Fee Structure
고지 사항: 이 백서는 영어 버전이 공식 문서입니다. 다른 언어 버전은 참고용입니다。
Overview
섹션 제목: “Overview”PIPO maintains a transparent, competitive fee structure designed to:
- Sustain platform operations
- Incentivize liquidity provision
- Remain competitive with alternatives
- Align stakeholder interests
Five Revenue Streams
섹션 제목: “Five Revenue Streams”PIPO generates revenue from five distinct fee categories:
┌─────────────────────────────────────────────────────────────────┐│ PIPO 5 REVENUE STREAMS │├─────────────────────────────────────────────────────────────────┤│ ││ 1. TRADING FEES Per-trade AMM/RFQ fee ││ └── 0.3% per trade ││ ││ 2. ISSUANCE FEES Primary market warrant minting ││ └── 1-3% at mint ││ ││ 3. EXERCISE FEES Settlement at exercise window ││ └── 0.5% at exercise ││ ││ 4. ROLLOVER FEES Time value extension ││ └── 1% at rollover ││ ││ 5. STRUCTURING FEES (VIP) Physical delivery for whales ││ └── 2-5% at settlement ││ │└─────────────────────────────────────────────────────────────────┘1. Trading Fees
섹션 제목: “1. Trading Fees”Charged on every AMM swap and RFQ trade:
| Component | Rate | Recipient |
|---|---|---|
| Total Trading Fee | 0.30% | - |
| └── LP Share | 0.25% | Liquidity Providers |
| └── Protocol Share | 0.05% | Platform Treasury |
Calculation:
Trade Amount: $1,000├── Trading Fee: $1,000 × 0.30% = $3.00├── LP receives: $2.50├── Protocol receives: $0.50└── Net execution: ~$997 worth of warrants2. Issuance Fees
섹션 제목: “2. Issuance Fees”Charged when new warrants are minted in primary market:
| Warrant Type | Fee Range | Rationale |
|---|---|---|
| Call Warrant | 1-2% | SPV setup, stock acquisition |
| Put Warrant | 2-3% | Capital reservation, risk premium |
When Applied:
- Primary issuance from platform
- New series launch
- Expansion to new underlying
3. Exercise Fees
섹션 제목: “3. Exercise Fees”Charged when warrants are exercised during windows:
| Settlement Type | Fee | Rationale |
|---|---|---|
| Cash Settlement | 0.5% | Processing, oracle verification |
| Physical Delivery | Included in structuring fee | See VIP services |
Calculation:
Exercise: $10,000 ITM payout├── Exercise fee: $10,000 × 0.5% = $50└── Net payout: $9,9504. Rollover Fees
섹션 제목: “4. Rollover Fees”Charged when extending warrant expiry to next quarter:
| Component | Rate |
|---|---|
| Platform Fee | 1.0% of notional |
| Time Value | Risk-free rate × time × notional |
Calculation:
Rollover: $5,000 notional, 3-month extension├── Platform fee: $5,000 × 1.0% = $50├── Time value: $5,000 × 5% × 0.25 = $62.50└── Total rollover cost: ~$112.50 + price differential5. Structuring Fees (VIP Physical Delivery)
섹션 제목: “5. Structuring Fees (VIP Physical Delivery)”For whales requesting actual share transfer:
| Service | Fee |
|---|---|
| KYC/KYB Processing | Flat fee |
| SPV Transfer | 2-5% of value |
| Legal Documentation | Variable (based on complexity) |
| Expedited Processing | Premium (optional) |
Eligibility:
- Minimum position size required
- KYB verification completed
- Subject to underlying availability
Fee Comparison vs. Competitors
섹션 제목: “Fee Comparison vs. Competitors”| Platform | Trading Fee | Settlement | Min Investment |
|---|---|---|---|
| PIPO | 0.30% | 0.5-1% | $100 |
| Polymarket | 0% (spread) | 2.0% | $1 |
| Forge Global | 1.5-3% | 1.5% | $100K |
| EquityZen | 3-5% | Included | $10K |
| Traditional IB | 1-2% + spread | 0.5% | $100K+ |
PIPO Advantage: Lowest combined cost for retail-sized trades.
