Spreads and Fees

zerohash supports a variety of flexible commission configurations on our RFQ system to cater to your needs. Fees can be collected by adjusting the quoted price using a basis points (bps) value, ensuring customers see an all-in execution price with fees already included.

Spread-Based Fees

Commissions are applied by adjusting the quoted bid or ask by a spread.
Spreads can be configured for each trading instrument supported.
Custom spread can be requested on demand.

Custom Spread

Platforms can also send a custom spread value to be applied to the quote on a per-request basis. This allows platforms to adjust their commissions depending on market activity or promotions in their systems. This is done by including the parameter spread in the request payload to the POST /liquidity/rfq endpoint.

Sample Request

{
    "side": "buy",
    "participant_code": "PLAT01",
    "account_label": "general",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "quantity": 100,
    "spread": "50",
    "quote_expiry": "5s"
}

Fees on Liquidity

zerohash offers the ability to pass fees along with RFQs to the POST /liquidity/rfq endpoint. Fees can be defined as a basis point, or a notional value that will be applied to the notional of your quote.

Fees as a Notional Amount

zerohash supports fees in notional values on liquidity requests. To apply a notional fee to the quote notional, include a fee object with "type": "notional" and set "amount" to the desired notional value (e.g., "1.25" for 1.25 bps).

ℹ️
If no type is provided, notional type will be applied as the default value.

Sample Request

{
    "side": "buy",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "total": "100",
    "participant_code": "PLAT01",
    "fees": [
        {
            "name": "test",
            "amount": "0.05"
        }
    ]
}

Sample Response

{
    "message": {
        "request_id": "d4334ac4-3ec2-4ba4-9c7e-1c46ee2a3173",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00085099",
        "price": "117451.4389123256442496",
        "quote_id": "5e5b6f4e-eedc-45c6-a79f-0c2f8d33992f",
        "expire_ts": 1755897279421,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "PLAT01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "total_notional": "100",
        "settlement_type": null,
        "issuer_fee_rate": null,
        "issuer_fee_amount": null,
        "issuer_fee_payor_type": null,
        "underlying": "BTC",
        "asset_cost_notional": "99.95",
        "spread_notional": "0",
        "spread_bps": "0",
        "fees": [
            {
                "name": "test",
                "amount": "0.05"
            }
        ]
    }
}

Fees as Basis Points

zerohash supports fees in basis points (bps) on liquidity requests. To apply a bps fee to the quote notional, include a fee object with "type": "bps" and set "amount" to the desired bps value (e.g., "10" for 10 bps).

Sample Request

{
    "side": "buy",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "total": "100",
    "participant_code": "PLAT01",
    "fees": [
        {
            "name": "test",
            "type": "bps",
            "amount": "10"
        }
    ]
}

Sample Response

{
    "message": {
        "request_id": "d4334ac4-3ec2-4ba4-9c7e-1c46ee2a3173",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00085099",
        "price": "117451.4389123256442496",
        "quote_id": "5e5b6f4e-eedc-45c6-a79f-0c2f8d33992f",
        "expire_ts": 1755897279421,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "PLAT01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "total_notional": "100",
        "settlement_type": null,
        "issuer_fee_rate": null,
        "issuer_fee_amount": null,
        "issuer_fee_payor_type": null,
        "underlying": "BTC",
        "asset_cost_notional": "99.90",
        "spread_notional": "0",
        "spread_bps": "0",
        "fees": [
            {
                "name": "test",
                "amount": "0.10"
            }
        ]
    }
}

Tranche Based Fees

zerohash offers the ability to configure tranche based fees in notional and basis points. Calculations can be configured as Tier or Progressive. Examples for these calculation types are provided below.

