> ## Documentation Index > Fetch the complete documentation index at: https://docs.rekt.money/llms.txt > Use this file to discover all available pages before exploring further. # Fees and limits > What a trade costs and what the venue lets you do: the fees, how a win is calculated, the stake and payout limits, leverage, trading hours, the minimum hold, how a win is paid and the 24 hour refund. *Values as of 2026-10-18; they can change.* Every value on this page is a field on chain. A change is a public write that anyone can read, and the terms of a position are fixed when it opens. Read the live value through the SDK before you trade, and treat this page as the date it carries. ## What a trade costs | | | | - | - | | **Open** | Free. The entry fee is 0, so the stake is the whole cost of an open. | | **Add collateral** | Free. The entry fee is 0 on the added amount too. | | **Close** | An exit fee, charged on the **exit value**: the money the position closes with, before the fee. **5 %** on a win. **10 %** on a loss. A close within 1 bp of your entry price pays a rate between the two. On a gain the terms also withhold part of the gain: you keep 63 % of it at a move of 1 bp or less, and the share you keep rises with the size of the move to 87 % at 10 bp or more. [How a win is calculated](#how-a-win-is-calculated) has the steps and a worked example. | | **Knockout** | No fee. The stake is gone and nothing is left to charge. | | **No-price close and the 24 hour refund** | No exit fee. The position gets its stake back. | | **An order that is returned** | The whole stake comes back. No fee. | | **Holding** | The borrow fee is 0. It is a governed rate, and a position keeps the rate it opened with. | Setting your own timer is free. ## What the venue lets you do | | | | - | - | | **Stake** | From $0.20 to $1,000 for one position. A $1,000 stake is $1,000,000 of exposure at 1000x. | | **Leverage** | 1000x on every market. Leverage sets how fast a position ends, not how much it can win or lose. | | **Barrier** | Every position has one, set when it opens. If the market touches it, the position ends and you receive nothing. At 1000x it is close to the entry price. The SDK returns the exact distance for the terms you are about to open: `openPreview().barrierMicroBp`. | | **Target (rung)** | At least 2.00x your stake. Reaching the target means a gross gain of the multiple less one, times your stake: a 2.00x target is a gain equal to the stake. You receive that gain less the share the terms withhold and less the exit fee. The payout cap is 65,535x, the largest value the program accepts, so the pool's cover decides whether a position fits, not a cap on the target. | | **Timer** | Optional. A timer you set is 26 seconds or more. | | **Minimum hold** | You cannot ask to close in the first 6 slots after your entry price, about 2 seconds. A knockout is never held back. | | **How long a position lives** | There is no protocol clock. A position ends at its barrier, at its target, when you close it, or at your own timer. A gold position ends before its session closes. | | **Minute round** | The opening stake is up to $100. Each double-down equals the opening stake. A round's total stays within the $1,000 maximum position. Minute's own fee is 0, and a round closes on the same exit fee as a position on that market. | | **Does it fit** | A position is admitted when the venue fills the order, if the pool can cover it. If it cannot, the order is returned with your whole stake and no fee. | ## How a win is calculated At a close the program works in four steps. Each uses the terms the position froze when it opened. 1. **Gross gain.** The move in your favour, times your exposure. At 1000x, a move of 10 bp (0.10 %) is a gross gain equal to your stake. 2. **The part you keep.** The terms withhold part of a gain. You keep 63 % of it at a move of 1 bp or less. The share you keep rises with the size of the move, to 87 % at 10 bp or more. A flat close or a loss has no gain to withhold from. 3. **The exit value.** Your stake plus the part of the gain you keep. 4. **The exit fee.** 5 % of the exit value on a win. What is left is paid to you. **Worked example, at the values above.** A \$1.00 stake at 1000x with a 2.00x target. The price moves 10 bp in your favour and reaches the target. | Step | Amount | | - | - | | Gross gain (the target) | \$1.0000 | | Part you keep, 87 % | \$0.8700 | | Exit value, stake plus the part you keep | \$1.8700 | | Exit fee, 5 % of the exit value | \$0.0935 | | **Paid to you** | **\$1.7765** | A 2.00x target on a $1.00 stake therefore pays $1.7765, not \$2.00: the multiple names the gross payout, the stake plus the gross gain, before the exit fee and the share of the gain the terms withhold. A smaller win keeps a smaller share of its gain, and a close within 1 bp of the entry price pays a rate between 5 % and 10 %. `openPreview().maxPayout` is the same gross figure, before the exit fee and the share of the gain the terms withhold. Read what a close paid from its `SettlementFeeTerms` event. ## How a win is paid **A win is paid in full. Part of it may be paid later, in order. There is no guaranteed time. The amount queued ahead of you is shown.** * At a close your stake comes back at once, and the profit is paid from the pool's free cash. * What the pool cannot pay yet joins a queue. The queue is first in, first out, and cash that other positions leave in the pool funds it. * Anyone can send the instruction that pays funded queue money. It goes to the wallet recorded on the account. * The settlement events say how much was paid now and how much was queued. The rule in full is under [how a win is paid](/liquidity#how-a-win-is-paid). ## If the price stops If a market has had no posted price for 24 hours, anyone can close any position on it, and each position gets its stake back. Anyone can post a signed price (`provePrice`) to reset the clock. ## Trading hours | Market | Hours (UTC) | | - | - | | BTC, ETH, SOL, XRP | Always open. | | Gold (XAU/USD) | Sunday 23:00 to Friday 21:00. Closed from 21:00 to 23:00 each day. | A market is in one of four states: open, closing soon, closed or halted. A scheduled event window, a pause or a feed that has stopped answering halts a market. [Markets](/markets) has the rules at each close. ## Where each value is read | Value | Where | | - | - | | Stake limits | `config.params.minCollateral`, `config.params.maxCollateral` | | Fees | `config.params.entryFeeBps`, the market's fee-terms account (`feeTermsTablePda`), `config.params.borrowRateBpsPerHour` | | Leverage | `market.tier` and `config.minTier` | | Payout cap | `config.params.payoutCapMultiple` | | Tenor | `config.params.tMaxSeconds`, frozen onto a position when it opens | | The 24 hour refund | `GovTable.darkAfterMin` (`decodeGovTable`), in minutes | | Minimum hold | `config.minHoldSlots` | | Whether closes are stopped | `config.oracleFrozen`, `config.settlesDisabled` | For the mechanics behind each row, read [how the product works](/how-it-works) and [the venue](/venue). 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