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

# Fees

What each path and opportunity charges.

| Product or path                     | Entry                                                  | Ongoing                                                       | Exit                                            | Notes                                                                                          |
| ----------------------------------- | ------------------------------------------------------ | ------------------------------------------------------------- | ----------------------------------------------- | ---------------------------------------------------------------------------------------------- |
| **RFQ desk** (mint and redeem BTCD) | Set per quote                                          | n/a                                                           | Set per quote                                   | Configured per quote; automatic adjustment is not asserted as active                           |
| **Vault minting**                   | Set separately for single-asset and two-asset deposits | n/a                                                           | Configured redemption fee                       | Whitelisted recipients only                                                                    |
| **sBTCD**                           | No staking contract fee                                | Yield payments vest over 24 hours                             | No unstaking contract fee                       | Cooldown was 0 at the 2 November 2026 observation; network gas is separate                     |
| **USD Vault (bdUSD)**               | None in the published schedule                         | 0.5% a year management fee; no performance fee                | 0.2% immediate fee, or 0.2% upfront request fee | No second exit fee on the request claim; liquidity and operator release determine availability |
| **BTC Vault (bdBTC)**               | To be set                                              | To be set                                                     | To be set                                       | Proposed design                                                                                |
| **wBTC Carry Vault (BTCdc)**        | None in the published schedule                         | 0.5% a year management fee; no performance fee                | 0.1% immediate fee, or 0.1% upfront request fee | No second exit fee on the request claim; idle liquidity limits the immediate route             |
| **BTC Prime** (lending wBTC)        | None                                                   | None; the Morpho market fee is zero in the published schedule | None                                            | Lending-market liquidity is separate from a vault withdrawal                                   |
| **USD Prime** (lending USDC)        | To be set                                              | To be set                                                     | To be set                                       | Proposed market; deployment assignment remains unconfirmed                                     |

Staking, immediate-withdrawal and request settings were checked on 2 November 2026. Contract admins can change configurable settings. In both vaults, the observed request deadline was 24 hours from request submission, with operator release required before a claim. See [USD Growth](/opportunities/usd-growth.md) and [wBTC Carry Vault](/opportunities/wbtc-carry-vault.md).

## Where fees go

Mint and redemption fees stay in the reserves and add to surplus. Under the uniform reserve-value redemption model, retained fees would increase the collateral ratio for remaining holders; current pricing depends on the route. See [When reserves fall short](/how-the-engine-works/when-reserves-fall-short.md).

## Third-party wrappers

Third-party vaults that deposit into bdUSD or the wBTC Carry Vault set and charge their own fees on top of these.