Issuer Fees
Issuer Fee Schedule
Some stablecoin issuers assess a fee to Zero Hash on mint or burn activity. In these situations, Zero Hash's approach is to simply pass the fee we are charged, 1-1, onto either the Platform or the Customer. Issuer Fees, if applicable, are charged on a per-transaction basis.
Here is the current list of supported stablecoin assets and associated Issuer Fees:
| Stablecoin | Mint Issuer Fee (or "Buy") | Burn Issuer Fee (or "Sell") |
|---|---|---|
| DAI | 0 bps (basis points) | 0 bps |
| TUSD | 0 bps | 0 bps |
| USDC (this applies to all blockchain networks) | 0 bps | 5 bps |
| USDT | 0 bps | 0 bps |
| USDP | 0 bps | 0 bps |
Exceptions
Depending on the Platform's flow, the above fee schedule may not apply. Consult with your Zero Hash technical account manager to understand your individual setup.
Fee Applicability
Issuer Fees will be applied to all quotes when
- The stablecoin being quoted has a non-zero Issuer Fee, for the quoted side (either Buy or Sell)
- The Platform is not configured to be an exception
Fee Payor
Zero Hash has the ability to assess the Issuer Fee to either the Platform, or the Platform's Customer. See examples below on how each of the Fee Payor types will work in practice:
Liquidity API Flow (Fee Payor: Customer, with a spread added)
General
- For the below examples, the Platform's
participant_codeis PLAT01 and their Customer's is CUST01. - Assume the fee schedule mentioned in the above table
- Assume the Platform is not configured for to be exempt from Issuer Fees
- Assume the Platform is assessing a 5 bps spread on each order
Get Quote (Buy)
Example POST /liquidity/rfq request:
{
"side": "buy",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type":"STANDARD" // the only supported settlement_type currently is "STANDARD" and implies instant settlement
}
Note: If the Platform omits the optional settlement_type field, then Zero Hash will default to STANDARD as the settlement_type
POST /liquidity/rfq response (note: no issuer fee is applied on the "buy" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "995",
"spread_notional": "5",
"spread_bps": "5",
"issuer_fee_amount": "0",
"issuer_fee_rate": "0",
"issuer_fee_payor_type": "",
"settlement_type": "",
}
}
Get Quote (Sell)
Example POST /liquidity/rfq request:
{
"side": "sell",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type": "STANDARD"
}
Note: If the Platform omits the optional settlement_type parameter, then the issuer fee of 5 basis points in this scenario will still be applied to the quote. The settlement_type field may be expanded in the future to accommodate different settlement types (ie, a T+2 schedule), however STANDARD is the only supported value right now.
POST /liquidity/rfq response (note: there is now an issuer fee being applied on the "sell" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "sell",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "990",
"spread_notional": "5",
"spread_bps": "5",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
}
}
Execute Quote
POST /liquidity/execute request
{
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24"
}
POST /liquidity/execute response:
{
"message": {
"request_id": "12b73072-fbbd-4ee8-a2a1-6dabc57c8242",
"quote": {
"request_id": "fdecf77f-f329-4dd2-bc07-b6a596c13769",
"participant_code": "UW6VWU",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286880350,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "T0A4YI",
"account_group": "UW6VWU",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "990",
"spread_notional": "5",
"spread_bps": "5",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"transaction_timestamp": 1729286878417
},
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"status": "Completed",
"trade_ids_list": [
"20f34c33-9b7d-467f-8f57-156b67134544"
]
}
}
Get Trade
A Platform can query previously executed trades via either the GET /trades or GET /trades/:trade_id endpoint. Here is an example GET /trades/20f34c33-9b7d-467f-8f57-156b67134544 response:
{
"message": [
{
"batch_trade_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"client_trade_id": "cd4f8a1b-f137-43cc-b93e-7998f5040bda",
"trade_state": "terminated",
"market_identifier_code": "SCXM",
"trade_reporter_code": "00SCXM",
"symbol": "USDC.ETH/USD",
"trade_quantity": "1000",
"trade_price": "1",
"trade_type": "regular",
"physical_delivery": true,
"comment": "",
"last_update": 1729286889816,
"transaction_timestamp": 1729286878000,
"accepted_timestamp": 1729286878435,
"defaulted_timestamp": null,
"settled_timestamp": 1729286889805,
"expiry_timestamp": null,
"settlement_timestamp": null,
"settlement_price_index_id": null,
"contract_size": 1,
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"trade_reporter": "00SCXM",
"platform_code": "00SCXM",
"product_type": "spot",
"parties_anonymous": false,
"bank_fee": null,
"reporting_party": "00SCXM",
"settlement_schedule": null,
"parties": [
{
"settling": true,
"participant_code": "CUST01",
"side": "sell",
"asset": "USDC.ETH",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "general",
"account_profile": null
},
{
"settling": true,
"participant_code": "00SCXM",
"side": "sell",
"asset": "USD",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "inventory",
"account_profile": null
}
],
"session_id": "20241018212700",
"fees": [],
"network_fee_notional": null,
"network_fee_quantity": null,
"total_notional": "1000.00",
"asset_cost_notional": "990.00",
"spread_notional": "5",
"spread_bps": "5",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"origin": "rest_api"
},
Ledger Movements and Account Balance Changes
On the ledger, when the Customer is paying the fee, there a ledger movement from the Customer account to Zero Hash. In the below example, assume the following:
- Customer's USDC
account_id= bccbce77-f80c-48b1-960f-9608b68bbe95 - Customer's USD
account_id= accbce88-f80c-48b1-960f-9608b68bbe86
Trade Settlement and Issuer Fee Movements
Example GET /movements response.
{
"message": [
{
"movement_timestamp": 1729286889000,
"account_id": "bccbce77-f80c-48b1-960f-9608b68bbe95",
"movement_id": "66ef0a01-e1b1-4b60-a660-34199669151e",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "-990.00",
"origin": "rest_api"
},
{
"movement_timestamp": 1729286889000,
"account_id": "accbce88-f80c-48b1-960f-9608b68bbe86",
"movement_id": "43562582-517c-4e7d-91cf-a1601f02b733",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "990",
"origin": "rest_api"
},
{
"movement_timestamp": 1729286889000,
"account_id": "bccbce77-f80c-48b1-960f-9608b68bbe95",
"movement_id": "43562582-517c-4e7d-91cf-a1601f02b733",
"movement_type": "issuer_fee",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "-5",
"origin": "rest_api"
},
Note: there are 2 final_settlement representing the movements on the trade, and a 5 USD debit from the Customer's USD account to pay the Issuer Fee, leaving the Customer with 995 USD after the sell transaction has completed.
Liquidity API Flow (Fee Payor: Customer, no spread added)
General
- For the below examples, the Platform's
participant_codeis PLAT01 and their Customer's is CUST01. - Assume the fee schedule mentioned in the above table
- Assume the Platform is not configured for to be exempt from Issuer Fees
- Assume the Platform is not assessing any spread on orders
Get Quote (Buy)
Example POST /liquidity/rfq request:
{
"side": "buy",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type":"STANDARD" // the only supported settlement_type currently is "STANDARD" and implies instant settlement
}
Note: If the Platform omits the optional settlement_type field, then Zero Hash will default to STANDARD as the settlement_type
POST /liquidity/rfq response (note: no issuer fee is applied on the "buy" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "1000",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "0",
"issuer_fee_rate": "0",
"issuer_fee_payor_type": "",
"settlement_type": "",
}
}
Get Quote (Sell)
Example POST /liquidity/rfq request:
{
"side": "sell",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type": "STANDARD"
}
Note: If the Platform omits the optional settlement_type parameter, then the issuer fee of 5 basis points in this scenario will still be applied to the quote. The settlement_type field may be expanded in the future to accommodate different settlement types (ie, a T+2 schedule), however STANDARD is the only supported value right now.
