> For the complete documentation index, see [llms.txt](https://docs.imperial.space/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.imperial.space/fees.md).

# Fees

Imperial's fees are simple and transparent. There's one Imperial fee, and it's charged on your **collateral** — not your position size — so at leverage it's a tiny fraction of the trade.

### The Imperial fee

**10 bps (0.10%) on collateral**, charged on both opening and closing a position.

Because the fee is on collateral rather than notional, it stays small even on large leveraged positions:

| Collateral | Leverage | Position size | Imperial fee (open) |
| ---------- | -------- | ------------- | ------------------- |
| $1,000     | 10x      | $10,000       | $1.00               |
| $1,000     | 25x      | $25,000       | $1.00               |
| $5,000     | 5x       | $25,000       | $5.00               |

A full round trip (open + close) is charged the fee on each leg.

### Partner discount

Trade through a partner or referral code and your Imperial fee is cut in half, to **5 bps (0.05%)** on collateral.

### Underlying venue fees

Imperial routes your trade to an underlying venue (Jupiter, Flash, Phoenix, GMX, and others). You still pay that venue's own fees — the same fees you'd pay trading there directly. These can include:

* The venue's open/close fee
* Borrow / funding costs while the position is open
* Spread and price impact at execution

Imperial doesn't mark these up. You pay the venue exactly what the venue charges, plus the flat 10 bps Imperial fee on your collateral.