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# Matcher Fee

An exchange transaction contains two separate fields for Matcher's fee, which goes from buyer's order and seller's order. An order can be fully executed by some transaction, in this case, all matcher fee from it is included in that transaction. If the order is partially executed by some deal-transaction, the matcher fee is included in that transaction proportionally to the executed amount, i.e.

executedAmount * orderMatcherFee / orderAmount.

The remaining matcher fee for this order will be included in other transactions until the order's full execution.

# Types of Fee

Current version of Waves.Exchange matcher charges either dynamic or percent type of fee depending on the selected trading pair.

  • Dynamic fee mode is similar to the old setup. Matcher charges 0.01 WAVES fixed fee for trade orders.

  • Percent fee mode is the mechanic when matcher charges 0.1% of the exchange transaction amount but not less than the equivalent of 0.01 WAVES. Waves.Exchange matcher charges percent fee in the token that you spend. For example, if you exchange USDN to get BTC (you spend USDN), you pay the fee in USDN. Or if you exchange BTC to get USDN (you spend BTC), then you pay fee in BTC.

Important: Both types of fee (dynamic and percent) can be optionally paid in WX token at 50% of the normal price.

You can use POST /matcher/orderbook/calculateFee method to calculate fees for a pair.

GET /matcher/settings method allows to find out the type of fee (dynamic or percent) that is used for a trading pair and other matcher setting.

Note: We recommend to request settings at least once per minute, so that you don't miss the changes of percent pairs.

Request example (testnet):

curl -X 'GET' 'https://matcher-testnet.waves.exchange/matcher/settings' -H 'accept: application/json'

Matcher settings response example (testnet):

  "orderFee": {
    "composite": {
      "default": {
        "dynamic": {
          "baseFee": 1000000
        }
      },
      "custom": {
        "5Sh9KghfkZyhjwuodovDhB6PghDUGBHiAPZ4MkrPgKtX-25FEqEjRkqK6yCkiT7Lz6SAYz7gUFCtxfCChnrVFD5AT": {
          "percent": {
            "type": "spending",
            "minFee": 0.1,
            "minFeeInWaves": 1000000
          }
        },
        "WAVES-25FEqEjRkqK6yCkiT7Lz6SAYz7gUFCtxfCChnrVFD5AT": {
          "percent": {
            "type": "spending",
            "minFee": 0.1,
            "minFeeInWaves": 1000000
          }
        }
      },
      "discount": {
        "assetId": "EMAMLxDnv3xiz8RXg8Btj33jcEw3wLczL3JKYYmuubpc",
        "value": 50
      }
    }
  }

orderFee is one of the fields returned by GET /matcher/settings method.

As you can see, in the example there can be pairs that have dynamic fee mode and a pairs that have percent fee mode.

See percent mode parameters:

  • type - type of token that should be used to pay fee. Can be amount - the amountAsset, price - the priceAsset, spending- the token being spent, receiving - the received token. Waves.Exchange matcher uses spending type.
  • minFee - minimal fraction of the order amount that should be payed as fee. Where 0.14 is 0.14%
  • minFeeInWaves - minimal value of fee in WAVES (regardless of the order amount, the fee should be greater than or equal minFeeInWaves)

Also, note the discount section that describes parameters of discount on fees paid with discountAsset:

  • asset - is the ID of discountAsset.
  • value indicates 50 percent discount.

# Calculating minimal fees for different fee types

Depending on the fee mode matcher charges fees in various tokens.

  • For trading pairs with Dynamic fee mode the fees can be paid in WAVES or in WX (discountAsset) token.

  • For trading pairs with Percent fee mode the fees can be paid either in priceAsset (for buy orders) or in amountAsset (for sell orders) or otherwise in WX (discountAsset) token.

The fee rates used in the following calculations can be obtained by means of GET /matcher/settings/rates method.

