Fees
Every leveraged position charges a base fee and a performance fee, collected by the Position Manager by minting shares to the fee recipient. For details on how each fee is calculated — including the high-water mark, what the performance fee is measured against, and worked examples — see the Position Manager fee mechanism.
The fees are identical across every leverage tier, so the schedule below applies to all Position Managers for each asset.
Current Schedule
Section titled “Current Schedule”| Asset | Base Fee | Performance Fee |
|---|---|---|
| wUSCCWrapped Bitwise USCC | 0.1% | 10% |
| wFalconXWrapped FalconX USDC (Pareto AA tranche) | 0.15% | 0% |
| wJAAAWrapped Janus Henderson Anemoy AAA CLO Fund Token | 0% | 10% |
- Base fee — a time-based fee charged on the full collateral value, expressed as an annual rate. It pays for maintaining the position at its target leverage.
- Performance fee — charged on the net performance of the levered exposure, tracked against a high-water mark so it only applies to new gains.
Fees are read on-chain from each asset’s Position Manager via the feeData() function and are subject to change. The canonical Position Manager addresses are listed on the Deployments page.
Naming in the contracts
Section titled “Naming in the contracts”On-chain, the base fee is the field named managementFee (set via setManagementFee) — the generic name for a fee charged simply for holding the asset. Position Managers are not actively managed strategies: they maintain a position at a fixed target leverage, and this fee pays for that maintenance, so the docs call it the base fee. The two names refer to the same value.