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How to calculate Upbit contract transaction fees
Understanding Upbit's tiered fee structure for perpetual contracts is crucial for optimizing trading strategies and minimizing transaction expenses.
Nov 11, 2024 at 06:19 pm
How to Calculate Upbit Contract Transaction Fees
Upbit, one of the world's leading cryptocurrency exchanges, offers a diverse range of trading options, including perpetual contracts. Understanding the transaction fees associated with these contracts is essential for optimizing your trading strategies. Here's a comprehensive guide to calculating Upbit contract transaction fees:
1. Identify the Applicable Fee Structure:
Upbit employs a tiered fee structure for contract trades, with different rates for makers and takers.
- Maker Fee: Makers add liquidity to the order book by placing limit orders that don't immediately execute. They receive a discount on the standard fee.
- Taker Fee: Takers remove liquidity by placing market orders that execute instantly. They pay a higher fee than makers.
2. Determine Your VIP Level:
Upbit assigns VIP levels to its users based on their trading volume and holding of its native token, UP. Higher VIP levels qualify for lower fees. The fee reductions range from 5% for VIP 1 to 50% for VIP 10.
3. Calculate the Base Fee:
The base fee is the standard fee charged for each contract trade. It is calculated as a percentage of the contract's notional value, which is the product of the contract size and the underlying asset's price.
Example:
- Contract size: 1 BTC
- Underlying asset price: $20,000
- Notional value: 1 BTC * $20,000 = $20,000
4. Apply Maker/Taker Discount:
If you are a maker, you will receive a discount on the base fee. The discount is determined by your VIP level.
Example:
- VIP 1 maker: 10% discount
- Base fee: 0.075%
- Maker fee: 0.075% - (0.075% * 10%) = 0.0675%
If you are a taker, you will pay the full base fee.
Example:
- Taker fee: 0.075%
5. Calculate the Upbit Fee:
The Upbit fee is the total fee charged by the exchange for each contract trade. It is calculated by adding the base fee and the maker/taker fee.
Example:
- Maker: 0.0675%
- Taker: 0.075%
6. Calculate the Transaction Fee:
The transaction fee is the final fee you will pay for each contract trade. It is calculated by multiplying the Upbit fee by the notional value of the contract.
Example:
- Maker: 0.0675% * $20,000 = $13.50
- Taker: 0.075% * $20,000 = $15.00
Note:
- The provided example fee rates are illustrative and may vary based on current market conditions.
- Upbit offers additional fee discounts for high-volume traders and those who hold a significant amount of UP tokens.
- It is recommended to regularly check Upbit's fee schedule for the latest rates and any changes to the fee structure.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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