Performance fee

Tuo charges one fee: 30% of realized profit, at withdrawal. There is no deposit fee, no withdrawal fee, no management fee, and no fee on the capital you deposited. If a position is withdrawn at or below its cost basis, the fee is zero.

What counts as profit

Profit is the difference between the position's Settlement NAV and its basis.

• Basis is the USDC the vault actually received when you deposited, plus any top-ups. It is the amount you put in, measured in USDC after the entry swap.
• Settlement NAV is the value the vault can measure on-chain: idle USDC and tokens plus every open Uniswap range, priced at the pool's 30-minute time-weighted average price. It is the only figure the fee is ever computed from.

The hedge on Hyperliquid is not part of Settlement NAV. Margin and profit on the venue enter the fee base only once they have been returned to the vault as USDC. Until the hedge is closed and its margin is back, the vault cannot settle the position at all. See Valuation (NAV).

The formula

For a withdrawal of a share s of the position (where s is 1 for a full exit, 0.5 for half):

gross = NAV * s
fee   = (NAV - basis) * s * 30%      if NAV > basis, otherwise 0
net   = gross - fee

After a partial withdrawal, the basis is reduced by the same share:

remaining basis = basis - basis * s

This is what makes the fee an automatic high-water mark. Profit you have already paid a fee on cannot be charged again, and if the remaining position later falls below its remaining basis, the next withdrawal pays no fee until it recovers.

How the fee is paid

• In USDC on a normal withdrawal. The fee is deducted from the withdrawn amount and credited to the protocol's fee balance inside the vault. You receive the net amount in USDC or, if you ask for another allowlisted token, in that token after a swap.
• In kind on an emergency exit. emergencyWithdraw pays every balance in the tokens the position holds, and withholds the fee pro-rata in those same tokens. It is charged on the on-chain leg only. If no pool can be priced at that moment, the fee is forgone rather than blocking the exit.
• Pull payment. The treasury sweeps accrued fees in a separate transaction. Nothing is pushed to Tuo inside your withdrawal, so a problem on Tuo's side can never block your exit.

What is not a fee

Costs a position pays to venues are not Tuo revenue and are not listed here: Uniswap pool fees, swap slippage, Hyperliquid trading fees and funding, bridge fees and gas. They reduce the position's value and therefore the profit the fee is computed on. See Venue and bridge costs.