Fee Structure
Exceed uses a simple, performance-aligned fee model. You only pay when the vault makes money.
Standard Products (exTokens)
| Fee Type | Rate | Description |
|---|---|---|
| Performance fee | 15% | Charged on positive weekly yield only |
| Management fee | 0% | No annual management fee |
| Deposit fee | 0% | No fee to deposit |
| Withdrawal fee | 0.20% | All products (exSOL, exUSDC, exBTC, exETH) |
How the Performance Fee Works
- Every Sunday at midnight UTC, the vault’s net asset value is measured
- If the vault generated positive yield that week, 15% is retained as a performance fee
- The remaining 85% of yield accrues to exToken holders via the exchange rate increase
- If the vault had a flat or negative week, no fee is charged
Example
If the USDC vault earns 20% gross APY in a given week:
- Performance fee: 20% × 15% = 3%
- Net yield to holders: 20% − 3% = 17% APY
The fee is already deducted before the exchange rate is set. The APY reported to users is always the net APY after fees.
No High-Water Mark
The performance fee is calculated weekly on actual realized returns. There is no high-water mark mechanism — each week stands on its own. This means:
- Positive weeks are charged 15%
- Negative or flat weeks are charged 0%
- There is no “catching up” mechanism where fees from good weeks offset past losses
Treasury Mandates (Institutional)
Mandate fee structures are negotiable based on allocation size and terms:
| Tier | Performance Fee | Management Fee | Notes |
|---|---|---|---|
| Standard ($500K–$5M) | 15% | 0% | Same as retail products |
| Institutional ($5M+) | Negotiable (10–15%) | 0% | Volume discount available |
| Strategic (case by case) | Custom | Custom | For strategic partners, DAOs |
What’s Included
All mandate tiers include:
- Daily engine optimization
- Weekly yield reporting with strategy attribution
- Real-time Hypernative monitoring
- Dedicated operational support
- ForDefi MPC custody
No Hidden Fees
There are no additional fees for:
- Rebalancing transactions (gas costs absorbed by Exceed)
- Reporting and analytics
- Onboarding and setup
- Risk parameter adjustments
Exceed’s fee structure is designed to be fully aligned with depositor outcomes — fees are only charged when the vault generates returns.
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