Fee Distribution
섹션 제목: “Fee Distribution”Protocol Revenue Allocation
섹션 제목: “Protocol Revenue Allocation”┌─────────────────────────────────────────────────────────────────┐│ FEE DISTRIBUTION │├─────────────────────────────────────────────────────────────────┤│ ││ Protocol Revenue ││ (Trading + Issuance + Exercise + Rollover + Structuring) ││ │ ││ ┌──────────────────┼──────────────────┐ ││ │ │ │ ││ ▼ ▼ ▼ ││ ┌──────────┐ ┌──────────┐ ┌──────────┐ ││ │Operations│ │ Growth │ │ Reserve │ ││ │ 40% │ │ 35% │ │ 25% │ ││ └──────────┘ └──────────┘ └──────────┘ ││ │ │ │ ││ ▼ ▼ ▼ ││ • Team / Infra • Marketing • Insurance fund ││ • Legal / Audit • BD / KOL • Oracle disputes ││ • Compliance • Partnerships • Emergency reserve ││ │└─────────────────────────────────────────────────────────────────┘Dynamic Fee Adjustments
섹션 제목: “Dynamic Fee Adjustments”Conditions for Adjustment
섹션 제목: “Conditions for Adjustment”| Condition | Fee Impact | Rationale |
|---|---|---|
| High volatility (>50% IV) | +0.1% trading | Protect LPs from IL |
| Low liquidity (<$50K TVL) | +0.1% trading | Incentivize LPs |
| Oracle deviation >20% | +0.2% trading | Discourage manipulation |
| Near expiry (<7 days) | +0.05% trading | Higher risk period |
| High volume day | -0.05% trading | Reward activity |
Fee Bounds
섹션 제목: “Fee Bounds”| Fee Type | Minimum | Maximum |
|---|---|---|
| Trading fee | 0.20% | 1.00% |
| Exercise fee | 0.25% | 1.00% |
| Rollover fee | 0.50% | 2.00% |
LP Incentives
섹션 제목: “LP Incentives”Fee Share
섹션 제목: “Fee Share”LPs earn the majority of trading fees:
LP Returns Structure:├── Base fee share: 83% of trading fee (0.25% of 0.30%)├── Proportional to TVL contribution└── Compounding (fees auto-reinvest if desired)Launch Phase Bonus
섹션 제목: “Launch Phase Bonus”| Period | Incentive |
|---|---|
| Month 1-3 | 2x Points multiplier |
| Month 4-6 | 1.5x Points multiplier |
| Month 7+ | Standard rates |
Complete Fee Schedule
섹션 제목: “Complete Fee Schedule”┌─────────────────────────────────────────────────────────────────┐│ PIPO FEE SCHEDULE │├─────────────────────────────────────────────────────────────────┤│ ││ TRADING ││ ├── Base fee: 0.30% ││ ├── LP share: 0.25% ││ └── Protocol share: 0.05% ││ ││ ISSUANCE ││ ├── Call warrant: 1-2% ││ └── Put warrant: 2-3% ││ ││ EXERCISE ││ └── Cash settlement: 0.5% ││ ││ ROLLOVER ││ ├── Platform fee: 1.0% ││ └── Time value: Risk-free rate × time ││ ││ VIP SERVICES ││ ├── Physical delivery: 2-5% ││ └── KYB processing: Flat fee ││ ││ DEPOSITS/WITHDRAWALS ││ ├── USDC deposit: FREE ││ ├── USDC withdrawal: FREE (network gas only) ││ └── Cross-chain bridge: 0.1% + gas ││ │└─────────────────────────────────────────────────────────────────┘Governance
섹션 제목: “Governance”Fee Change Process
섹션 제목: “Fee Change Process”- Proposal: Team or community proposes fee change
- Analysis: Impact assessment published
- Notice: 14-day advance notice
- Implementation: Gradual rollout
- Review: 30-day post-change review
Emergency Changes
섹션 제목: “Emergency Changes”Oracle Committee can adjust fees immediately if:
- Market manipulation detected
- Extreme volatility (>100% daily move)
- Smart contract vulnerability discovered
- Regulatory requirement