Fees, Funding & Risk

Trading fees, fee tiers and fee credits

Trading perps on N1 costs a taker or maker fee on each fill. Your exact rates depend on your fee tier, which is shown in Rewards → Fee Tier. Maker vs taker - A taker fee applies when your order fills immediately against existing liquidity (market orders, and limit orders that cross the book). - A maker fee applies when your order rests on the book and is filled by someone else (post-only orders, and limit orders placed away from the current price). The fee for an order is included in the trade summary before you submit, and realized fees appear in your account overview and history. Fee tiers There are five tiers. You qualify for a tier in either of two ways: | Tier | Qualify with either | Maker | Taker | | --- | --- | --- | --- | | 1 | up to $5M volume | 0.0100% | 0.0350% | | 2 | over $5M volume, or ≥ 0.5% of platform maker volume | 0.0050% | 0.0300% | | 3 | over $25M volume, or ≥ 2.5% of platform maker volume | 0.0000% | 0.0250% | | 4 | over $100M volume, or ≥ 10% of platform maker volume | 0.0000% | 0.0230% | | 5 | over $1B volume | 0.0000% | 0.0200% | - Volume means your maker and taker volume over the last 14 completed UTC days. The maker-share alternative uses your wallet's share of total platform maker volume over the same period. - Only completed UTC days count, so today's volume starts counting toward your tier tomorrow. - Tiers update daily. - From tier 3 upward, resting orders trade at zero maker fee. Rates are served live by the exchange, so Fee Tiers in Rewards is always the authoritative source — it shows the current rate for every tier, which tier you are on, and your progress toward the next one. Referral fee discount If you signed up through a referral link or invite code you are placed on the discounted fee ladder: a 5% discount on eligible trading fees at every tier, applied to the rates above. Your own tier and rates are always shown in Fee Tiers. The discount ends once your combined maker and taker quote volume from complete discounted UTC days reaches $5M, after which you move onto the standard ladder at your usual tier. Fee credits Fee credits are grants that pay back eligible trading fees. In Rewards → Fee Credits: - Earn — your eligible trading fees fill your current credit grant. Only one grant earns at a time; other grants wait in order. - Claim — once a grant reaches the displayed minimum you can claim all available credit. The grant stays active and can keep earning until it is complete or expires. - Expiry — anything you have not claimed when a grant expires is lost. A claim that already entered the payout queue before expiry still pays out. - Payment — claims enter a payout queue and can stay queued while payout capacity refills. The practical rule: claim as soon as you are above the minimum rather than waiting for a grant to fill completely. Other costs to be aware of - Funding is an hourly payment between longs and shorts, not a fee to N1. See Funding payments explained. - Withdrawal fee — Nord applies its withdrawal fee during settlement when you withdraw.

Understanding margin, account health and liquidation

Perps positions are funded by margin, not by the full value of the position. This article explains the numbers the app shows you and what happens if your account runs out of margin. The numbers in your account panel | Metric | What it means | | --- | --- | | Account Equity | Your balance plus unrealized PnL — what your account is worth right now. | | Available Margin | Equity that is not already committed to positions and orders. New orders draw from this. | | Unrealized PnL | Profit or loss on open positions at the current mark price. | | Maintenance Margin | The minimum margin your open positions must be backed by. | | Cross Margin Ratio | The ratio of your account equity to your maintenance margin. | | Margin Usage | How much of your available margin is in use. It turns yellow at 60% and red at 80%. | | Health | How close your account is to liquidation, as a score out of 100. It compares the maintenance margin your positions require with your account equity: if the requirement is 10% of your equity, Health is 90/100. If your equity cannot cover the requirement, Health is 0/100. | Health and Margin Usage measure different things. Margin Usage tells you how much room you have left to open new positions. Health tells you how close your open positions are to liquidation, and it counts unrealized PnL. An account that has no room to open anything new can still show high Health while it is in profit, so watch both numbers. Cross margin Positions use cross margin: all of your positions share one pool of account equity. Profit on one position supports another, but a loss on one also reduces the margin backing every other position. Isolated margin appears in the margin-mode selector but is currently disabled — the app shows "This option is currently not available." Leverage Leverage is selectable from 1x upward in 0.1x steps, and the maximum available depends on the market. Higher leverage means a smaller price move is enough to consume your margin, so it directly moves your liquidation price closer to the current price. Liquidation price Before you submit an order, the trade summary shows Required Margin, Fees, estimated slippage and an estimated Liquidation Price for the resulting position. Your open positions also show a Liq. Price column, and the chart draws a liquidation-price line so you can see it against price action. The liquidation price is an estimate that moves as your account changes. It depends on: - the size of the position (and of your other positions), - the index price and its confidence, - the market's maintenance-margin factor, - your account equity, and - the maintenance margin required by your other positions. Depositing more collateral, reducing size or closing another losing position all push your liquidation price further away. Withdrawing collateral or adding exposure pulls it closer. What liquidation looks like If your equity can no longer cover the maintenance margin of your positions, the position is liquidated — closed automatically at market. Liquidations appear in your activity history as Position liquidated. You keep whatever equity remains after the position is closed and fees are applied. How to reduce risk before it gets there - Watch Health and Margin Usage rather than only unrealized PnL. - Set a Stop Loss so an adverse move exits at a price you chose (up to 16 TP/SL triggers per position). - Reduce your position size — partial closes are available from the positions table. - Deposit more USDC to raise account equity. - Remember that funding payments and fees also draw on your equity while a position is open. If you try to open an order you cannot back, the app rejects it with "Not enough available margin."

