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Flex Fees
Flex consists of smart contracts communicating to each other to facilitate exchange.
Each of these contracts (Flex Client contract which governs all trader's funds on Flex, internal Flex token wallets, and a few utility contracts) need to be deployed to the blockchain for each Flex trader and an amount of tokens required to start operating needs to be sent to them.
This is done with the help of Flex Auth DeBot when you connect your wallet, deposit or buy a new asset on the exchange.
The initial deployment of Flex contracts requires a minimum of 150 EVERs. This will become the initial deposit to your Gas balance and will be used to cover subsequent fees. Most of this amount, about 130 EVERs, will be sent to your userID balance. 20 EVERs will remain on your Flex Client balance.
If you deposit more than 150 EVERs to gas, 20 will remain on Flex Client and all the rest will be sent to your userID.
Each new assets wallet will take about 15 EVERs. When you buy or deposit an asset you don't have on Flex yet, this amount will be taken from your Gas balance and allocated to your new asset wallet automatically.
On Flex, takers pay the fees, while makers benefit from the fees. Fee configuration is determined by the
taker_fee and maker_vig parameters of Flex configuration.When a deal is fulfilled, taker pays the amount of the deal +
taker_fee.taker_fee is currently set at 0.15%.Of that amount, the maker gets
maker_vig amount. The rest (taker_fee - maker_vig) goes to the exchange.maker_vig is currently set at 0.03%.So the exchange gets 0.15% - 0.03% = 0.12%.
Trades, being messages between smart contracts also are subject to blockchain fees in native EVER tokens.
Note: All values are average and can vary by a few fractions of an EVER depending on the situation in the orderbook.
- Order creation fee is about 0.6 EVERs. It applies to every order.
- Trade completion fee is about 1.1 EVER. Trade completion fee is payed for by the seller of the major token in the pair if their order is completed with this trade. Otherwise the buyer pays this fee. Thus the maximum blockchain fee for a successful trade is about 1.7 EVERs.
- If an order is cancelled, process queue and return ownership fees are paid instead of trade completion. The total fee of a created and then cancelled order is about 1.2 EVERs.
- If an order expires, only return ownership fee of 0.1 EVER is applied. The total fee of an expired order is about 0.7 EVERs.
These funds are taken from your Gas balance. Currently 3 EVERs from the Gas balance are attached to order creation and cancellation. Change is returned.
Note: When placing large limit orders, in rare cases (low liquidity in token pair spread over many small orders), blockchain fees may be several times higher, as the total fees will include the fees for each of the existing smaller orders, which are needed to fulfill the large order being executed.
When an order is created, an account of the following value is created in the Price smart contract for the user:
account = incoming_value - ev_cfg.process_queue - ev_cfg.order_answer;
When a deal is completed, one side pays
deal_costs: deal_costs = ev_cfg.transfer_tip3 * 3 + ev_cfg.send_notify
where
const ev_cfg = {
transfer_tip3: 0.3e9,
return_ownership: 0.2e9,
trading_pair_deploy: 1e9,
order_answer: 0.1e9,
process_queue: 0.4e9,
send_notify: 0.1e9,
dest_wallet_keep_evers: 0.01e9
};
(in nanotokens).
The side paying the
deal_costs is decided according to the following: bool last_tip3_sell = (sell.amount == deal_amount) || (sell.amount < deal_amount + min_amount_);
bool last_tip3_buy = (buy.amount == deal_amount) || (buy.amount < deal_amount + min_amount_);
bool seller_pays_costs = last_tip3_sell;
or, in short, the seller (the one selling major tokens) pays the deal costs, if this is his latest deal. In all other cases, the buyer (the one buying major tokens) pays it.
The three TIP3 transfers included in the deal_costs are these:
- Major token wallet of the seller -> major token wallet of the buyer
- Minor token wallet of the buyer -> minor token wallet of the seller
Note: Major token is the token, an amount of which is being bought or sold. Minor token is the token the price is expressed in.
Depositing tokens costs about <1 EVER. Change is returned.
Unwrapping and withdrawing Flex tokens costs 1.5 EVERs.
If you log out of your current instance of Flex, you may need to update your authorization on the next login. This will cost < 1 EVER. You will see the exact amount in the Auth DeBot dialogue.
Flex contract updates are also on-chain actions that cost some gas.
For each user account the update will cost
1 EVER + number_of_price_contracts*2*3 EVER + number_of_user_wallets*0.1 EVER