Fees on rhino.fi
rhino.fi strives to give users a simpler, cheaper trading experience by enabling them to bypass the main Ethereum blockchain, which can be extremely congested, and save the high gas (or transaction) fees it can charge during peak times.
However, rhino.fi does charge a certain fee for each of its core functions. In this post, we will explain the fee structure for each of the key services we offer.
Same-chain swap fees
For same-chain swaps, the maximum fee is around 0.3% per swap, charged on the output token (so, if you’re swapping USDT for ETH, the fee will be charged on ETH).
Multi-hop swaps, however, charge a 0.6% fee. This is because two swaps are taking place behind the scenes: for example, if the user wishes to swap DVF for ETH, the DVF is first converted to USDT and then the USDT to ETH.
Because rhino.fi is built on layer 2, our fees are completely static - in other words, they are not affected by traffic (as would be the case on Layer 1 Ethereum).
We don’t actually put anything on-chain until we submit a batch of transactions, and we don’t charge users for the batches. So even if gas prices are skyrocketing on Layer 1 Ethereum, our fees remain the same. Furthermore, everything takes place atomically. In other words, the fee is added to the transaction and there is no separate charge.
The fees are displayed on both pages of the swap widget: both when the user is entering the details of the swap (the tokens they wish to exchange, and the value) and then again once they’ve clicked ‘Review Swap’.
Cross-chain swap and bridging fees
For cross-chain transactions (which can include swaps, bridges or anything else happening cross-chain), we charge an additional fee to cover the gas cost that we pay.
As mentioned in a separate post, rhino.fi facilitates cross-chain swaps by establishing liquidity outposts on different chains and allowing users to transfer their funds using collateralised bridges. While this is an extremely efficient way to move through the DeFi ecosystem, there is nonetheless a gas fee for interacting with Layer 1 blockchains.
The fees vary from one chain to the next, and depend on the gas costs at the time of the transaction. If you want to check the current gas cost for a specific blockchain, there are plenty of resources online, such as:
Ethereum.
Polygon.
Arbitrum.
An important point to note is that, with cross-chain swaps, rhino.fi’s smart contracts determine the fee. The contract takes the amount users want to input, swap this amount for an equivalent amount in the output token, and charge fees on that output.
In addition to this cross-chain fee, we also charge our 0.3% Layer 2 fee.
Please note: due to the high number of bots depositing to our Blast bridge without using the UI, we have introduced a 1% fee for this as it is not the intended usage of our bridge and causes significant delays for other customers. If you are bridging to Blast as normal, using our UI, this extra fee is not charged.
Trading fees
As well as the ability to swap tokens, rhino.fi offers users the ability to trade via conventional order-books. In this case, we apply both a ‘Maker’ and a ‘Taker’ fee:
Maker fees are those fees paid when users provide liquidity to the rhino.fi order book by placing a limit order that rests in the order book.
Taker fees are those fees paid when users remove liquidity from the rhino.fi order book by executing an order against orders that are already resting in the order book.
Here is a full breakdown of rhino.fi’s maker and taker fees.
Deposit and withdrawal fees
Rhino.fi never charges a fee for deposits. Users instead pay a fee to the Layer 1 chain in the form of gas.
Please note: due to the high number of bots depositing to our Blast bridge without using the UI, we have introduced a 1% fee for this as it is not the intended usage of our bridge and causes significant delays for other customers. If you are bridging to Blast as normal, using our UI, this extra fee is not charged.
For withdrawals, we offer four different types:
Regular withdrawals (this is available for Ethereum funds within our StarkEx vaults, and takes around 24 hours).
Fast withdrawals (this is available for a select few Ethereum tokens within our StarkEx vaults).
Bridged withdrawals (this is available for a select few Ethereum tokens within our StarkEx vaults but withdrawn on other chains, usually stables and native tokens).
Cross-chain withdrawals (this is available for cross-chain token balances and withdrawals can only take place on the chain the user is currently on).
For regular withdrawals, there is no fee charged by rhino.fi, but users pay the ETH gas at the end of the withdrawal process (when they make the final TX to send back to your Layer-1 wallet).
