> For the complete documentation index, see [llms.txt](https://docs.metric.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.metric.xyz/use-metric/fees.md).

# Fees

**Traders pay zero fees on Metric.** Every cost of a trade is already built into the price you're quoted. Nothing is added at execution: no trading fee and no frontend fee.

The quoted price can include up to three components:

| Component          | Set by                                      | Always applies?             |
| ------------------ | ------------------------------------------- | --------------------------- |
| Half spread        | Price provider (chosen by the pool curator) | Yes                         |
| Additional bin fee | Pool curator                                | Only on bins where it's set |
| Notional fee       | Metric                                      | No, off by default          |

## Half spread

Each pool's price provider publishes three prices: a **bid**, an **ask** and a **reference price** between them. You pay the gap between the reference price and the side you trade on:

* **Buying:** the difference between the reference price and the ask.
* **Selling:** the difference between the reference price and the bid.

The spread moves as the provider updates its quote. In anchored pools, the oracle sets the minimum half spread, and the curator can quote wider but not narrower.

## Additional bin fee

Pool liquidity sits in price ranges called **bins**. A curator can add an extra fee to any bin, with separate rates for buying and selling. If your trade crosses several bins, each bin's rate applies only to the part of the trade filled in that bin. Curators use this to make some price ranges cheaper or more expensive to trade through.

## Notional fee

A notional fee is a fixed percentage of trade size. It's **off by default**. Metric can turn it on for specific pools, up to a maximum of 1%. Curators can't set a notional fee for now.

## Who earns what

**Half spread and additional bin fees** are split between LPs, the pool curator (called **admin** in the contracts) and Metric. The curator and Metric take their configured shares; LPs keep the rest.

**Notional fees** go to the protocol, not LPs.

* Metric's default share is 7.5% of the overall spread.
* Raising the **curator's share** reduces LP earnings without changing the trader's quote.
* The curator and Metric can each change their share of the spread at any time and with no timelock, even when the Price Provider is immutable. Check the pool's current rates before and after depositing.
* Raising the **spread, bin fee or notional fee** increases the cost of a trade for traders.

## How fees are paid out

* **LPs:** Earnings stay in the bins and compound into your position. There's nothing to claim.
* **Pool curator and Metric:** Their shares build up in the pool until someone collects them. Anyone can trigger collection. The curator's share goes to the curator's fee address and Metric's share goes to Metric's fee receiver.
* **Rate changes:** When fee rates or shares change, what has already been earned is split at the old rates before the new rates apply.

## Before you trade or deposit

* **Traders:** Check the quote. It's the full price.
* **LPs:** Check the pool's current fee shares and bin fees before depositing.

Related: [Understanding your returns](/use-metric/provide-and-manage-liquidity/understanding-your-returns.md).