Fees & performance
Four fee types — entry, exit, performance, management. How they're calculated, the 14-day announcement period, and Chamber's 10% protocol cut.
Chamber vaults support four fee types. Managers pick the mix that suits the strategy. All fees are set at vault creation and can be changed later, subject to a 14-day announcement period.
Chamber takes 10% of manager fees as a protocol fee. The rate displayed to depositors is the full rate they pay — the manager receives 90% of it, Chamber receives 10%.
The four fee types
Entry fee
Charged on each deposit by reducing the shares the depositor receives. A depositor adding $10,000 to a vault with a 0.5% entry fee receives vault shares worth $9,950; shares worth the remaining $50 are minted to you and the protocol. Range: 0–2%.
Exit fee
Charged on each withdrawal. Same shape as the entry fee, applied on the way out — shares are taken as the fee before the remaining shares are redeemed for assets. Range: 0–2%.
Performance fee
Charged on the vault's share price 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. It is not tied to any individual depositor's entry price.
Typical range: 0–50%.
When share price grows above the HWM, new shares are minted to the manager and Chamber (90/10) worth the manager's agreed cut of the vault-wide gain. Every existing holder's share count is unchanged; their share of the total supply dilutes by a matching fraction — that's how all depositors collectively pay the fee.
If the vault drops below its HWM and later recovers, no performance fee accrues until the HWM is exceeded.
Performance fees are automatically calculated and minted on every new deposit or withdrawal, and can be triggered manually by the manager.
Example (vault level): A vault has a share price of $1.00 at its high-water mark. Total supply is 1,000,000 shares. Share price grows to $1.20 (a 20% gain, vault-wide). With a 20% performance fee, shares worth 20% of the $200,000 NAV gain ($40,000) are minted — split $36,000 to the manager, $4,000 to Chamber. The new HWM becomes the post-mint share price.
This is socialised across every holder. A depositor who entered at $0.80 and a depositor who entered at $1.00 both experience the same dilution when the fee mints.
Management fee
Charged continuously on the vault's total share supply, at the annualised rate. Charged regardless of performance.
Range: 0–3% per year.
Accrues per second and is minted whenever a deposit, withdrawal, or manual trigger causes accounting to run. A vault with $1M NAV and a 2% annual management fee accrues ~$54.79 per day of fee value.
Fee caps
Entry
2%
Exit
2%
Performance
50%
Management
3% per year
Caps are enforced onchain. The Change Fees screen in the app shows the current limits at the point of any change.
Chamber's 10% protocol cut
The 10% protocol cut applies across all four fee types, minted at the same time as the manager's 90%. The cut funds the treasury, which pays for development, audits, oracles, and other infrastructure. Depositors see the gross fee rate — the split itself is invisible to them.
Worked example
A vault with:
$1,000,000 starting NAV
2% management fee
20% performance fee
0.5% entry and exit fees
Over a year in which the share price grows 20% (vault ends above its high-water mark throughout), with $100k of deposits and $50k of withdrawals along the way:
Management (2% on avg NAV ~$1.1M)
~$22,000
~$19,800
~$2,200
Performance (20% on ~$200k gain)
~$40,000
~$36,000
~$4,000
Entry (0.5% on $100k deposits)
$500
$450
$50
Exit (0.5% on $50k withdrawals)
$250
$225
$25
Total
~$62,750
~$56,475
~$6,275
Numbers rounded.
Changing fees — 14-day announcement
Fee increases have a 14-day announcement period. You propose the new fee today; it takes effect 14 days later. Depositors have time to exit at the old rate if they don't want the change.
Fee decreases take effect immediately.
This is a depositor-protection measure and is not optional — the Guard System enforces it onchain.
How fees accrue
Every Chamber fee is settled in vault shares. Entry, exit, performance, and management fees all mint new shares to the manager and the Chamber protocol (split 90/10) rather than skimming cash from the deposit or withdrawal asset.
Entry fees. At deposit, the depositor receives fewer shares than their full deposit value would imply; the remaining shares are minted to the manager and protocol.
Exit fees. At withdrawal, a portion of the shares being redeemed is taken as the fee before the rest is burned for assets.
Performance fees. The amount owed is a function of time and the share price's run above the high-water mark — the contract can compute it at any moment. Shares are actually minted on the next deposit, withdrawal, or manual fee trigger, not continuously.
Management fees. Same pattern: the owed amount scales per second against total vault supply, but the shares are only minted when deposit/withdrawal/manual accounting runs.
Claiming fees
Fees live in your manager address as vault shares — a position in your own vault. To realise them:
Hold the shares as a position, same as any other depositor.
Or withdraw them, which works like any other withdrawal — single-asset or underlying basket. See Withdrawals.
Because fees are shares, not cash, they stay exposed to the vault's performance until you withdraw. If the vault grows, so does the value of your accrued fees; if it shrinks, your accrued fees shrink too. Many managers withdraw on a regular cadence to lock in fee value.
Referral shares
A portion of your fees can be shared with referrers via two separate programs:
Offchain referral program — share a % of your performance and management fees per depositor.
Onchain referral program — share a % of your entry fees (all depositors).
Both are optional and off by default. See Manager programs for how they work and when each applies.
Related
Create a vault — setting fees at creation.
Create a vault — where fees are set.
Oracles — how the NAV that performance fees are calculated against is priced.
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