POST /liquidity/rfq response (note: there is now an issuer fee being applied on the "sell" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "sell",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "995",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
}
}
Execute Quote
POST /liquidity/execute request
{
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24"
}
POST /liquidity/execute response:
{
"message": {
"request_id": "12b73072-fbbd-4ee8-a2a1-6dabc57c8242",
"quote": {
"request_id": "fdecf77f-f329-4dd2-bc07-b6a596c13769",
"participant_code": "UW6VWU",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286880350,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "T0A4YI",
"account_group": "UW6VWU",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "995",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"transaction_timestamp": 1729286878417
},
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"status": "Completed",
"trade_ids_list": [
"20f34c33-9b7d-467f-8f57-156b67134544"
]
}
}
Get Trade
A Platform can query previously executed trades via either the GET /trades or GET /trades/:trade_id endpoint. Here is an example GET /trades/20f34c33-9b7d-467f-8f57-156b67134544 response:
{
"message": [
{
"batch_trade_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"client_trade_id": "cd4f8a1b-f137-43cc-b93e-7998f5040bda",
"trade_state": "terminated",
"market_identifier_code": "SCXM",
"trade_reporter_code": "00SCXM",
"symbol": "USDC.ETH/USD",
"trade_quantity": "1000",
"trade_price": "1",
"trade_type": "regular",
"physical_delivery": true,
"comment": "",
"last_update": 1729286889816,
"transaction_timestamp": 1729286878000,
"accepted_timestamp": 1729286878435,
"defaulted_timestamp": null,
"settled_timestamp": 1729286889805,
"expiry_timestamp": null,
"settlement_timestamp": null,
"settlement_price_index_id": null,
"contract_size": 1,
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"trade_reporter": "00SCXM",
"platform_code": "00SCXM",
"product_type": "spot",
"parties_anonymous": false,
"bank_fee": null,
"reporting_party": "00SCXM",
"settlement_schedule": null,
"parties": [
{
"settling": true,
"participant_code": "CUST01",
"side": "sell",
"asset": "USDC.ETH",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "general",
"account_profile": null
},
{
"settling": true,
"participant_code": "00SCXM",
"side": "sell",
"asset": "USD",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "inventory",
"account_profile": null
}
],
"session_id": "20241018212700",
"fees": [],
"network_fee_notional": null,
"network_fee_quantity": null,
"total_notional": "1000.00",
"asset_cost_notional": "995.00",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"origin": "rest_api"
},
Ledger Movements and Account Balance Changes
On the ledger, when the Customer is paying the fee, there a ledger movement from the Customer account to Zero Hash. In the below example, assume the following:
- Customer's USDC
account_id= bccbce77-f80c-48b1-960f-9608b68bbe95 - Customer's USD
account_id= accbce88-f80c-48b1-960f-9608b68bbe86
Trade Settlement and Issuer Fee Movements
Example GET /movements response.
{
"message": [
{
"movement_timestamp": 1729286889000,
"account_id": "bccbce77-f80c-48b1-960f-9608b68bbe95",
"movement_id": "66ef0a01-e1b1-4b60-a660-34199669151e",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "-995.00",
"origin": "rest_api"
},
{
"movement_timestamp": 1729286889000,
"account_id": "accbce88-f80c-48b1-960f-9608b68bbe86",
"movement_id": "43562582-517c-4e7d-91cf-a1601f02b733",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "995",
"origin": "rest_api"
},
{
"movement_timestamp": 1729286889000,
"account_id": "bccbce77-f80c-48b1-960f-9608b68bbe95",
"movement_id": "43562582-517c-4e7d-91cf-a1601f02b733",
"movement_type": "issuer_fee",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "-5",
"origin": "rest_api"
},
Note: there are 2 final_settlement representing the movements on the trade, and a 5 USD debit from the Customer's USD account to pay the Issuer Fee, leaving the Customer with 995 USD after the sell transaction has completed.
