Fees
What depositors pay on a Chamber vault — entry, exit, performance, and management fees. All settled in vault shares and socialised across depositors.
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.
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.
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, 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, not a trust-based promise.
Quick reference
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 — how exit fees apply.
Manage → Fees and performance — the manager-side mechanics.
NAV & accounting — how share price is calculated, which is what fees dilute.
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