# Pricing and Fees

**Passage controls the structure of the offers in terms of:**

* The term in seconds from the time of purchase (e.g. 2 days of time from the second of purchase until expiration)
* The multiple being offered, e.g. 2x (100% max profit)
* The assets allowed as we only allow assets that have high-quality on-chain oracles

The protocol calculates payoffs based on the time in the channel as a fraction of the total term and multiplies it by the premium paid and leverage ratio to deliver the payout.\
\
**Fees:**\
Passage generates revenue by charging fees on the total invested into each side of the "stay in" or "breakout" side: 

Contract purchased tiered based on trading volume:

| **Order Size**     | **Fees** |
| ------------------ | -------- |
| Less than $50      | 3.00%    |
| $50 to <$100       | 2.50%    |
| $100 to <$250      | 2.00%    |
| $250 to <$1000     | 1.75%    |
| $1,000 to <$5,000  | 1.50%    |
| $5,000 to <$10,000 | 1.25%    |
| $10,000 or more    | 1.00%    |


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