Who this is for — High-frequency traders with thin margins. Small fees × volume = destroyed edge — preserves existing edge without creating new advantage.
Fee optimization improves explicit commissions and routing to more efficient venues/structures — always in total cost context: fees + spread + slippage + funding.
In plain terms — Low fees alone aren't enough — optimize all-in cost per trade.
Optimization plan
| Lever | Detail |
|---|---|
| Maker vs taker | Limit/post-only where possible |
| Volume tier | Monthly volume discounts |
| Venue routing | Fees + fill quality together |
| Overtrading | Fewer trades = lower aggregate fees |
| Review | Quarterly agreements and tiers |
Monthly dashboard: total cost bps per strategy — not just statement commission line.
Limits
- Zero fee + wide spread = worse
- Optimizing fees ignoring slippage = false economy
- Pair with execution quality
Typical mistake — Switch broker for −0.01% fee — slippage ×2.
Example — High-turnover 28 bps total → routing + maker mix → 19 bps. Annual improvement > entry signal tweak.
Summary card
- Metric: all-in cost per trade (bps).
- Freq: quarterly tier review.
- Rule: never venue for headline fee alone.
Gold path — Execution module. Index: Gold path.