Sample Platform Tranche Fee Configuration

Tranche Start	Tranche End	Fee	Fee Type
$0.01	$10.00	0.01	notional
$10.01	$20.00	25	bps
$20.01	$50.00	0.05	notional
$50.01	$100.00	15	bps
$100.01	System Limit	0.15	notional

Sample RFQ

{
    "side": "buy",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "total": "50",
    "participant_code": "PLAT01",
}

Tier Tranche Calculation Example

Interval : $20.01 - $50
Fee type : notional
Fee amount : $0.05

Response

{
    "message": {
        "request_id": "d4334ac4-3ec2-4ba4-9c7e-1c46ee2a3173",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00085099",
        "price": "117451.4389123256442496",
        "quote_id": "5e5b6f4e-eedc-45c6-a79f-0c2f8d33992f",
        "expire_ts": 1755897279421,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "PLAT01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "total_notional": "50",
        "settlement_type": null,
        "issuer_fee_rate": null,
        "issuer_fee_amount": null,
        "issuer_fee_payor_type": null,
        "underlying": "BTC",
        "asset_cost_notional": "49.95",
        "spread_notional": "0",
        "spread_bps": "0",
        "fees": [
            {
                "name": "tranche",
                "amount": "0.05"
            }
        ]
    }
}

Progressive Tranche Calculation Example

Tranche One

Interval : $0.01 - $10
Fee type : notional
Notional fee amount : $0.01

Tranche Two

Interval : $10.01 - $20.00
Fee type : bps
Notional fee amount : $0.02

Tranche Three

Interval : $20.01 - $50.00
Fee type : notional
Fee amount : $0.05

The progressive calculation for this example RFQ sums the fee from each tranche, resulting in a total fee of $0.08.

Response

{
    "message": {
        "request_id": "d4334ac4-3ec2-4ba4-9c7e-1c46ee2a3173",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00085099",
        "price": "117451.4389123256442496",
        "quote_id": "5e5b6f4e-eedc-45c6-a79f-0c2f8d33992f",
        "expire_ts": 1755897279421,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "PLAT01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "total_notional": "50",
        "settlement_type": null,
        "issuer_fee_rate": null,
        "issuer_fee_amount": null,
        "issuer_fee_payor_type": null,
        "underlying": "BTC",
        "asset_cost_notional": "49.92",
        "spread_notional": "0",
        "spread_bps": "0",
        "fees": [
            {
                "name": "tranche",
                "amount": "0.08"
            }
        ]
    }
}

Set Additional Fees on Top of Tranche Fees

If an additional fee is provided in the RFQ payload, and tranche based fees are enabled, the additional fee will be added to the tranche fee. For example, if a $0.02 fee is submitted in the fees array, and the tranche fee is calculated as $0.08, then the additional fee will be included in the quote response.

Sample Request

{
    "side": "buy",
    "underlying": "BTC",
    "quoted_currency": "USD",
    "total": "100",
    "participant_code": "PLAT01",
    "fees": [
        {
            "name": "custom",
						"amount": "0.02"
        }
    ]
}

Sample Response

{
    "message": {
        "request_id": "d4334ac4-3ec2-4ba4-9c7e-1c46ee2a3173",
        "participant_code": "PLAT01",
        "quoted_currency": "USD",
        "side": "buy",
        "quantity": "0.00085099",
        "price": "117451.4389123256442496",
        "quote_id": "5e5b6f4e-eedc-45c6-a79f-0c2f8d33992f",
        "expire_ts": 1755897279421,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "PLAT01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "total_notional": "50",
        "settlement_type": null,
        "issuer_fee_rate": null,
        "issuer_fee_amount": null,
        "issuer_fee_payor_type": null,
        "underlying": "BTC",
        "asset_cost_notional": "49.90",
        "spread_notional": "0",
        "spread_bps": "0",
        "fees": [
            {
                "name": "tranche",
                "amount": "0.08"
            },
            {
                "name": "custom",
                "amount": "0.02"
            }
        ]
    }
}

Bypassing Tranche Fees

Tranche fees can be removed from a quote by passing name : "tranche" and amount : "0".

If tranche fees are not configured, and name : "tranche" and amount : "0" is passed, the quote will be rejected.

Spread-Based Fees

Custom Spread

Sample Request

Fees on Liquidity

Fees as a Notional Amount

ℹ️If no type is provided, notional type will be applied as the default value.

Sample Request

Sample Response

Fees as Basis Points

Sample Request

Sample Response

Tranche Based Fees

Sample Platform Tranche Fee Configuration

Sample RFQ

Tier Tranche Calculation Example

Response

Progressive Tranche Calculation Example

Tranche One

Tranche Two

Tranche Three

Response

Set Additional Fees on Top of Tranche Fees

Sample Request

Sample Response

Bypassing Tranche Fees

ℹ️
If no type is provided, notional type will be applied as the default value.