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

# Fees

Curated Vault fees, which each curator sets, how fees are paid, and the OTP fee.

## Curated Vault fees

Fees are encoded in each vault's contracts and disclosed before subscription. At each settlement, the vault mints new shares for the fees owed to the fee receiver, so fees are paid in shares.

Each curator sets its own fees for each vault, within the hard caps written into the fee manager. City Protocol acts only as the vault infrastructure provider and supports curators in publishing strategies on its vault infrastructure.

Deposit epochs snapshot the entry fee and the protocol split, and redemption epochs snapshot the exit fee and the protocol split, so a later fee change never alters a settled epoch. Management and performance fees accrue through vault-controlled calls, and the performance fee uses a high-water mark on assets per share.

Because fee shares are minted to the fee receiver, the receiver participates in the vault's performance from the moment the fees are collected, and no assets move out of the vault to pay them.

## OTP fee

The OTP fee is 0.1% of buy and sell volume, charged from Q4 2026, and the full fee schedule is disclosed before subscription.