AX Fee Schedule
Architect Bermuda Ltd. — Comprehensive framework for transparent, fair, and efficient pricing of perpetual futures contracts on non-digital assets.
Transaction Fee Structure
The exchange implements a Maker-Taker fee model, rewarding liquidity providers and balancing market depth. Higher volume traders benefit from reduced fee tiers.
Removes Liquidity
Charged to traders who execute against existing resting orders, removing liquidity from the order book.
Adds Liquidity
Charged to traders who place resting limit orders that add liquidity and depth to the order book.
Tiered Fee Schedule
Based on rolling 30-day trading volume. The tiered fee system incentivizes high-volume traders.
| Tier | 30-Day Volume | Maker Fee | Taker Fee |
|---|---|---|---|
| Tier 1 | Up to $1M | 0.05% | 0.10% |
| Tier 2 | $1M - $10M | 0.02% | 0.05% |
| Tier 3 | $10M - $100M | 0.005% | 0.04% |
| Tier 4 | $100M | -0.005% | 0.00% |
Underlying & Mark Price
How the exchange determines fair and reliable pricing for contracts and settlements.
Sourced from reputable, independent benchmark providers and publicly disseminated data sources:
- Non-digital assets (currencies, equities): LSEG, S&P, ICE, NASDAQ
- Digital assets: CF Benchmarks, Coinbase
- Additional feeds sourced for sanity checks and backup pricing
Computed in real-time for margin calculations, at 1-minute intervals and at settlement time.
Computation Formula
The arithmetic average of snapshot prices from the last 15 one-minute intervals prior to settlement. Each snapshot uses:
All calculated prices are publicly available in real-time, ensuring full transparency for all market participants.
In rare cases (exchange closures, market disruptions, data errors), prices may be adjusted following a formal governance process:
- 1 CRO submits recommendation with documentation
- 2 CEO reviews and approves the adjustment
- 3 Board receives report at next meeting
- 4 Records available for BMA review upon request
Snapshot Price Determination Rules
How each one-minute snapshot price is resolved
| Condition | Snapshot Price |
|---|---|
| Neither Mid-Price Avg nor Trade VWAP available | Previous minute's mark price |
| Only Mid-Price Average available | Mid-Price Average |
| Both Mid-Price Avg and Trade VWAP available | (0.3 x Mid-Price) + (0.7 x VWAP) |
Dynamic Funding Rate
A regular mechanism that keeps perpetual futures prices aligned with the underlying spot market.
The funding amount equals the difference between the Mark Price and the Underlying Price at settlement time.
When the Mark Price exceeds the Underlying Price, long holders pay and short holders receive.
When the Mark Price is below the Underlying Price, long holders receive and short holders pay.
Conducted regularly on a published schedule, typically once per business day, accounting for holidays and exchange closures.
Real-time and historical funding rates are publicly available for all participants.
Collateral Valuation
Accepted collateral types and their valuation methodology.
During periods of high market stress, the exchange reserves the right to assess a haircut on the collateral value of non-USD assets. This ensures over-collateralization and helps mitigate liquidation risks.
Settlement & Profit Realization
How profits, losses, and continuous trading are handled on the platform.
All profits and losses are marked to market in near real-time. They are added to or subtracted from traders' account collateral value as they occur, reflecting current market conditions and minimizing settlement risks.
Perpetual futures contracts do not have an expiration date. Traders may hold their positions as long as margin levels are maintained, with regular profit and loss realization based on market conditions.
Discretionary Price Adjustments
Governance and oversight procedures for rare price adjustments in the interest of market fairness and integrity.
Adjustment Procedure
Expected to be exceedingly rare — only undertaken to ensure market integrity
- 1 CRO Recommendation — Formal recommendation with documentation and clear rationale.
- 2 CEO Approval — Materials submitted to CEO for review and approval before any adjustment.
- 3 Board Review — All adjustments compiled by CRO and presented at subsequent Board meeting.
- 4 Regulatory Access — Full records available for BMA review upon request, in line with DABA, IBA, and the Codes.
Triggering Events
Examples of events that may warrant discretionary adjustment
Defined Terms
Key terms referenced throughout this policy
| Term | Definition |
|---|---|
| BMA | Bermuda Monetary Authority |
| Company | Architect Bermuda Ltd. |
| DABA | Digital Asset Business Act 2018 (as amended) |
| IBA | Investment Business Act 2003 (as amended) |
| DABA Code | DABA Code of Practice dated February 2024 |
| IBA Code | IBA Code of General Business Conduct and Practice dated July 2022 |
| Digital Assets | Anything in binary format with the right to use it — including representations of value used as medium of exchange, unit of account, or store of value |
| CEO | Chief Executive Officer |
| CRO | Chief Risk Officer |
This Policy is reviewed at least annually by senior management. Significant changes to the client protection framework will be reflected and submitted to the Board for approval.
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