# Fees

Meridian charges trading fees on executed perpetual futures trades.

## Current Trading Fees

| Fee Type  | Current Rate |
| --------- | -----------: |
| Maker Fee |        0 bps |
| Taker Fee |        3 bps |

One basis point, or `1 bps`, is `0.01%`. A taker fee of `3 bps` is equal to `0.03%`.

## Maker vs Taker

A **maker** order adds liquidity to the order book. A **taker** order removes liquidity from the order book.

:::info
Using a limit order does not always mean the trade is charged as maker liquidity. If the order immediately crosses the book, the executed portion is taker volume.
:::

## Fee Calculation

Fees are a percentage charged on the notional value of each fill and settled in USDe:

```text
fee = fill price * fill quantity * fee rate
```

For example, a `10,000 USDe` taker fill at `3 bps` pays:

```text
10,000 * 0.0003 = 3 USDe
```

## Fee Changes

If fees change, resting orders are protected from fee increases.

For example, if the taker fee increases from `3 bps` to `5 bps`, an order that was already resting before the change will still be charged at `3 bps` if it later fills. If the taker fee decreases from `3 bps` to `1 bps`, resting orders benefit from the lower `1 bps` rate.

## API Fields

Per-market fee configuration is exposed by `GET /v1/product` as `makerFee` and `takerFee`. These fields are decimal rates, so `0.0003` represents `3 bps`.

For more details on product metadata, see [Products / Markets](/developer-guides/trading-api/products).

## Other Costs

Funding payments are separate from trading fees. Funding is exchanged between longs and shorts and is calculated hourly based on the market's funding parameters. See [Funding Rates](/trading/perpetual-futures/funding-rates).

Deposits and withdrawals may also have token-specific configuration. See [Supported Tokens](/developer-guides/trading-api/supported-tokens) and [Token Transfers](/developer-guides/trading-api/token-transfers).

For current and updated fee information, refer to [app.ethereal.trade](https://app.ethereal.trade/).