading fees go to symLP holders.
What is Funding?
Funding, or commonly known as the funding rate or funding fee, is a common mechanism used in perpetual swaps. Sometimes, it's more attractive to hold one side of the trade, so to balance the skew and attract traders on the other side, a funding rate is introduced.
Funding applies to all open positions. A positive rate means longs pay shorts, and a negative rate means shorts pay longs. The rate increases when a market is skewed long, and decreases when it is skewed short. Funding accrues on a position whenever it is opened, modified, or closed.
For those interested in the technical details, you can find the specific design and mechanism here.
How frequently is funding calculated and applied to my account?
"Funding" is calculated in real-time by the on-chain contract and reflected in the margin balance.
Specifically, before the positions are closed (or changed), funding is calculated and shown in the user's margin balance; after the positions are closed (or changed), funding(if any) is settled into the user's USDC balance.
Position Financial Costs Mechanism
To balance the interests of traders and LP holders, and to compensate LP holders for the unfavorable leverage position they will be put under with high open interest when the market has a strong trend, Symmetry introduces the Position Financial Costs Mechanism to attract LP users and to properly manage the risk for both parties.
Soft Limit on Total Currencies' Open Interest
When Open Interest , the financial cost for open positions is 0.
When Open Interest , users holding the more significant positions for each trading asset will be charged a position financing cost in real-time and USDC. The position's financial costs will be credited to the LP account to balance out the risk and return of LP holders.
Hard Limit on Total Currencies' Open Interest
When overall Open Interest or the open interest of a certain trading asset , users holding the larger positions for each trading asset would only be able to reduce their current positions, while users with fewer positions would be able to open new positions as long as it doesn't exceed the larger position amount.
Monitor the Open Interest level
You can find the overall Open Interest level on the front page.
Slippage
if the trade adds on risks on LP, there is an extra slippage in the execution prices; if the trade reduces risks for LP, there is no extra slippage and the execution price may be better than oracle prices.
Slippage rate is indicated when placing the order. For the specific calculation, please refer to the "Adjusted AMM" model.
Price
Symmetry uses the Pyth network for its price feed and Chainlink oracle as a backup.
The price shown on the price chart is the mid-price. The price charts are designed to be updated in real-time. There might be a slight delay occasionally due to the traffic on chain.
When choosing "Limit order“ or "Market order" without putting in any amount, the "Market price” shown is the best bid/ask price (for long/short positions, respectively).
When placing the order, the price shown is the expected average price, trading fee not included.
The Unrealized Profit/Loss is calculated with mid-price.
Liquidation
Liquidation is triggered when the Maintenance Margin Ratio <= 100%.
Fees
Keeper fees: Paid in USDC and charged by the keeper bot, including gas fees. 0.35%.
Trading fee: 0.1% of the trading volume.
Potential slippage cost, detailed illustration can be found above.
Penalty: 1%. The penalty goes to the insurance account, of which 1/10 of the 1%(0.1%) will be minted into an NFT, claimable to the liquidated address.
The Process
Symmetry refers to the oracle prices during liquidation trigger calculation. Once the liquidation process is triggered, all positions are closed one by one using the execution prices respectively. Position closing starts with BTC and then ETH when all BTC positions are closed. The process continues until the Margin Ratio is below 100% (the maintenance margin ratio is above 100%).
Symmetry does not provide unlimited liquidity for liquidation.
After completing the liquidation process, takers will be charged a one-time penalty fee of 1%. The penalty fee goes to the protocol's insurance account.
The Aftermath
If the taker’s equity is above zero after the process above, the remaining balance will be returned to their account.
If the taker’s equity is insufficient to pay the keeper bot and LP, the insurance account will pay for it until insurance funds run out. If insurance funds run out, LP will take losses.
Examples with detailed calculations can be found here for anyone that's interested.
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