Fees

Impermanent Gain fees

Smilee charges to following fees to Impermanent Gain buyers/ sellers:

• Base Fee: fixed amount of base tokens paid directly to the vault to cover swap costs. The fee is charged for any buy / sell. Note: the fee does not apply to burn of expired position

• Trade Fee: % of notional traded paid to the fee manager. The fee is charged for any buy / sell / burn (for expired positions). Note: the fee is capped at a maximum % of the premium / payoff (for expired position)

• Success Fee: % of a trader's PnL paid to the fee manager every time a trader sell in profit (or burn an expired position in profit)

Base Fee	Trade Fee	Success Fee
First 4 Days of the Epoch 0.5 USDC Last 3 Days of the Epoch 0.25 USDC	Trade Fee (Buy & Sell) 0.04% of the Notional, capped at 12.5% of the Premium. Trade Fee (Burn at Expiry) 0.04% of the Notional, capped at 12.5% of the Premium.	For wETH & wBTC 0.5% PnL For Other Assets 5% PnL

Earn Vault fees

Smilee does not charge any fee to liquidity providers.