Fee structureFee Structure
Mullet's fees follow three principles — transparent, disclosed up front and verifiable on-chain. This page lists trading fees, transfer fees and the VIP tier system in detail. There are no hidden charges; everything is disclosed on the order page before you trade.
Mullet's fees follow three principles: transparent, disclosed up front and verifiable on-chain. This page lists trading fees, transfer fees and the VIP tier system in detail. There are no hidden charges — everything is disclosed on the order page before you trade.
Trading fees
We use a maker / taker model: resting orders that provide liquidity (maker) pay less, orders that take liquidity (taker) pay more. This encourages users to provide liquidity, which improves book depth for everyone.
| Tier | 30-day volume | Maker | Taker | Withdrawal (USDC) |
|---|---|---|---|---|
| VIP 0 | < $100K | 0.020% | 0.050% | $1 |
| VIP 1 | $100K - $1M | 0.015% | 0.045% | $1 |
| VIP 2 | $1M - $10M | 0.010% | 0.040% | FREE |
| VIP 3 | $10M - $50M | 0.005% | 0.035% | FREE |
| VIP 4 | $50M - $200M | 0.000% | 0.030% | FREE |
| VIP 5 | > $200M | −0.005% REBATE | 0.025% | FREE |
The VIP 5 rebate: makers at the top tier actually receive a rebate — we pay core liquidity providers out of our own pocket in exchange for a tighter book.
Worked example
Suppose you're VIP 0 and go long 10,000 USDC of notional value in SOL/USD at market:
You pay the fee again when you close. A full round trip (open + close) as taker costs 0.1% in total. At 5× leverage, 0.1% of friction equals 0.5% of your own capital — high-frequency traders need to pay close attention to their fee tier.
How VIP tiers are determined
VIP tier is based on total volume over the past 30 days, recalculated automatically at 00:00 UTC each day.
- All instruments count together — crypto, forex and metals are not separated
- Both sides count — the notional value of both opening and closing is included
- Upgrades take effect immediately; downgrades have a 7-day grace period
Deposit fees
| Method | Asset | Mullet fee | Network fee |
|---|---|---|---|
| On-chain transfer | USDC / USDT (Solana) | Free | ≈ $0.008 |
| On-chain transfer | SOL | Free | You pay gas |
| On-chain transfer | USDT / USDC (Ethereum / Tron) | Free | You pay that network's gas |
Deposits support direct transfers on Ethereum, Solana and Tron with no platform fee at all — you only pay the network's gas (usually < $0.01 on Solana). See deposits.
Withdrawal fees
| Tier | USDC | USDT | SOL |
|---|---|---|---|
| VIP 0-1 | $1 | $1 | 0.001 SOL |
| VIP 2+ | Free | Free | Free |
The withdrawal fee covers the Solana network fee plus the platform fee. Keep 1+ USDC in your account so there's always enough to cover it.
Other fees
| Item | Fee | Notes |
|---|---|---|
| Inventory fee rate | Paid / received daily | See inventory fee |
| Clearing fee | 0.1% of the liquidated amount | Charged only on forced liquidation; goes to the insurance fund |
| High-frequency API | Free | We may charge connection fees to ultra-HF market makers in future |
| Account maintenance | Free | No annual fee, no inactivity fee |
The takeaway: all of Mullet's revenue comes from disclosed trading fees plus clearing fees. We don't run an internal book against you, we don't profit from your losses, and we charge nothing hidden. That's a design commitment and one of our non-negotiable principles.