Request example:

curl -X 'GET' 'https://matcher.waves.exchange/matcher/rates' -H 'accept: application/json

# Constants

PriceConstantExp = 8
PriceConstant = 10 ** PriceConstantExp

# Functions

correctedRate(rate, assetDecimals) = rate * 10 ** (assetDecimals - PriceConstantExp)

scripts_count is the number of smart script runs that are required to validate the order.

# Calculation of minimal fee for Dynamic fee mode

Using WAVES:

baseFee + 400000 * scripts_count

Using discountAsset:

rate = correctedRate(rates[discountAsset], discountAssetDecimals)

(baseFee + 400000 * scripts_count) * correctedRate * (100 - discount) / 100

# Calculation of minimal fee for Percent fee with the following settings:

{
    "percent" : {
    "type" : "spending",
    "minFee" : 0.14,
    "minFeeInWaves" : 300000
    }
}

Selling fee:

Using amountAsset:

rate = correctedRate(rates[amountAsset], amountAssetDecimals)

order.amount * minFee / 100

Using discountAsset:

discountAssetRate = correctedRate(rates[discountAsset], discountAssetDecimals)
amountAssetRate = correctedRate(rates[amountAsset], amountAssetDecimals)

order.amount * minFee / 100 * (discountAssetRate / amountAssetRate) * (100 - discount) / 100

Buying fee:

Using priceAsset:

rate = correctedRate(rates[priceAsset], priceAssetDecimals)

order.amount * order.price / PriceConstant * minFee / 100

Using discountAsset:

discountAssetRate = correctedRate(rates[discountAsset], discountAssetDecimals)
priceAssetRate = correctedRate(rates[priceAsset], priceAssetDecimals)

order.amount * order.price / PriceConstant * minFee / 100 * (discountAssetRate / priceAssetRate) * (100 - discount) / 100

You should check that the fee is not less than minFeeInWaves, to do so multiply minFeeInWaves by the adjusted FeeAssetRate and compare with your fee. The discount also applies to minFeeInWaves when using discountAsset to pay fees.

# Example

Note: In this example no script runs are required to validate order.

Lets trade 0.00032173 BTC by 42611.43

pair = BTC/USDN

price = 42611430000

amount = 32173

order amount in:

  • price assets = 13.709237 USDN

  • amount assets = 0.00032173 BTC

rates[BTC] = 0.000329

rates[USDN] = 13.9

rates[discountAsset] = 10.534

corrected rates:

  • priceAsset = rates[USDN] * 10 ** (-2) = 0.1390

  • amountAsset = rates[BTC] = 0.000329

  • discountAsset = rates[discountAsset] = 10.534

minFee = 0.14%

minFeeInWaves = 300000

discount = 50%

priceAssetDecimals = 6

amountAssetDecimals = 8

discountAssetDecimals = 8

minFeeInWaves converted:

  • priceAsset = 41700

  • amountAsset = 98

  • discountAsset = 3160200

# Calculating the fees

Selling fee in Percent fee mode:

Using amountAsset:

32173 * 0.14 / 100 = 45 (0.00000045 BTC ~ 0.019 USDN)

Using discountAsset:

32173 * 0.14 / 100 * (10.534 / 0.000329) * (100 - 50) / 100 = 721085

Buying fee:

Using priceAsset:

32173 * 42611430000 / 100000000 * 0.14 / 100 = 19193 (0.019 USDN)

Using discountAsset:

32173 * 42611430000 / 100000000 * 0.14 / 100 * (10.534 / 0.139) * (100 - 50) / 100 = 727267

# Check minFeeInWaves

When paying in priceAsset:

300000 * 0.139 = 41700 (0,041700 USDN)

When paying in amountAsset:

300000 * 0.000329 = 99 (0,00000099 BTC)

When paying in discountAsset:

300000 * 10.534 * (100 - 50) / 100 = 1580100 (0,015801 discountAsset)

Note: In all the example scenarios above the fee is less than minFeeInWaves.

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