For fast withdrawals, the fee is floating and is based on the global gas prices on each chain. rhino.fi pays the gas on the users’ behalf and a fee is taken from their rhino.fi account in the native token that they are withdrawing.
For bridge and cross-chain withdrawals (in other words, withdrawals from your rhino.fi account to other chains and Layer 2s), the fees work as follows:
Withdrawals under $1000 equivalent
Fixed fee
Withdrawals over $1000 equivalent
Fixed fee plus variable fee
Variable fee
*For Ethereum 'fast' withdrawals please check the quote at the time of the withdrawal, as fees are very dependent on the gas price at the time of the withdrawal
Note that fees are paid from your rhino account in the withdrawal token
The fees are always clearly displayed. Here’s how it looks when a user selects a Fast withdrawal to Ethereum, for example (note that the fee is displayed on the second screen).
Yield fees
Yield fees vary based on whether the user is buying or selling.
Buying a yield opportunity (i.e. staking) incurs no fee, and cross-chain yield staking only carries a gas fee (we charge a static USD-based fee for gas).
Again, the fee is displayed on the confirmation screen, as you can see below.
Unstaking carries additional fees, and rhino.fi will charge a % fee on top, although this is usually very low.
Trusted or self-custodial elements
rhino.fi’s fee structure is trustless.
We ask users to sign every order and transaction, and as shown above, the fees are clearly displayed on each type of transaction; rhino.fi cannot simply charge an arbitrary fee.
If the user chooses not to sign, the transaction will not go through.
Risks
There is no additional fee to paying fees on rhino.fi. The risks are the same as those of any other contract that has control over users’ funds, notably the risk of hacks.
To minimise these risks, rhino.fi has put rigorous checks in place and we attempt to avoid pushing any unnecessary changes. Our contract changes are rigorously audited internally prior to release, and receive regular external audits from industry-leading blockchain security experts, such as PeckShield.
If you would like to discuss our process for cross-chain swaps, or any other aspect of rhino.fi’s technology in more detail, please contact us via Twitter or Discord.
However, rhino.fi does charge a certain fee for each of its core functions. In this post, we will explain the fee structure for each of the key services we offer.
Same-chain swap fees
For same-chain swaps, the maximum fee is around 0.3% per swap, charged on the output token (so, if you’re swapping USDT for ETH, the fee will be charged on ETH).
Multi-hop swaps, however, charge a 0.6% fee. This is because two swaps are taking place behind the scenes: for example, if the user wishes to swap DVF for ETH, the DVF is first converted to USDT and then the USDT to ETH.
Because rhino.fi is built on layer 2, our fees are completely static - in other words, they are not affected by traffic (as would be the case on Layer 1 Ethereum).
We don’t actually put anything on-chain until we submit a batch of transactions, and we don’t charge users for the batches. So even if gas prices are skyrocketing on Layer 1 Ethereum, our fees remain the same. Furthermore, everything takes place atomically. In other words, the fee is added to the transaction and there is no separate charge.
The fees are displayed on both pages of the swap widget: both when the user is entering the details of the swap (the tokens they wish to exchange, and the value) and then again once they’ve clicked ‘Review Swap’.
Cross-chain swap and bridging fees
For cross-chain transactions (which can include swaps, bridges or anything else happening cross-chain), we charge an additional fee to cover the gas cost that we pay.
As mentioned in a separate post, rhino.fi facilitates cross-chain swaps by establishing liquidity outposts on different chains and allowing users to transfer their funds using collateralised bridges. While this is an extremely efficient way to move through the DeFi ecosystem, there is nonetheless a gas fee for interacting with Layer 1 blockchains.
The fees vary from one chain to the next, and depend on the gas costs at the time of the transaction. If you want to check the current gas cost for a specific blockchain, there are plenty of resources online, such as:
Ethereum.
Polygon.
Arbitrum.
An important point to note is that, with cross-chain swaps, rhino.fi’s smart contracts determine the fee. The contract takes the amount users want to input, swap this amount for an equivalent amount in the output token, and charge fees on that output.
