Fees
Opening, losing, and liquidation cost nothing beyond the loss itself. Only winning trades pay, from the gain.
What’s free
- No fee to open, no spread, no slippage, no funding, and no Solana fees for trading.
- A losing close pays only its loss.
- uplong charges nothing for deposits (a wallet deposit pays Solana’s network fee, plus about 0.002 SOL of account rent the first time). Withdrawals cost a flat 1 USDC, on top of the amount; see Deposits and withdrawals. Claiming $LONG also costs a flat 1 USDC; see $LONG for losses.
The fee on wins
A winning close goes through three steps, in this order:
- Deadband. The gain is measured as if the exit were 0.2 basis points (entry ÷ 50,000) less favorable. A win smaller than that becomes zero.
- Impact. The remaining gain is scaled down by a factor that depends on how far the price moved. Small moves keep little; large moves keep most of the gain.
- Win fee. 2% of the scaled gain.
The haircut depends on the price move, not on how big your position is: the same move costs the same share of the gain on a $100 position and on a $100,000 one.
The impact formula
kept gain = gain × (1 − baseRate) / (1 + term1 + term2)
term1 = 1 / (move × R)
term2 = N / (10⁶ × move × P)
move = |exit − entry| / entry (after the deadband)| Parameter | BTC | ETH |
|---|---|---|
| baseRate | 10% | 10% |
| R (rate multiplier) | 15,000 | 15,000 |
| N (reference notional) | $100,000 | $100,000 |
| P (position multiplier) | 814.598 | 483.979 |
| Win fee | 2% | 2% |
How much of a win you keep
Share of the gross gain you receive, after the deadband, impact, and win fee:
| Price move | BTC | ETH |
|---|---|---|
| 0.01% | 21.0% | 16.0% |
| 0.05% | 60.7% | 54.0% |
| 0.1% | 72.4% | 67.6% |
| 0.25% | 81.3% | 78.8% |
| 0.5% | 84.6% | 83.3% |
| 1% | 86.4% | 85.7% |
| 5% | 87.8% | 87.7% |
A win never keeps more than 90% before the win fee, or 88.2% after it.
Example
A 10 USDC margin at 1000x is a 10,000 USDC long on BTC. The price rises 0.1%, so the gross gain is 10 USDC. You receive about 7.24 USDC (72.4%) and your 10 USDC margin.
Why it works this way
- At 1000x, a fee on position size or a spread would either be too small to matter or too large to trade with. Charging the gain puts the cost only on trades that made money.
- Tiny price wiggles turn into large percentage gains at high leverage. The haircut makes trading noise, or briefly distorted prices, unprofitable, while a real move keeps most of its gain.
Where fees go
The impact haircut stays in the pool to pay future winners. The 2% win fee is split the same way as losses: 75% stays in the pool, 20% goes to $LONG buybacks, and 5% to the team. The buyback and team shares leave the pool only when it has the USDC after paying the winner; while winners wait in the payout queue, they are skipped. See The pool and payout queue.
The positions table shows PnL before fees; closing a winner pays it after the haircut and win fee. The explorer breaks down each close into the gain before fees, the impact haircut, the win fee, and where the fees went.