Liquidity API Flow (Fee Payor: Platform)
General
- For the below examples, the Platform's
participant_codeis PLAT01 and their Customer's isCUST01. - Assume the fee schedule mentioned in the above table
- Assume the Platform is not configured for to be exempt from Issuer Fees
- Here, the Platform will be paying the Issuer Fee. Looking at the Sell example, the difference here is the Issuer Fee is recorded per trade similar to to the Fee Payor: Customer example, however the Customer will not be paying for the Issuer Fee in real-time, and instead will end up with 1,000 USD ultimately. The Platform will then be invoiced at the end of the month in order to pay Zero Hash the sum of all Issuer Fees during the month.
Get Quote (Buy)
Example POST /liquidity/rfq request:
{
"side": "buy",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type":"STANDARD" // the only supported settlement_type currently is "STANDARD" and implies instant settlement
}
POST /liquidity/rfq response (note: no issuer fee is applied on the "buy" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "1000",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "0",
"issuer_fee_rate": "0",
"issuer_fee_payor_type": "",
"settlement_type": "",
}
}
Get Quote (Sell)
Example POST /liquidity/rfq request:
{
"side": "sell",
"participant_code": "CUST01",
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"total": "1000",
"settlement_type": "STANDARD"
}
Note: If the Platform omits the optional settlement_type parameter, then the issuer fee of 5 basis points in this scenario will still be applied to the quote. The settlement_type field may be expanded in the future to accommodate different settlement types (ie, a T+2 schedule), however STANDARD is the only supported value right now.
POST /liquidity/rfq response (note: there is now an issuer fee being applied on the "sell" quote):
{
"message": {
"request_id": "b4d90a78-0fd0-4e4a-bd4a-9c14e19a12f3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "sell",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286069180,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "CUST01",
"account_group": "PLAT01",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "1000",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
}
}
Execute Quote
POST /liquidity/execute request
{
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24"
}
POST /liquidity/execute response:
{
"message": {
"request_id": "12b73072-fbbd-4ee8-a2a1-6dabc57c8242",
"quote": {
"request_id": "fdecf77f-f329-4dd2-bc07-b6a596c13769",
"participant_code": "UW6VWU",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1000",
"price": "1",
"quote_id": "b76a72c9-8083-4126-a25c-5e995f86ae24",
"expire_ts": 1729286880350,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
"participant_code": "T0A4YI",
"account_group": "UW6VWU",
"account_label": "general"
},
"underlying": "USDC.ETH",
"asset_cost_notional": "1000",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"transaction_timestamp": 1729286878417
},
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"status": "Completed",
"trade_ids_list": [
"20f34c33-9b7d-467f-8f57-156b67134544"
]
}
}
Get Trade
A Platform can query previously executed trades via either the GET /trades or GET /trades/:trade_id endpoint. Here is an example GET /trades/20f34c33-9b7d-467f-8f57-156b67134544 response:
{
"message": [
{
"batch_trade_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"client_trade_id": "cd4f8a1b-f137-43cc-b93e-7998f5040bda",
"trade_state": "terminated",
"market_identifier_code": "SCXM",
"trade_reporter_code": "00SCXM",
"symbol": "USDC.ETH/USD",
"trade_quantity": "1000",
"trade_price": "1",
"trade_type": "regular",
"physical_delivery": true,
"comment": "",
"last_update": 1729286889816,
"transaction_timestamp": 1729286878000,
"accepted_timestamp": 1729286878435,
"defaulted_timestamp": null,
"settled_timestamp": 1729286889805,
"expiry_timestamp": null,
"settlement_timestamp": null,
"settlement_price_index_id": null,
"contract_size": 1,
"underlying": "USDC.ETH",
"quoted_currency": "USD",
"trade_reporter": "00SCXM",
"platform_code": "00SCXM",
"product_type": "spot",
"parties_anonymous": false,
"bank_fee": null,
"reporting_party": "00SCXM",
"settlement_schedule": null,
"parties": [
{
"settling": true,
"participant_code": "CUST01",
"side": "sell",
"asset": "USDC.ETH",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "general",
"account_profile": null
},
{
"settling": true,
"participant_code": "00SCXM",
"side": "sell",
"asset": "USD",
"amount": "null",
"liquidity_indicator": null,
"execution_id": "",
"order_id": "",
"obligations_outstanding_timestamp": null,
"current_obligations_met_timestamp": null,
"settlement_state": "settled",
"client_order_id": "",
"collateral_percentage": null,
"account_label": "inventory",
"account_profile": null
}
],
"session_id": "20241018212700",
"fees": [],
"network_fee_notional": null,
"network_fee_quantity": null,
"total_notional": "1000.00",
"asset_cost_notional": "1000.00",
"spread_notional": "0",
"spread_bps": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"origin": "rest_api"
},
Ledger Movements and Account Balance Changes
On the ledger, when the Customer is paying the fee, there a ledger movement from the Customer account to Zero Hash. In the below example, assume the following:
- Customer's USDC
account_id= bccbce77-f80c-48b1-960f-9608b68bbe95 - Customer's USD
account_id= accbce88-f80c-48b1-960f-9608b68bbe86
Trade Settlement and Issuer Fee Movements
Example GET /movements response.
{
"message": [
{
"movement_timestamp": 1729286889000,
"account_id": "bccbce77-f80c-48b1-960f-9608b68bbe95",
"movement_id": "66ef0a01-e1b1-4b60-a660-34199669151e",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "1000.00",
"origin": "rest_api"
},
{
"movement_timestamp": 1729286889000,
"account_id": "accbce88-f80c-48b1-960f-9608b68bbe86",
"movement_id": "43562582-517c-4e7d-91cf-a1601f02b733",
"movement_type": "final_settlement",
"transfer_type": null,
"deposit_reference_id": null,
"withdrawal_request_id": null,
"parent_link_id": null,
"trade_id": "20f34c33-9b7d-467f-8f57-156b67134544",
"change": "1000",
"origin": "rest_api"
}
Note:
- there are only 2
final_settlementrepresenting the movements on the trade and no"movement_type": "issuer_fee"movements in the response
Fund API Flow (Fee Payor: Customer)
General
- For the below examples, the Platform's
participant_codeis PLAT01 and their Customer's is CUST01. - Assume the fee schedule mentioned in the above table
- Assume the Platform is not configured for to be exempt from Issuer Fees
Get Quote
Example POST /fund/rfq request:
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
}
Example POST /fund/rfq response:
{
"message": {
"request_id": "09bd1584-9a62-4f51-9a3c-ffa998dafd17",
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"expiry_timestamp": null,
"deposit_address": "JDWRUD4APGGXmetZJgcC8Dc9TzA8UQmvFTAnP9s2rU6b",
"fee_bps": 0,
"subsequent_deposit_fee_floor": "1",
"first_deposit_fee_floor": "1",
"minimum_deposit": "1",
"maximum_deposit": "2",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
}
}
Deposit and Conversion
The Customer will send an on-chain deposit to the deposit_address triggering an automatic conversion to USD.
Webhook
The Platform will receive a webhook that will appear like the following:
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"source_address": "0x3A45a60c62EE6cD616B1C4510404Eba88116044I",
"deposit_address": "0x3A45a60c635E6cD616B1C4510404Eba88116050C",
"quantity": "500",
"notional": "495",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"fund_id": "5155f7c9-95cb-4556-ab89-c178943a7111",
"fund_timestamp": 1550174574,
"transaction_id": "a07407e8f98c21b037b4aa0cbc852b8489c5e122fcc3d4b33b7827d0605ad8ff",
"account_label": "general",
"success": true,
"status_reason" : ""
}
Email
If the Platform is configured for email receipts, the End Customer will receive an email, which will have a separate item that shows the Issuer Fee.
