Skip to main content
openPunt takes no rake. Every cost below is paid to the people who make the trade happen: matcher, oracle reporters, and whoever submits transactions on your behalf.

​
Opening fee

The opening fee is a percentage of notional, paid to the matcher when the position opens. It starts at the market’s configured minimum and rises until a matcher takes the trade. The fee cannot end up higher than the market’s configured maximum. The trade ticket shows this as Fee range. On top of your margin, you deposit extra to cover the maximum possible fee when you request the position. Anything above the fee you end up paying is refunded when the position is matched. There is no separate closing fee on your trade size, though you do need to pay an oracle reporter to close your position, which is covered below.

​
Funding

Funding is a fixed annualized rate set when you request the position. It is charged on notional for the whole time the position is open, including any time past maturity, and settled when the position closes. Depending on its sign, you pay the matcher or the matcher pays you.

​
USDC collateral

With USDC collateral, margin and PnL are in dollars, and a 1% price move pays 1% of notional either way. The payoff is linear, so Auto funding is simply the market’s base rate: for crypto, the median funding rate of USDC-settled perpetual futures on the same asset across several venues; for stocks, a fixed rate of SOFR plus 2.5%. See Trading pairs.

​
ETH collateral

With ETH collateral, margin and PnL are in ETH, so the dollar value of your PnL also depends on where ETH ends up. That makes the payoff convex in dollar terms. With an ETH collateralized position on ETH/USDC, a long’s gains arrive when ETH is worth more and its losses when ETH is worth less, so the long has an embedded PnL leak paid for by the short. The leak here is essentially the realized raw variance of the underlying, so Auto funding adds a term for ETH’s variance over the maturity on top of the perp median: longs pay it and shorts receive it. On other markets with ETH collateral, the edge depends on how the asset moves together with ETH, so the added term is their raw covariance instead of variance. It is positive when the two tend to move together and can be negative when they move apart.

​
Close reward

When you close, you fund a reward for whoever starts the oracle game that sets your closing price. The reward starts small and grows until someone reports. Similar to the opening fee, you fund the maximum close reward up front, and any unused part is refunded when the reporter claims the reward. You are paying for an oracle report, which is smaller than your notional, so this reward is typically fairly small. It is paid in your collateral, and it can increase when volatility or gas prices spike. If an oracle game is already running on your position when you close, your close applies to that game and no reward is needed, though this is rare. Typically you will need to pay a close reward for an oracle report.

​
Gas

You pay gas for your own transactions. Your request and your close also include small ETH amounts that reimburse others for transactions they send on your behalf: the matcher’s match, and executing the opening and closing oracle results. If One-click trading is enabled, gas is paid from your trading account, in USDC through Circle’s paymaster when the account holds enough USDC, otherwise in ETH. This is more expensive than trading directly through your wallet.