# Fees Every vault sets its own fees, within protocol-wide caps. There are four fee types. **All four are settled in vault shares**, not in cash — the manager and the Chamber protocol receive newly-minted vault shares, and the economic effect on depositors is a small ongoing dilution of share price. Chamber's cut is **10% of every fee**, split automatically onchain. For the manager-side view of how fees are set and changed, see [Fees and performance](/manage/fees-performance.md). ## Fees are charged evenly across every depositor A key thing to understand up front: Chamber fees are **not** calculated against each depositor's personal entry point or cost basis. The vault has one shared high-water mark, one shared management-fee meter, and one shared fee schedule. When fees accrue, they accrue at the vault level and are socialised proportionally across every holder via share dilution. Practical consequence: whether you deposited yesterday or two years ago, you experience the same fee mechanic at the same time. ## The four fees ### Entry fee Charged on deposit. The mechanic: a portion of the shares that would have been minted to you is minted instead to the manager and the Chamber protocol. * Typical: 0–2%. * On a $10,000 deposit with a 0.5% entry fee, you receive shares worth $9,950; shares worth the remaining $50 are minted to the manager (90%) and Chamber (10%). * Disclosed up front in the deposit modal. ### Exit fee Charged on withdrawal. Same mechanic as the entry fee, on the way out — a portion of the shares you're redeeming is taken as the fee before the remainder is burned for assets. * Typical: 0–2%. * Applies to both single-asset and underlying-basket [withdrawals](/deposit/lockup-withdrawals.md). ### Performance fee Charged on the vault's appreciation above its **high-water mark** (HWM). The HWM is vault-level — the highest share price the vault has reached since the last performance fee was minted. The fee is not tied to any individual depositor's entry price. * Typical: 0–50%. * When the share price grows above the HWM, new shares are minted to the manager and the Chamber protocol equal in value to the manager's agreed cut of the growth. Every existing holder's share count stays the same, but each share is now a slightly smaller slice of the same vault — that's how the fee is paid. * If the vault drops below its HWM and later recovers, no new performance fee accrues until the HWM is exceeded. The HWM only resets when a new all-time high is set and the corresponding fee is minted. * Performance fees are automatically calculated and minted on every new deposit or withdrawal to the vault, and can also be triggered manually by the manager. ### Management fee Charged continuously on the vault's total assets. Works the same way as the performance fee — new shares minted to the manager and the Chamber protocol, socialised across all depositors via dilution. * Typical: 0–3% per year. * The amount owed scales per second against total vault supply, annualised. Shares aren't minted continuously — they're minted on the next deposit, withdrawal, or manual fee trigger. The effect on share price is the same either way. * Charged regardless of performance. ## Chamber's 10% protocol cut All four fees are split **90% manager / 10% Chamber protocol**, at the point of minting. You pay one fee; the protocol takes its share onchain, automatically, with no separate action by you or the manager. The protocol cut funds the [treasury](/treasury-and-protocol-economics/overview.md), which pays for audits, infrastructure, and ongoing development. This 10% cut applies to **all four fee types** (entry, exit, performance, management) — the split ratio is set at the factory level and used identically for every fee path. ## How this shows up on your position * Your **share count** stays the same over time (ignoring deposits or withdrawals you make yourself). * The **share price** tracks the vault's NAV minus the dilution from accruing fees — fees don't appear as a separate charge, they reduce the rate at which your share price rises (or accelerate the rate at which it falls). * You never see a cash deduction in your deposit asset. ## Where to see fees for a vault Every vault page shows its full fee schedule below the performance chart. The deposit modal restates the relevant fees (entry + the annualised view of management/performance) before you sign. ## When fees change Managers can change their fees, but **increases have a 14-day announcement period** — the new rate can't take effect for 14 days after it's announced. You'll see a notice on the vault page during that window, giving you time to withdraw at the old rate if you don't want the change. Fee **decreases** take effect immediately. This rule is enforced by the [Guard System](/security/guard-system.md), not a trust-based promise. ## Quick reference | Fee | When charged | Typical range | Settled as | Notice on increase | | ----------- | ---------------------------------- | ------------- | ------------ | ------------------ | | Entry | On deposit | 0–2% | Vault shares | 14 days | | Exit | On withdrawal | 0–2% | Vault shares | 14 days | | Performance | Share price above vault high-water | 0–50% | Vault shares | 14 days | | Management | Continuously on total supply | 0–3% / year | Vault shares | 14 days | All four fees are split 90% manager / 10% Chamber protocol onchain. ## Related * [Lockup & withdrawals](/deposit/lockup-withdrawals.md) — how exit fees apply. * [Manage → Fees and performance](/manage/fees-performance.md) — the manager-side mechanics. * [NAV & accounting](/concepts/nav-accounting.md) — how share price is calculated, which is what fees dilute. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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