Fees

SAM charges three fees. Each is a simple percentage, rounded up to the nearest base unit (so a fee is never rounded away to zero on small amounts).

Fee	Current rate	Charged on	When
Deposit	0%	your deposit	when you deposit
Withdraw	0.01%	the amount you redeem	when you withdraw
Performance	10%	yield earned	on harvested yield, before it compounds

Every fee is capped at a hard maximum of 30% and can never exceed it.

Deposit fee

Taken off the top of your deposit. With a rate of 0% today, the full amount is deposited:

$$\text{fee} = \left\lceil a \cdot \frac{\text{deposit\_bps}}{10{,}000} \right\rceil, \qquad \text{net deposited} = a - \text{fee}$$

You receive shares for the net amount.

Withdraw fee

Taken from the underlying you redeem, charged on both the part served from the idle buffer and the part pulled from protocols:

$$\text{fee} = \left\lceil \text{out} \cdot \frac{\text{withdraw\_bps}}{10{,}000} \right\rceil$$

At 0.01%, redeeming 1_000 USDC costs 0.1 USDC in fee.

Performance fee

This is the only fee on the upside. Whenever the vault harvests yield (protocol interest or swapped reward tokens), a slice is taken before the rest is compounded into the share price:

$$\text{fee} = \left\lceil \text{earnings} \cdot \frac{\text{performance\_bps}}{10{,}000} \right\rceil$$

At 10%, of every 100 units of yield harvested, 90 lift the share price for holders and 10 go to the protocol. You are only charged on yield that was actually earned, never on your principal.

Note

The performance fee applies to yield, not to your deposit. If the vault earns nothing, you pay no performance fee. Incentive-stream rewards (see Incentive streams) are compounded with no performance fee.