Venue and bridge costs
Every cost a Tuo position pays to Uniswap, Hyperliquid, the bridge and the network, none of which is Tuo revenue.
A Tuo position trades on two venues and moves USDC between two chains. Each of those steps has a cost. None of it goes to Tuo; all of it reduces the position's value and therefore the profit the performance fee is computed on. This page lists every one so there are no surprises.
| Cost | Who charges it | Amount | When |
|---|---|---|---|
| Uniswap pool fee | Uniswap V3 pool | 0.05% of swap volume, paid by traders to liquidity providers | Earned by the position while in range; paid by the position when it swaps through the pool |
| Aggregator swap slippage | Market | Bounded by a floor: TWAP price less 50 bps on-chain; the operator default asks for at most 1% | Entry swap, exit swap, keeper idle swaps |
| Hyperliquid trading fees | Hyperliquid | Venue's published taker and maker schedule | Opening, resizing and closing each short |
| Hyperliquid funding | Hyperliquid, paid between traders | Variable, can be positive or negative for a short | Continuously while a short is open |
| Hyperliquid account activation | Hyperliquid | 1 USDC, once per operator account | Deferred to the account's first outbound action |
| CCTP bridge, out | Circle | Up to 0.20 USDC fast-transfer fee, deducted from the amount | Moving margin from Arbitrum to Hyperliquid |
| CCTP bridge, back | Circle | Forwarding fee, bounded to 1 USDC by default | Returning margin from Hyperliquid to Arbitrum |
| Bridge2 withdrawal (fallback rail) | Hyperliquid | 1 USDC flat | Only if the legacy rail is enabled instead of CCTP |
| Gas on Arbitrum | Network | Market rate | Deposit, request, withdraw and emergency exit are paid by you; keeper actions are paid by Tuo |
Uniswap
Tuo uses the 0.05% fee tier for both pools, WETH/USDC and WBTC/USDC. That is the fee traders pay to liquidity providers, so it is the position's main income while a range is in range. When the vault swaps through a pool itself (entry, exit, idle swaps) it pays that fee like any trader.
Swaps and slippage
Deposits in a non-USDC token, withdrawals in a non-USDC token, and keeper rebalances all route through an allowlisted aggregator (0x or 1inch). Slippage is bounded twice:
- On-chain floor. The vault derives a minimum from the pool's 30-minute TWAP less 50 bps, and takes the higher of that and the caller's own minimum. A swap that would return less reverts.
- Off-chain default. Keeper and operator swaps ask for at most 1% slippage unless configured tighter.
Your own deposit and withdrawal set their own minimum output, which the app quotes before you sign.
Hyperliquid
Every short pays the venue's trading fees when it opens, resizes or closes. Tuo places taker orders that may cross up to 1% through the mark price to make sure they fill. Rates are Hyperliquid's own and are not fixed by Tuo; the current schedule is at hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.
Funding is paid between long and short traders on the venue. A short receives funding when the rate is positive and pays it when negative. Funding is part of the strategy's return, not a fee, and it cuts both ways. See Market and strategy risk.
Hyperliquid also charges a one-time 1 USDC activation fee on an account's first outbound action. Tuo warms each operator account before it serves a position, so this is a Tuo cost in practice, but it is listed here because it is part of the venue's schedule.
The bridge
Hedge margin travels from the vault on Arbitrum to the position's Hyperliquid operator account and back. Tuo's default rail is Circle's CCTP v2:
- Outbound: Tuo offers a fast-transfer fee of at most 0.20 USDC per transfer, deducted from the amount. Attestation takes seconds rather than minutes.
- Inbound: Circle's forwarder charges its own per-chain fee on the return. Tuo bounds what a return may lose to 1 USDC by default and records what actually landed.
- Minimum: no transfer under 5 USDC is attempted on either rail, because a transfer that cannot cover the fees would be lost.
The legacy Hyperliquid Bridge2 rail is kept as a fallback. It charges a 1 USDC flat fee on withdrawal and takes three to four minutes. Which rail is in use is an operator setting; the contracts do not see it.
Amounts are measured, never assumed. Bridge fees come out of the transferred amount. The vault records what it actually receives back, not what was sent. See Hedging on Hyperliquid.
Gas
You pay Arbitrum gas for your own transactions: deposit, withdrawal request, withdrawal, and an emergency exit. Tuo pays the gas for keeper actions on your position (swaps, range mints and burns, bridge transfers) and for the Hyperliquid operator's own transactions. Gas is not recovered from the position.
Minimum margin transfer is 100 USDC per bridge leg, and Tuo will not open a short with less than 200 USD of margin. Small positions therefore hedge in fewer, larger steps than large ones.