> For the complete documentation index, see [llms.txt](https://pendle.gitbook.io/boros/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://pendle.gitbook.io/boros/boros-docs/interest-rate-trading/fees.md).

# Fees

Positions on Boros can have different fees based on their behavior. Refer to the info tab of each pool for more details.

<figure><img src="/files/Xv1f2GhECUEhxV8X4oa2" alt="" width="563"><figcaption></figcaption></figure>

### 1. Swap Fees

Boros collects a flat fee on top of the implied APR for every swap. Swap fee will be deducted from the position’s collateral.

For example, in a market with a swap fee tier of 0.05%, the fee for opening a position equals 0.05% × YU amount × Years to Maturity. In other words, traders will pay 0.05% fee on the $ value of their position.

In this scenario, traders will profit if implied APR changes by more than 0.1% in their favor (assuming no yield settlement happens throughout the period), as traders will have to open and close the position, incurring 2x the swap fee.

### 2. Open Interest Fees

Boros collects a flat fee on the fixed APR side of every YU during settlement.

For example, positions at an 8% fixed rate with a fee tier of 0.1%:

* Long YU positions effectively pay 8.1% in fixed APR.
* Short YU positions effectively receive 7.9% in fixed APR.

### 3. Operation Fees

Boros charges a small fixed fee on your first transaction and then intermittently (approximately every \~50 transactions) thereafter. This fee, usually around $1 during normal gas conditions, is used to cover the gas costs of executing trades from your address.


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://pendle.gitbook.io/boros/boros-docs/interest-rate-trading/fees.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.