> The index of every page is at https://docs.nova.markets/llms.txt. The complete documentation in one file is at https://docs.nova.markets/llms-full.txt.

# Fees and funding

Address: https://docs.nova.markets/#/fees
Section: Trading

What a trade costs, on both kinds of market, and the one fee that can pay you.

## Hyperliquid perps

[Hyperliquid's own maker and taker fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), plus a **builder code of 3.5 bps** from Nova.

## Nova markets

Fees are calculated on the position's notional: collateral times leverage. Each trade pays an **opening fee** when it opens and a **closing fee** when it closes. Both use the same rate, set per market by asset class, and both are charged on notional, not on collateral and not on PnL.

| Asset class | Opening | Closing |
| --- | --- | --- |
| **Crypto** | 3.5 to 6 bps | 3.5 to 6 bps |
| **Stocks, indices and commodities** | 3 to 5 bps | 3 to 5 bps |
| **Forex** | 1.2 bps | 1.2 bps |

Open plus close is twice the one-side fee. Trading fees (opening and closing) are what the market's Conviction Token holders are paid from.

- **Spread and price impact**, applied to the oracle price at execution (below).
- **Holding fees** while the position is open: a borrowing fee to the pool, and funding between traders (below).

Everything that applies is in the trade panel before you confirm.

## Spread and price impact

Your execution price is the oracle price adjusted by two things. A small **fixed spread**, set per market: smaller, less liquid underlyings carry a wider one. And a **dynamic price impact** that scales with your size against the underlying's real depth, and with the market's open-interest skew: a trade that makes the imbalance worse pays more, and a trade that reduces it pays less, and it can even execute better than the oracle price. This is what an order book's depth does elsewhere, done explicitly: size and direction pay their real cost, and the book stays balanced without shrinking the caps.

## Holding fees

Two components accrue while a position is open, both visible on the position row.

- **Borrowing fee**, paid to the Conviction Pool. It scales with how much of the pool's capacity your side of the market is using: a crowded side pays more per hour than a quiet one. This is the pool's compensation for backing your leverage.
- **Funding fee**, paid between traders: the crowded side pays the light side, and Nova takes none of it. It is the one fee that can work in your favour: hold the light side of a skewed market and funding pays you.

Rates and countdowns are in the market header; on your position both are folded into PnL.

## Liquidations

Every position shows its **liquidation price** before you open it. It sits where your losses, fees included, reach the market’s liquidation threshold, deliberately short of 100%, so the position is always closed while there is still margin to close it with. Cross it and the position is liquidated: the remaining collateral, minus the liquidation fee, is gone to the pool.

The liquidation threshold is set per market and can change with leverage. Check the table for each market in [Markets and parameters](https://docs.nova.markets/markets.md).

The shape of it, with a 90% threshold: at 10×, a roughly 9% move against you liquidates. More leverage moves the liquidation price closer. Liquidations are executed automatically the moment the oracle price crosses the trigger, run by Nova at launch. Your take profit and stop loss, if set, always fire first when their prices come first.

## The rest

|  |  |
| --- | --- |
| **Deposit** | Flat 0.20 USDC |
| **Withdrawal** | Nothing from Nova |