#termmax

Nobody opens the fee page, so I did it. @TermMax publishes exact formulas and they're worth sixty seconds.

💰 Lending — fee rate = APR × 2% × (days to maturity ÷ 365). Lend 1,000 USDC at 10% APR for a full year → 0.2%, about 2 FT. Notice what that means: the fee scales with your yield and your term, not with size alone. Short maturity, tiny fee.

💰 Borrowing — [GT minting reference rate × 10% + matched borrow rate × 3%] × (days ÷ 365). Stablecoin reference sits at 6%, non-stables at 3%. Borrow 1,000 USDC at 5% for 90 days → 0.185%, roughly 1.85 FT.

💰 Leverage — same rate, applied only to the borrowed portion. Input 1,000 USDC at 4.8x, so you borrow 3,800 → about 7.31 FT to open the position. Under 0.2% for a near-5x in a single transaction.

I ran these before opening anything, because building a 4.8x loop by hand on a money market costs more in gas alone, never mind the rate drift between legs while you're clicking.

One caveat worth knowing: fees are denominated in FT, so what you actually pay depends on where FT is priced when you execute. Cheap on paper isn't always cheap at 3am. $TMX

Do you check protocol fees before entering, or find out afterwards?