Legal document \u00b7 Version 1.0
Fee Schedule
- Effective date
- 2026-01-01
- Last updated
- 2026-04-21
- Document ID
- WS-LEG-FEE-001
- Supersedes
- None
Notice. This schedule is indicative and subject to change with 60 days’ written notice to Clearing Members. Rulebook fees are authoritative in the event of conflict.
\u00a7 1. Membership
Annual membership fees are billed in advance on the admission anniversary. Membership grants the right to use the Member-facing surfaces of the Platform; trading, clearing, and attestation activity is billed separately.
Annual membership
- Observer Member
- USD 25,000
Read-only access to aggregated cleared data; no trading or clearing rights.
- Market-Maker Member
- USD 60,000
Quoting obligations; fee rebates per contract category below.
- Principal Member
- USD 120,000
Clears for own account. Minimum initial margin USD 500,000.
- Agency Member
- USD 240,000
Clears on behalf of clients. Minimum initial margin USD 2,000,000.
- Admission fee
- USD 25,000
One-off, payable on admission. Covers diligence, legal review, and onboarding.
\u00a7 2. Clearing fees by asset class
Clearing fees are charged per side per cleared contract, in basis points (bps) of notional, subject to a minimum per ticket. Volume tiers are measured on a rolling 30-day basis and applied prospectively.
Downlink minutes
- Standard rate
- 1.5 bps per side
Minimum USD 0.25 per cleared minute.
- Volume tier 1 (> 1M minutes / 30 days)
- 1.1 bps per side
- Volume tier 2 (> 10M minutes / 30 days)
- 0.8 bps per side
- Market-maker rebate
- − 0.4 bps on resting fills
ISL capacity
- Standard rate
- 2.0 bps per side
Minimum USD 1.00 per cleared gigabit-hour.
- Volume tier 1 (> 100 Gbps·h / 30 days)
- 1.6 bps per side
- Volume tier 2 (> 1,000 Gbps·h / 30 days)
- 1.2 bps per side
- Market-maker rebate
- − 0.5 bps on resting fills
Propellant / ISAM forwards
- Standard rate
- 3.5 bps per side
Minimum USD 50 per cleared delivery.
- Volume tier 1 (> 50 deliveries / 30 days)
- 2.8 bps per side
- Volume tier 2 (> 500 deliveries / 30 days)
- 2.2 bps per side
Hosted-payload capacity
- Listing fee
- USD 500 per slot
- Match fee (buyer)
- 0.75 percent of cleared notional
- Match fee (seller)
- 0.75 percent of cleared notional
Spectrum leases
- Match fee (per side)
- 1.25 percent of cleared notional
- Filing pass-through
- Cost + 15 percent
ITU SNS / FCC IBFS filing costs passed through at cost plus margin.
\u00a7 3. Wavestar Terminal seats
Terminal is the Member-facing system of record. Seats are named user, non-transferable, and billed monthly in arrears. Market Maker and Principal Members receive seat discounts; Observer Members receive one seat included in the annual fee.
Terminal seat pricing
- Standard seat
- USD 1,800 per month
- Read-only seat
- USD 500 per month
Compliance, audit, and research roles.
- API-only seat
- USD 1,200 per month
Programmatic access without UI.
- Bulk discount (≥ 10 seats)
- − 15 percent
- Bulk discount (≥ 50 seats)
- − 25 percent
\u00a7 4. Market listings
Wavestar Market is the listing and discovery layer for hosted-payload capacity and similar. Listings are billed on publish; match fees are included in the Hosted-Payload table above.
Market listing fees
- Standard listing
- USD 500 per slot per 90 days
- Featured listing
- USD 2,500 per slot per 90 days
- Expedited review
- USD 500 per listing
Four-hour review SLA instead of 24 hours.
\u00a7 5. Attestation claims
Attest is the federated observer network. Per-claim fees apply for signed facts consumed in cleared transactions; aggregated consumption is discounted.
Attest per-claim pricing
- Standard claim
- USD 0.05 per signed claim
- Aggregated (1M+ / month)
- USD 0.03 per signed claim
- Aggregated (10M+ / month)
- USD 0.01 per signed claim
- Quorum upgrade (7-of-10)
- USD 0.15 per claim
Elevated-confidence quorum for settlement-critical facts.
\u00a7 6. Default-fund contributions
Default-fund contributions are calibrated quarterly based on cleared activity and are not “fees” in the ordinary sense. Contributions and replenishment obligations are governed by the Rulebook. Current parameters are published on the Transparency Report page.
\u00a7 7. Taxes
Fees are exclusive of applicable VAT, sales tax, or similar transaction taxes. Withholding taxes, where applicable, are grossed up unless a tax treaty exemption applies and appropriate documentation has been provided.
\u00a7 8. Changes
We will give not less than 60 days’ written notice before any fee increase. Fee reductions may take effect on shorter notice.
Commercial
Need a bespoke commercial structure?
Large-volume Members and strategic counterparties often operate on negotiated commercial terms. Route your commercial contact for a bespoke Schedule.