This documentation refers to CoW Protocol fees.
Current Fees
Surplus fee on out-of-market limit orders
Definition: 50% of surplus on out-of-market limit orders, capped at 0.98% of the total volume of the order Eligible orders: the fee only applies to out-of-market limit orders and discrete TWAP orders where the order is not executable at the time it is generated Fee calculation: surplus * 0.5 OR volume * 0.0098 [whichever number is lower]
Quote improvement fee on market orders
Definition: 50% of positive quote improvement on market orders (aka swaps), capped at 0.98% of the total volume of the order Eligible orders: all market orders (including in-market limit and TWAP orders) where the user receives a better price than they were quoted Fee calculation: quote improvement * 0.5 OR volume * 0.0098 [whichever number is lower]
Volume Fee
Definition: A tiered fee based on the total volume of the order, adjusted by asset type Eligible orders: all orders Fee structure:Fee calculation:
- Standard Assets: 2 basis points (bps)
- Correlated Assets (Stables/RWAs): 0.3 basis points (bps)
- Standard: Volume * 0.0002
- Correlated: Volume * 0.00003
Surplus is defined as the difference between the executed price and the minimum execution price for an orderQuote improvement is defined as the difference between the executed price and the quoted price for an order, so long as the value is positive (if the value is negative, no fee is taken)