Get Fund Transactions
A Platform can query previously executed Fund Events via the GET /fund/transactions endpoint. Here is an example GET /fund/transactions?fund_id=5155f7c9-95cb-4556-ab89-c178943a7111 response:
{
"message": [
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"source_address": "CpP6vA4ZjHRu3XJSd4pSbuNq6CJ6PXsVGZEhZfW4t8vh",
"deposit_address": "FwRn5kiFCsFjHWN8gzgJBLjPcNrjpshkRmH5h1vLuUVF",
"quantity": "500",
"notional": "495",
"success": true,
"status_reason": "",
"fund_timestamp": 1729090026619,
"deposit_timestamp": 1729090201457,
"transaction_id": "4oYP15i4Le1pxmMaL3vedfUugRE6rTPyfvf5p5JJRKBqoSDzKBcb7EQBMyE4foHbpeCishZeUm6AW4Z63wYqjfQG",
"account_label": "general",
"fund_id": "8aa6569f-788c-4959-ba48-c0be25c63da9",
"is_first_deposit": true,
"raw_fee_bps": "0",
"actual_fee_bps": "0",
"raw_fee_notional": "0",
"actual_fee_notional": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"deposited_asset": "USDC.SOL"
},
Fund API Flow (Fee Payor: Platform)
General
- For the below examples, the Platform's
participant_codeis PLAT01 and their Customer's is CUST01. - Assume the fee schedule mentioned in the above table
- Assume the Platform is not configured for to be exempt from Issuer Fees
Get Quote
Example POST /fund/rfq request:
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
}
Example POST /fund/rfq response:
{
"message": {
"request_id": "09bd1584-9a62-4f51-9a3c-ffa998dafd17",
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"expiry_timestamp": null,
"deposit_address": "JDWRUD4APGGXmetZJgcC8Dc9TzA8UQmvFTAnP9s2rU6b",
"fee_bps": 0,
"subsequent_deposit_fee_floor": "1",
"first_deposit_fee_floor": "1",
"minimum_deposit": "1",
"maximum_deposit": "2",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
}
}
Deposit and Conversion
The Customer will send an on-chain deposit to the deposit_address triggering an automatic conversion to USD.
Webhook
The Platform will receive a webhook that will appear like the following:
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"source_address": "0x3A45a60c62EE6cD616B1C4510404Eba88116044I",
"deposit_address": "0x3A45a60c635E6cD616B1C4510404Eba88116050C",
"quantity": "500",
"notional": "500",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"fund_id": "5155f7c9-95cb-4556-ab89-c178943a7111",
"fund_timestamp": 1550174574,
"transaction_id": "a07407e8f98c21b037b4aa0cbc852b8489c5e122fcc3d4b33b7827d0605ad8ff",
"account_label": "general",
"success": true,
"status_reason" : ""
}
Email
If the Platform is configured for email receipts, the End Customer will receive an email, which will have a separate item that shows the Issuer Fee as $0.
Get Fund Transactions
A Platform can query previously executed Fund Events via the GET /fund/transactions endpoint. Here is an example GET /fund/transactions?fund_id=5155f7c9-95cb-4556-ab89-c178943a7111 response:
{
"message": [
{
"participant_code": "CUST01",
"fund_asset": "USDC.ETH",
"rate": "1",
"quoted_currency": "USD",
"source_address": "CpP6vA4ZjHRu3XJSd4pSbuNq6CJ6PXsVGZEhZfW4t8vh",
"deposit_address": "FwRn5kiFCsFjHWN8gzgJBLjPcNrjpshkRmH5h1vLuUVF",
"quantity": "500",
"notional": "500",
"success": true,
"status_reason": "",
"fund_timestamp": 1729090026619,
"deposit_timestamp": 1729090201457,
"transaction_id": "4oYP15i4Le1pxmMaL3vedfUugRE6rTPyfvf5p5JJRKBqoSDzKBcb7EQBMyE4foHbpeCishZeUm6AW4Z63wYqjfQG",
"account_label": "general",
"fund_id": "8aa6569f-788c-4959-ba48-c0be25c63da9",
"is_first_deposit": true,
"raw_fee_bps": "0",
"actual_fee_bps": "0",
"raw_fee_notional": "0",
"actual_fee_notional": "0",
"issuer_fee_amount": "5",
"issuer_fee_rate": "5",
"issuer_fee_payor_type": "CUSTOMER",
"settlement_type": "STANDARD",
"deposited_asset": "USDC.SOL"
},
Updated about 12 hours ago