# Fees

## Hourglass Fee Structure

Starting October 29, 2024, Hourglass implements two types of fees:

### Trading Fees

A 0.3% fee applies to all maker orders related to point leverage in the RFQ system. This fee is calculated on the notional value of the PYT trade and is paid exclusively by the market maker.

For example:

* On a $100,000 PYT trade
* Maker fee = $300 (0.3% of $100,000)

### PYT Fees

Hourglass collects a 3% fee from points earned by PYTs. Since points are tracked off-chain, partner protocols deduct the 3% fee when allocating points to user wallets.

For example:

* If a PYT earns 100,000 points
* Hourglass captures 3,000 points (3%)
* The end user receives 97,000 points (97%)

### PYT Fee Discount

Users who provide a referral code receive a 5% discount on PYT fees. For more on the referral program, see below:

{% content-ref url="/pages/VPkRfcLNQhHpP0OCU1ai" %}
[Referrals](/legacy-products-hidden/hourglass-boost/referrals.md)
{% endcontent-ref %}

### Historical Context

From May 2023 until October 28, 2024, Hourglass operated with zero fees to bootstrap liquidity and demonstrate the platform's capabilities. The current fee structure was implemented on October 29, 2024, to ensure sustainable protocol development.

### Fee Calculations

Fees are calculated and captured automatically:

* Maker fees are metered at the time of trade
* Referral earnings will be processed at the end of the Hourglass Preseason

### Important Notes

* No minimum volume requirements for the referral fee program
* No tiered fee system - all users receive the same rates
* Fees subject to change with community notice
* Referral fees will be paid in the deposit token. For example, if someone buys LBTCv PYTs with LBTCv, the referral fee will be denominated in LBTCv.


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