Trading
Costs
What you pay to trade on Chord, and who pays for the rest.
Chord charges no protocol fee. What you pay is the batch price itself, plus ordinary Solana network fees for the few transactions you send yourself.
#What you pay
| Action | Cost to you |
|---|---|
| Signing an order | Nothing. It’s a message signature, not a transaction. |
| Approving the allowance | One transaction’s network fee. Only when your current allowance can’t cover your orders. |
| Creating a token account | A one-time rent deposit of 0.00203928 SOL if you don’t yet hold the token you’re buying. You get it back if you close the account later. |
| A fill | Nothing. The collector submits fills and pays their fees. |
| Cancelling an order | One transaction’s network fee. |
| Revoking the allowance | One transaction’s network fee. |
#The price is the cost
There is no spread added on top of the batch price and no fee taken from your output. The clearing price is set by the winning solver’s quote, and the winner is the quote that leaves traders the most surplus.
#How solvers earn
A solver fills the batch’s net imbalance from its own inventory. If the batch is net buying, the solver sells to it at the clearing price; if it’s net selling, the solver buys. Its margin is the difference between the clearing price and what that inventory costs it elsewhere, and competition between solvers pushes that margin toward the price traders want.
Opposite orders inside the batch fill each other at the same price, without passing through anyone’s inventory.