Futures Fees: Calculation in Detail
Definition and Calculation
Types of Fees
Futures fees are charged when an order is placed or when a market entry or exit transaction is effected. The fees vary depending on the types of trades. The latest rates are found on Bitget's official announcements or on the Fee Schedule page.
Fees for Futures orders are calculated using a simple formula that mainly depends on the type of order and whether the trader is a Maker or a Taker.
Maker: the user places an order at a specific price that goes in the order book and waits for others to fill the order, instead of immediately trading against other orders in the order book. Example: a limit order.
Taker: the user places an order that is immediately executed, because the purchase price of the order is greater than or equal to the market price at that time for Long, or less than or equal to the market price for Short. These orders take volume from the order book, and are therefore called Taker. Example: a market order.
Calculation of Fees
Fees are charged upon opening and closing an order. Three factors are involved:
1. Opening/Closing Price: if the order is a market entry or exit.
2. Amount: the amount of the traded asset. You may find it in the order details. It is the result of multiplying the margin by the leverage.
Taker or Maker Fee: depends on how the user enters or exits the market
The formula for Futures order management is:
Fee = Opening/Closing Price × Amount × (Taker or Maker Fee)
Here are some examples:
Initial Price = 23715.5 USDT
Amount = 0.0041 SBTC
Taker Fee = 0.06% = (0.06/100)
Application of the formula: 23715.5 USDT × 0.0041 SBTC × (0.06/100) = 0.05834 USDT
1. Close Price = 24042.5 USDT
2. Amount = 0.0044 SBTC
3. Taker Fee = 0.06% = (0.06/100)
Application of the formula: 0.0044 SBTC × 24042.5 USDT × (0.06/100) = 0.06347 USDT
Opening an Order
Upon opening an order, the fees are taken by the system and separated from the margin to be used in the order. The separate fee takes into account an estimate of the opening fee, closing fee, and funding fee.
The funding fee is the core operating mechanism of Bitget Perpetual Futures. The setting of the funding fee is intended to ensure that the trading price of Perpetual Futures closely follows the underlying reference price through the regular exchange of funding fees between the Long and Short parties. It must be taken into account that:
1. Bitget does not charge any funding fee at the moment of the transaction. The funding fee is separated from the margin and waits the established hours for collection.
2. The funding fee is generated every 8 hours, at 07:00, 15:00 and 23:00 (UTC+8). The user only needs to pay or collect fees if he has an open position at one of these three timestamps.
3. Thus, the margin of the order will be a little less than the one placed at the beginning of the order, since these fees are separated. If an order is opened and closed and no funding fees are charged, the margin will be the same as prior to the order, minus the opening and closing fees, plus PL.
Cost Value: 100 USDT
Cost (with fees): 99.28925 USDT
Initial Account Equity: 3003.9219 USDT
Margin (with fees and funding fees): 98.2978 USDT
Account Equity with PL: 3003.9625 USDT
Fees: Opening Fee + Closing Fee = (-0.05897583) + (-0.05902121 USDT)
PL: 0.06510449 USDT
Total PL: Fees + PL = -0.05289255 USDT
Final Account Equity = Initial Account Equity + Total PL =
= 3003.9219 - 0.05289255 = 3003.8690 USDT
As demonstrated above, although a previous part of the margin is set aside for fees, they are not discounted until the order is fully closed, and part of the unused separate assets is returned to the account.
1. Financial Record >> Futures Record
The Futures Record page shows the profit or loss of the orders, as well as the fees. To access it, click on Assets >> Financial Record >> Futures Record, on the right corner of the home page top menu bar.
The Futures Record page shows how Bitget charges fees. Bitget does not charge a single fee for the total order, but instead divides the order in several parts within opening and closing, and charges the total fee in parts. All fees are charged at the exact same time; in reality they are just parts of the same fee, added for the total opening or closing fee.
The page does not show information such as the amount of the order or the opening or closing price, only profit, loss and fees.
2. Order Details (Futures trading interface)
The Order Details tab on the Futures trading interface shows the fees with more detailed information. It can be used for manual calculation of the fees and checked in case of doubt, such as regarding the amount or volume, the opening and closing price and the total fee.
As on the Futures Record, the platform also divides some transactions into parts in order to collect the fees; there are some transactions to which the fees must be added to result in the total.
3. Futures Orders >> Trading Details
On the Order Details tab, there is a More button which leads to the Futures Orders >> Trading Details tab. This tab can also be assessed by clicking on Assets >> Orders >> Futures Orders >> Trading Details, on the right corner of the home page top menu bar.
The Trading Details tab shows the fees broken in more detail, in a more orderly way. It is the best table to verify the details of fees, profit and loss of transactions.
For further questions, please ask our team on the official Bitget communities on Telegram: