Although 30-37 bps fee is tough rip

@JasonMendoza2008

I think it's probably OK to increase the max leverage now

Elson dorcely

New changes implemented:

• Fees scale based on the amount of pool you are consuming. Read the fee UI, be careful!

• API fee base of 30bp (functionally, API trades pay +20bp on all normal trades, after scaling)

  • this is actually per-market, but I will be applying 30 on all markets for the time being.

  • This means all bots @Mochi @JasonMendoza2008Capital can remove the restrictions I imposed privately. Thank you for cooperating, I really appreciate the support from you both as we figure things out, and I hope you can still compete with the new fees! We'll adjust as we go.

@Gen Is there a way you can document the API fee if it depends on the market? Should you release 100 perps, it'd be nice to know easily

@Gen you're rich

@JasonMendoza2008Capital Finally, I am a glower. I can stop plebsignalling in the comment section.

@Gen is trimming existing positions on the near horizon or should I just close and reopen?

@TonyM I don't have a good timeline, sorry! Maybe early next week, depends how distracted I get with other things today and over the weekend.

@Gen Can we at least have a one-day(ideally longer) notice before that happens?

@frankjiang why? It will be entirely optional and beneficial to those already in the market.

Preceding that change will be the impact-sizing fees, meaning that if you take up more of the pool you will pay a larger fee. Also, additional API fees. The bots have been working with me to figure out the best way to balance things, and are only trading small amounts in the meantime so I can catch up - that's the main priority

@Gen Because I have a large position and if the fees go up I may consider selling.

@frankjiang Hm, well, larger fees should be here within 24hours. A 500k notional position is >100% of the current pool, will probably cost around 0.2% with the initial scaling. If you get up to like, a million, it will quickly scale up (e.g. 0.7%). This is so that more people have an opportunity to participate.

API fees will functionally mean API trades pay +20bps on top of the standard amount.

The partial close stuff might take a while, idk yet, haven't looked at it seriously

@Gen Is this the opening fee?

@frankjiang yes, only ever opening fees. No fees to close. The max funding rate was adjusted on this market (and is always subject to change) which impacts open positions, it is now twice what it was before, and 4x what it was when this market initially launched.

@Gen Will funding increase for large positions? That's my main concern.

@frankjiang The funding rate should stay roughly the same as it is for now. If it changes, it'll just be the max funding rate (0.0456%/hr currently) which gets adjusted up or down.

@Gen ok

@Gen done, lowered everything (base mana of each trade and leverage of each trade)

@JasonMendoza2008Capital ty, taking me too long to update and don't want to shut everything down. Temporary higher fee for api trades (30bps) coming soon, you can size up after that if you want 😅

If anyone automates trades outside of the API to dodge this fee, there will be massive fines

@Gen 30 bps dang

@Gen "If anyone automates trades outside of the API to dodge this fee, there will be massive fines" well that'd clearly be against TOS so that's fair

We have a casualty @PhillipThode. I will send you M10 later if you get back in

@Chumchulum ?

@Chumchulum ??