> 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.
### 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.
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