Fee Structure
Settled charges a percentage fee on every trade. The base fee is 1% of the USDC amount, applied when buying or selling shares. Holding ZDLT tokens in your wallet reduces your fee tier.
Fee Tiers
| Tier | ZDLT Required | Trading Fee |
|---|---|---|
| None | 0 | 1.00% |
| Bronze | 1,000 ZDLT | 0.75% |
| Silver | 5,000 ZDLT | 0.50% |
| Gold | 25,000 ZDLT | 0.35% |
| Diamond | 100,000 ZDLT | 0.25% |
Your tier is determined by the ZDLT balance in the connected wallet at the time of each trade. There is no staking or locking required — simply holding ZDLT qualifies you.
ZDLT Token
Token address: 4PX31xRA1BaAyb2Js45ZKYp92VGWGp47yWeVs5CGVKbf (Solana, fixed supply)
ZDLT is the utility token of the Zirodelta protocol. It is used exclusively for fee tier discounts on Settled. ZDLT is not a governance token and does not confer voting rights.
How Fees Are Charged
Fees are deducted from the USDC amount on every buy_shares and sell_shares instruction:
- User submits a trade for X USDC
- Program reads user's ZDLT balance to determine tier
- Fee = X * fee_rate (based on tier)
- Net amount = X - fee
- LMSR shares are computed from the net amount
- Fee is retained in the vault
Example
A Gold tier user buying $100 of YES shares:
| Value | |
|---|---|
| USDC amount | $100.00 |
| Fee rate (Gold) | 0.35% |
| Fee | $0.35 |
| Net for LMSR | $99.65 |
| Shares received | Computed by LMSR from $99.65 |
Fee Distribution
Accumulated fees are distributed as follows:
| Allocation | Share | Description |
|---|---|---|
| Operations | 50% | Infrastructure, exchange fees, gas, development |
| ZDLT buyback | 25% | Protocol buys ZDLT on Jupiter, with on-chain Memo proof |
| PBED credit pool | 25% | Distributed to PBED NFT holders by weight-based allocation |
Resolver Tip
An additional 10 basis points (0.1%) of a market's accumulated fees are paid to the resolver who submits the permissionless resolution transaction. This comes from the vault's fee pool and is separate from the distribution above.
Fee on the API
The fee amount is included in every trade response:
{
"data": {
"trade_id": "a1b2c3d4-...",
"side": "yes",
"shares": "13.698630",
"cost_usdc": "10.000000",
"fee_usdc": "0.100000",
"new_yes_price": "0.742000"
}
}
The quote endpoints also show the fee so you know the exact cost before trading:
GET /v1/markets/{id}/quote?side=yes&amount=100
Fee Properties
| Property | Value |
|---|---|
| Minimum fee | No minimum — proportional to trade size |
| Maximum fee | 1% (None tier) |
| When charged | On buy and sell |
| Settlement claims | No fee on claiming winning positions |
| Voided markets | No fee on refunds |
| Fee visibility | Shown in fee_usdc field on every trade and quote |