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Don’t chase. Tail.

Your money / 06

Know what the trade costs.

Understand TAIL’s standard trading fee, referral discount, route and network costs, and how referral rewards are calculated.

Updated September 21, 2026Markdown source ↗
On this page
  1. The TAIL fee is only one part.
  2. A referral has its own share.
  3. Accrued and paid are different.
  4. Keep the evidence with the number.
The short answer

TAIL’s standard trading fee is 1% per buy or sell. Eligible referred accounts have a 0.9% TAIL fee. Route and network costs are separate, and your quote and receipt are the place to inspect the actual trade.

The TAIL fee is only one part.

The standard TAIL fee is 1% of a buy or sell. A qualifying referral reduces that TAIL fee to 0.9%. The discount applies to TAIL’s fee, not to every cost on a route.

Network and route costs can apply in addition. A quoted price impact is also different from a fee: it describes how the order’s size affects the price in the available liquidity. Read the quote before sending and the receipt after execution.

A referral has its own share.

On eligible referred trades, the referral allocation is 0.25% of the trade value. It comes from the TAIL fee, not from the friend’s gas and not as an extra charge on top of the discounted fee. Rewards accrue when the route confirms the fee was paid.

For example, a $100 eligible trade at the 0.9% TAIL fee has a $0.90 TAIL fee, with $0.25 allocated to the referral reward. That is 25 basis points of the trade, not 25% of the discounted $0.90 fee. This illustrates the schedule; the Referrals page records what a particular trade actually earned.

Accrued and paid are different.

Use the Referrals page to distinguish what has accrued from what has actually been paid. The payout floor is $5, or the delivery cost if that is higher. At the 0.25% allocation, $5 corresponds to $2,000 of eligible trading. Smaller amounts accrue until the payout conditions are met; a pending reward is not money that has already arrived.

A successful payout should have a recorded result. Use that result and your balance when reconciling rewards, rather than calculating an expected payment from someone else’s trading volume.

Keep the evidence with the number.

Quotes estimate a trade before it happens. Receipts record the result afterwards. Route conditions, fees, and price can change between the two.

If you are checking a cost, start with the specific trade’s receipt and transaction. A generic fee schedule explains the product’s terms; it cannot establish what a particular transaction paid.