# Fees and execution costs (/invest/fees)

The current vault implementation charges **no management or performance fee**. You still need SOL for your transactions, and the underlying strategy can incur costs that reduce its result.

## Costs you pay from your wallet [#costs-you-pay-from-your-wallet]

Your wallet shows the Solana transaction fee before you sign. A deposit, withdrawal request, cancellation or claim can also create a required token or request account. You need SOL for those account costs as well as the fee.

If you make a separate swap to obtain USDC before depositing, or exchange USDC after withdrawing, that swap has its own fee and price impact.

## Costs paid inside the strategy [#costs-paid-inside-the-strategy]

| Cost | How it affects your investment |
| --- | --- |
| External protocol charge | A venue can deduct a deposit, redemption or other charge from the assets it returns. |
| Trading fee or spread | Buying and selling can cost more than the headline market price suggests. |
| Price impact | A large trade can move the price against the vault, reducing the amount received. |

These costs reduce the assets backing the vault. They affect the tranche result even if your wallet did not pay a separate line-item fee. The executor pays the SOL fees for its own transactions.

## A price difference is not always a fee [#a-price-difference-is-not-always-a-fee]

Deposits and withdrawal funding use different valuation bounds. For example, the same shares can have a higher entry price than exit price when the assets' value is uncertain. That difference is not automatically a management or performance charge. See [NAV and share pricing](/invest/advanced/nav-and-share-pricing).

The premium Senior gives to Junior is also different from a manager fee: it transfers part of Senior's gain to Junior within the vault. See [yield allocation](/invest/advanced/yield-allocation).

## Compare the amount you expect to receive [#compare-the-amount-you-expect-to-receive]

Review the transaction fee, expected shares or USDC, relevant external charges and the exit process. A displayed APY is an estimate of return, not an itemised bill for every cost you may encounter.

The current fee model describes this implementation. Check the selected vault's deployed version and announced changes when reviewing its terms. [Yield](/invest/yield) explains expected rates and realised results.