Who it's for — Scalpers and high-turnover day traders: fees are constant headwind — include in breakeven and expectancy.
Commissions (trading fees) are the explicit cost charged by exchange/broker per execution. Crypto mostly uses maker / taker model.
In simple terms — Target +$10, entry+exit fees $2: you need at least +$2 just to break even before counting the trade.
Maker vs taker
| Type | Order | Fee |
|---|---|---|
| Maker | Low or zero; sometimes rebate | |
| Taker | Higher |
Leverage and notional
Fees apply to notional value traded (notional value), not margin. 10× leverage = fees on 10× exposure — round-trip entry+exit erodes real margin fast.
Common mistake — High-leverage overtrading ignoring round-trip fees: negative theoretical edge.
Summary
- Total trade costs: spread + slippage + commissions + funding (if held overnight).
- Breakeven: target must cover all costs.
Bronze path — Costs module. Next: Funding rate. Index: Bronze path.