TermMax's Alpha fee page lists a 7% transaction fee on the premium paid, charged on opening and on closing an option.
Then, in the summary, a parenthetical: fee-free during the alpha boosting program.
So the headline cost of trading Alpha options right now is zero — temporarily.
That single word changes how you read every Alpha metric being quoted this month. The activity is happening under promotional pricing. The real test arrives when the waiver lifts and 7% of premium starts landing on both legs of every trade.
Worth being precise, though: traders today are not trading for free. They're trading with the smallest of three costs removed.
The take-profit fee is still charged, on notional rather than premium, starting at 1.9% and decaying linearly toward maturity. And financing still accrues per second on notional at the AMM rate.
So the waived fee is the visible one. The two that scale with position size and holding time are both still running.
Credit where it's due — this is disclosed in the fee documentation itself, sitting directly beside the full schedule, rather than buried in a campaign banner somewhere. That's the right place for it.
What I couldn't find anywhere is the end date of the boosting program. Without that, nobody can tell you when the comparison becomes meaningful, or how much notice traders will get.
This isn't a TermMax-specific point, honestly. It applies to every incentive-era number in this industry. Volume under a waiver measures how attractive free is. Volume after it measures the product.
When the fee comes back, how much of the current activity do you think survives?
#termmax @TermMax
Then, in the summary, a parenthetical: fee-free during the alpha boosting program.
So the headline cost of trading Alpha options right now is zero — temporarily.
That single word changes how you read every Alpha metric being quoted this month. The activity is happening under promotional pricing. The real test arrives when the waiver lifts and 7% of premium starts landing on both legs of every trade.
Worth being precise, though: traders today are not trading for free. They're trading with the smallest of three costs removed.
The take-profit fee is still charged, on notional rather than premium, starting at 1.9% and decaying linearly toward maturity. And financing still accrues per second on notional at the AMM rate.
So the waived fee is the visible one. The two that scale with position size and holding time are both still running.
Credit where it's due — this is disclosed in the fee documentation itself, sitting directly beside the full schedule, rather than buried in a campaign banner somewhere. That's the right place for it.
What I couldn't find anywhere is the end date of the boosting program. Without that, nobody can tell you when the comparison becomes meaningful, or how much notice traders will get.
This isn't a TermMax-specific point, honestly. It applies to every incentive-era number in this industry. Volume under a waiver measures how attractive free is. Volume after it measures the product.
When the fee comes back, how much of the current activity do you think survives?
#termmax @TermMax
