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Document zero fee for correlated assets - #689
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fleupold
approved these changes
Nov 13, 2026
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| The above entry should be interpreted as follows. It is a Fill-or-Kill order since the flag `partiallyFillable` is set to `false`. Moreover, it is a sell order since its `kind` is set to `sell`. Finally, this is a `limit` order, meaning that it has a zero-signed fee, which implies that the solver is free to choose an appropriate fee to cover its execution cost. This means that, if executed, the user will send a total of 1000000000000000000000 COW atoms to the settlement contract, and the user has signed for a minimum of 284138335 USDC atoms (`fullBuyAmount`). The order also carries a 2 bps volume fee, which the driver will deduct from the buy side once the trade settles. Since the order has not been partially filled, `sellAmount` still equals `fullSellAmount`, but `buyAmount` is scaled up from `fullBuyAmount` to net out that fee: `buyAmount` = `fullBuyAmount` / (1 - 0.0002) = 284138335 / 0.9998 ≈ 284195174.03, rounded down to 284195174. Solvers can then route on `sellAmount`/`buyAmount` while ignoring fees entirely, and once the driver charges its 2 bps cut of the 284195174 USDC bought (≈56839 USDC atoms), the user is left with exactly the signed minimum of 284138335 USDC atoms — so the original limit is never violated. This is the usual case in practice: on most chains essentially every order carries some volume-based protocol or partner fee, so `buyAmount`/`sellAmount` differ from `fullBuyAmount`/`fullSellAmount` even without any partial fill; the two only coincide when there is no such fee, which is rare. | ||
| The above entry should be interpreted as follows. It is a Fill-or-Kill order since the flag `partiallyFillable` is set to `false`. Moreover, it is a sell order since its `kind` is set to `sell`. Finally, this is a `limit` order, meaning that it has a zero-signed fee, which implies that the solver is free to choose an appropriate fee to cover its execution cost. This means that, if executed, the user will send a total of 1000000000000000000000 COW atoms to the settlement contract, and the user has signed for a minimum of 284138335 USDC atoms (`fullBuyAmount`). The order also carries a 2 bps volume fee, which the driver will deduct from the buy side once the trade settles. Since the order has not been partially filled, `sellAmount` still equals `fullSellAmount`, but `buyAmount` is scaled up from `fullBuyAmount` to net out that fee: `buyAmount` = `fullBuyAmount` / (1 - 0.0002) = 284138335 / 0.9998 ≈ 284195174.03, rounded down to 284195174. Solvers can then route on `sellAmount`/`buyAmount` while ignoring fees entirely, and once the driver charges its 2 bps cut of the 284195174 USDC bought (≈56839 USDC atoms), the user is left with exactly the signed minimum of 284138335 USDC atoms — so the original limit is never violated. This is the usual case in practice: on most chains, orders between uncorrelated tokens carry a volume-based protocol fee and many orders carry a partner fee, so `buyAmount`/`sellAmount` differ from `fullBuyAmount`/`fullSellAmount` even without any partial fill; the two only coincide when there is no such fee, e.g. for an order between correlated tokens (which are not charged a protocol volume fee) without a partner fee. |
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This is a perfect example, of why we should always have 1 line per sentence in MD files. Otherwise reading a diff can become really hard for straightforward changes.
jmg-duarte
approved these changes
Nov 13, 2026
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Description
The protocol volume fee on orders between correlated assets is now 0 bps, down from 0.3 bps. This PR updates the fees page so it shows the fee that is actually charged. It also corrects a sentence in the auction schema reference that said orders without a volume-based fee are rare.
The volume fee on all other orders is still 2 bps.
Changes
docs/governance/fees/fees.md: the volume fee for correlated assets is now 0 bps, and the fee calculation reads "no fee" instead ofVolume * 0.00003. Under eligible orders, the page now says that orders between correlated assets are currently not charged a volume fee.docs/cow-protocol/reference/core/auctions/schema.md: the explanation ofbuyAmount/sellAmountvs.fullBuyAmount/fullSellAmountsaid orders without a volume-based fee are rare. That's no longer true for correlated pairs, so it now gives an order between correlated tokens with no partner fee as an example where the two match.