Funding payments explained

Perpetual futures never expire, so funding keeps the contract price aligned with the market price. It is a recurring payment between traders — not a fee charged by N1. Which side pays, and when Funding settles hourly. If the funding rate is positive, longs pay shorts; if it is negative, shorts pay longs. On the web, hover the funding rate in the market header to see the current 1hr rate / annualized rate, the direction (Longs pay Shorts or Shorts pay Longs), and a countdown to the next funding payment. On mobile in Lite, open a market and scroll to Funding. The section shows the current hourly rate, which side pays, and the countdown to the next payment. Select How it works to see the hourly and annualized rates, direction, and interval together. Where you see it - Mobile Lite market details — the Funding section shows the hourly rate, payment direction, and next-payment countdown. - Web Markets list — a Funding column shows each market's current rate as a signed percentage. - Web market header — the current rate, plus the projected rate for the next payment, with the tooltip described above. - Portfolio → Funding history — every payment you have made or received, with Time, Market, Size, Side, Payment and Action Id. You can filter to one market or Show all markets. If you have never held a position through a payment you will see "No funding history." - Analytics → Funding rate — the rate over time, viewable as Period (per hour) or Annualized (that rate extrapolated over a year, i.e. × 24 × 365). What it means for your account - Funding applies to open positions only — closing before the hour settles means you neither pay nor receive it. - Payments draw on your account equity, so persistent adverse funding gradually reduces the margin backing your positions. A leveraged position held for days can be meaningfully eroded by funding alone, so check Health if you hold positions for long periods. - A large positive rate signals the market is heavily long (and vice versa), which is why some traders read funding as a positioning indicator rather than only a cost. Funding vs trading fees Funding is paid to other traders and can be positive or negative for you. Trading fees are charged on each fill and are always a cost — see Trading fees, fee tiers and fee credits.

Leverage and margin modes

Leverage decides how much position size a given amount of margin supports. Margin mode decides whether your positions share collateral. Setting leverage The Leverage control sits with the order form. It starts at 1x, moves in 0.1x steps, and its maximum is set per market — the market header shows the current cap as a Max badge. Markets with more volatile or thinner liquidity have lower caps. Leverage affects your required margin and therefore your liquidation price: doubling leverage roughly halves the price move needed to wipe out the margin behind a position. The trade summary shows Required Margin and the estimated Liquidation Price for the order you are about to place — check both before submitting rather than after. Margin mode Open Margin Mode to see the two options: - Cross Margin — "Share margin across all positions. Unrealized PnL can offset losses." This is the mode N1 currently uses. - Isolated Margin — visible but disabled: "This option is currently not available." Because all positions share one pool of collateral under cross margin, a loss on one position reduces the margin supporting every other position. Size your total exposure, not just individual trades. Practical guidance - Higher leverage does not increase your profit per dollar of price movement — it only reduces the collateral you must post, and moves your liquidation price closer. - Fees and funding are charged against the same equity that backs your margin, so a highly leveraged position can drift toward liquidation even in a flat market. - If an order is rejected with "Not enough available margin," lower the size or the leverage, or deposit more USDC. For what happens as margin runs out, see Understanding margin, account health and liquidation.