In addition to this cross-chain fee, we also charge our 0.3% Layer 2 fee.
Please note: due to the high number of bots depositing to our Blast bridge without using the UI, we have introduced a 1% fee for this as it is not the intended usage of our bridge and causes significant delays for other customers. If you are bridging to Blast as normal, using our UI, this extra fee is not charged.
Trading fees
As well as the ability to swap tokens, rhino.fi offers users the ability to trade via conventional order-books. In this case, we apply both a ‘Maker’ and a ‘Taker’ fee:
Maker fees are those fees paid when users provide liquidity to the rhino.fi order book by placing a limit order that rests in the order book.
Taker fees are those fees paid when users remove liquidity from the rhino.fi order book by executing an order against orders that are already resting in the order book.
Here is a full breakdown of rhino.fi’s maker and taker fees.
Deposit and withdrawal fees
Rhino.fi never charges a fee for deposits. Users instead pay a fee to the Layer 1 chain in the form of gas.
Please note: due to the high number of bots depositing to our Blast bridge without using the UI, we have introduced a 1% fee for this as it is not the intended usage of our bridge and causes significant delays for other customers. If you are bridging to Blast as normal, using our UI, this extra fee is not charged.
For withdrawals, we offer four different types:
Regular withdrawals (this is available for Ethereum funds within our StarkEx vaults, and takes around 24 hours).
Fast withdrawals (this is available for a select few Ethereum tokens within our StarkEx vaults).
Bridged withdrawals (this is available for a select few Ethereum tokens within our StarkEx vaults but withdrawn on other chains, usually stables and native tokens).
Cross-chain withdrawals (this is available for cross-chain token balances and withdrawals can only take place on the chain the user is currently on).
For regular withdrawals, there is no fee charged by rhino.fi, but users pay the ETH gas at the end of the withdrawal process (when they make the final TX to send back to your Layer-1 wallet).
For fast withdrawals, the fee is floating and is based on the global gas prices on each chain. rhino.fi pays the gas on the users’ behalf and a fee is taken from their rhino.fi account in the native token that they are withdrawing.
For bridge and cross-chain withdrawals (in other words, withdrawals from your rhino.fi account to other chains and Layer 2s), the fees work as follows:
Withdrawals under $1000 equivalent
Fixed fee
Withdrawals over $1000 equivalent
Fixed fee plus variable fee
Variable fee
*For Ethereum 'fast' withdrawals please check the quote at the time of the withdrawal, as fees are very dependent on the gas price at the time of the withdrawal
Note that fees are paid from your rhino account in the withdrawal token
The fees are always clearly displayed. Here’s how it looks when a user selects a Fast withdrawal to Ethereum, for example (note that the fee is displayed on the second screen).
Yield fees
Yield fees vary based on whether the user is buying or selling.
Buying a yield opportunity (i.e. staking) incurs no fee, and cross-chain yield staking only carries a gas fee (we charge a static USD-based fee for gas).
Again, the fee is displayed on the confirmation screen, as you can see below.
Unstaking carries additional fees, and rhino.fi will charge a % fee on top, although this is usually very low.
Trusted or self-custodial elements
rhino.fi’s fee structure is trustless.
We ask users to sign every order and transaction, and as shown above, the fees are clearly displayed on each type of transaction; rhino.fi cannot simply charge an arbitrary fee.
If the user chooses not to sign, the transaction will not go through.
Risks
There is no additional fee to paying fees on rhino.fi. The risks are the same as those of any other contract that has control over users’ funds, notably the risk of hacks.
To minimise these risks, rhino.fi has put rigorous checks in place and we attempt to avoid pushing any unnecessary changes. Our contract changes are rigorously audited internally prior to release, and receive regular external audits from industry-leading blockchain security experts, such as PeckShield.
If you would like to discuss our process for cross-chain swaps, or any other aspect of rhino.fi’s technology in more detail, please contact us via Twitter or Discord.
Updated on: 14/03/2024
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