Fees & costs

A complete breakdown of what interacting with Everstrat costs you — protocol fees, the bonding curve premium, performance fees, gas, and slippage.

Testnet only

Everstrat is currently on Sepolia testnet (chain id 11155111). Tokens have no monetary value. Do not send real funds.

Here is everything that affects how much ETH you actually receive relative to what you put in.

Cost breakdown

Cost	Paid to	Amount
Protocol fee on deposit	—	None
Protocol fee on exit	—	None
Entry premium (bonding curve)	Existing EVE holders	Difference between premium price and base price
Performance fee	DAO treasury	A configurable bps rate (max 20%) on accrued Uniswap V3 LP trading fees, settled by minting EVE (diluting existing holders)
Gas	Sepolia validators	Standard network gas
Slippage	—	Price movement between quote and execution

No protocol fee on deposit or exit

The Everstrat AMM does not charge a protocol fee when you deposit ETH or when you burn EVE. Your full deposit is forwarded to the protocol, and the full ETH value of your EVE is redeemed on exit. This is confirmed in the contract code — there is no fee deduction in the enter() or exit() paths.

The entry premium — a real cost, not a protocol fee

When you deposit, you pay the premium price, which is higher than the base price (NAV / supply). See Depositing & minting for the formula and a worked example.

The gap between the premium price you pay and the base price is not money paid to the protocol. It is distributed to all existing EVE holders by slightly increasing the NAV backing each EVE already in circulation. This is how the bonding curve incentivizes early participation and discourages rapid in-and-out cycling. It is still a real cost to you as a new depositor — you are paying above the current redemption value of EVE.

Performance fee

The strategy earns yield from Uniswap V3 trading fees on its LP position. The protocol charges a performance fee on those accrued trading fees — a configurable bps rate set on the StrategyManager (capped at 20%, MAX_PERFORMANCE_FEE_BPS = 2000).

Key details:

The fee applies to accrued Uniswap V3 LP trading fees in the strategy — not to NAV growth, not on a high-water mark. If the strategy has not earned trading fees, no fee accrues.
The live rate is set at deployment and may be anywhere from 0 to 20%; 0 disables harvesting.
Settlement does not move ETH out of the protocol and does not involve the Converter. Instead, the StrategyManager mints EVE to the DAO treasury using bonding-curve dilution: evesToMint = (feeETH × supply) / (totalNAV − feeETH).
The result is that existing EVE holders are diluted proportionally — the treasury takes a larger slice of NAV, and every other holder's slice shrinks by the same fraction.

This fee does not appear as a separate charge on your account. You experience it as gradual dilution over time as the keeper harvests. For the full mechanics, see Strategies & yield.

Gas

Every on-chain interaction — deposit, exit submission, and claim — costs gas. Sepolia gas fees are low, but they are non-zero. On a queued exit, you pay gas twice: once to submit and once to claim. (The keeper pays gas to price and process the batch.)

Slippage

Price can move between the time you request an action and the time it settles:

On deposit: controlled by minTokensToMint. If you would receive fewer EVE than your floor, the transaction reverts.
On exit: controlled by priceTolerance. If the settled price on a queued exit has dropped more than your tolerance, your request is closed for slippage and your EVE is returned.

Neither of these is a fee — they are protections against adverse price movement, not charges.