> For the complete documentation index, see [llms.txt](https://docs.feel.cash/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.feel.cash/economics/fees.md).

# Market fees

Understand Feel.cash market fees, the recipient split, launch opening protection, and the difference between trading fees and routing costs.

Feel.cash keeps trading fees simple. New launches have one **1.5% market fee** and no additional Feel.cash app trading fee.

The market runs on Uniswap v4. The fee applies wherever the same market is traded through a compatible route, not only inside the Feel.cash app.

## Fee split

The fee applies to both buys and sells. At the standard 1.5% market fee, the split is:

| Recipient                                          | Basis points | Effective rate |
| -------------------------------------------------- | -----------: | -------------: |
| Creator **or** eligible holders (chosen at launch) |   **85 bps** |      **0.85%** |
| Feel.cash                                          |     32.5 bps |         0.325% |
| Referrer                                           |       15 bps |          0.15% |
| Every trade tickets                                |       10 bps |          0.10% |
| Protocol infrastructure                            |      7.5 bps |         0.075% |
| **Total market fee**                               |  **150 bps** |      **1.50%** |

For every 100 USDC-equivalent of completed buys and sells that pay the market fee, the creator-or-holders share is 0.85 USDC-equivalent and an amount equal to 0.10 USDC-equivalent funds [Every trade ticket ownership](/use-feel.cash/every-trade-a-chance-to-win.md). Reverted transactions and expired or cancelled quotes produce no trading volume or fees.

The creator and referral shares are separate. A referral does not reduce Creator Fees.

If a launch has no eligible referrer, the referral share follows the fallback configured for that launch. It is not added to the creator share.

## Choose who earns: Creator Fees or holder rewards

When available in the launch form, the **Who earns them** switch lets the launcher select **Me** or **Holders** before launching:

| Launch choice                | Who receives the 0.85% of trading volume? | Creator Fees            |
| ---------------------------- | ----------------------------------------- | ----------------------- |
| **Me — Creator Fees**        | The creator                               | 0.85% of trading volume |
| **Holders — holder rewards** | Eligible holders, shared using TWAB       | None                    |

This changes the recipient of the same **85 bps of trading volume**. It does not add a second fee or split the 85 bps between creator and holders. On $10,000 of completed volume at the standard rate, **$85-equivalent goes either to the creator or to the holder reward pool**.

The payout asset is chosen separately where supported: USDC or the stock token. Paying holders in the supported stock token is [Holder Stock Rewards](/stocks/holder-stock-rewards.md). Actual settled units depend on collection, conversion, and rounding.

In holder mode, the creator earns no Creator Fees simply for launching. If they hold the coin, they can earn as an eligible holder under the same rules as everyone else. Review this choice before launch; it is not an ongoing switch to redirect an existing coin's rewards.

Holder Stock Rewards are active for IPOD, with broader launch availability being rolled out. IPOD's [mixed payment arrangement](/stocks/holder-stock-rewards.md#showcase-ipod) is a specific exception that retains a separate creator payment; it is not the standard choice described above.

## Opening protection

For the first 15 seconds after launch, the market fee decreases linearly from **50%** to the normal **1.5%**.

This makes immediate opening-block sniping more expensive. It cannot stop every bot, guarantee a fair distribution, or protect the market price. Always read the current quote before trading a coin that has just launched.

## IPOD-pairing fees

[IPOD Pairings](/launch/ipod-pairings.md) use a separate fee model. After opening protection, the total fee is **1.0527%**, including protocol fees. The net 1% is split equally: 0.5% of trading volume goes to the creator or selected X account in IPOD, and 0.5% funds IPOD buybacks.

## Legacy coins

Some legacy coins were created through earlier Clanker-based infrastructure and keep the fee rules frozen at their own launch. Their live trade quote and onchain market configuration are authoritative; the 1.5% model above describes new Feel.cash launches.