> For the complete documentation index, see [llms.txt](https://docs.neutral.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neutral.trade/additional-info/fees-+-redemption-period.md). # Fees + Redemption Period Neutral Trade fees and redemptions: the 1% management fee, performance and withdrawal fees by vault, and the weekly redemption schedule. Current Neutral Strategy Vaults charge up to three fees: a management fee, a performance fee on some vaults, and a withdrawal fee. All three are charged by the vault program and shown in each vault's Details view before you deposit. There are no invoices and no hidden charges. ## Fees at a Glance | Vault | Management fee | Performance fee | Withdrawal fee | Minimum deposit | | -------------------------------- | -------------- | --------------- | -------------- | --------------- | | Neutral Autopilot | 1% | None | 0.3% | 100 USDC | | Hyperliquid Funding Arb | 1% | 20% | 0.3% | 100 USDC | | Delta Neutral Arbitrage | 1% | 20% | 0.3% | 100 USDC | | Options Market Making | 1% | 30% | 0.3% | 100 USDC | | HFT Multi-factor | 1% | 30% | 0.3% | 100 USDC | | Mid-frequency Market Making | 1% | 35% | 0.3% | 100 USDC | | CTA - Adaptive Alpha | 1% | 25% | 0.3% | 100 USDC | | CTA - Systematic Alpha | 1% | 25% | 0.5% | 100 USDC | | CTA - Longshort Alpha | 1% | 30% | 0.3% | 100 USDC | | Multi-Asset Volatility Arbitrage | 1% | None | 0.3% | 50,000 USDC | | NT Earn | None | None | None | 10 USDC | Figures are the on-chain settings on 12 October 2026 for vaults on Solana. Meridian Liquidity Provider (Robinhood Chain) and Neutral Autopilot on Ethereum (through Accountable Vaults) run on a different vault contract and list their own terms in the app. If a figure on this page differs from a vault's Details view, the Details view is correct. ## Management Fee All 12 current Neutral Strategy Vaults have a **1% annual management fee** as their base schedule, except NT Earn, which charges no fees. The management fee accrues over elapsed time and is charged in vault shares. At a simple annualized rate, 1% is approximately 0.00274% per day. Actual charges use the program's elapsed-time calculation and current user-specific fee setting rather than a rounded daily rate. A disclosed promotion, VIP discount, or wallet-level fee setting can reduce the management fee actually charged. It does not change the vault's 1% base schedule. The [Neutral VIP Program](/getting-started/neutral-vip-program.md) currently applies to Neutral Autopilot. Its Silver, Gold, and Diamond tiers reduce the standard 1% annual management fee to 0.90%, 0.80%, and 0.70%, respectively. Performance fees are not discounted. ## Performance Fee Some vaults also charge a **performance fee**. It applies only to profit above your high-water mark and varies by vault. If a position has not made a new post-fee profit above its high-water mark, no performance fee is charged for that interval. The high-water mark is your highest post-fee position value used for performance-fee accounting. On a direct vault position it is tracked per wallet, so another depositor's gains or losses do not change your fee. A new deposit can adjust the account's weighted entry basis according to the vault program rules. ## Withdrawal Fee A withdrawal fee is deducted from the amount you redeem. It is a one-time charge at settlement, not an annual fee. When you switch between vaults, you pay only the difference if the source vault's withdrawal fee is higher than the destination's. See [How They Work](/neutral-strategy-vaults/how-they-work.md). ## Builder Fee Split The [Builders Code Rebate](/for-distribution-partners/neutral-builders-code.md) shares part of the management fee with an attributed builder: * The user-specific management fee is calculated first. * The builder receives its live per-vault tier percentage of that charged fee. * The split comes from the manager's fee and does not increase the user's cost. * Performance fees are excluded from the launched builder ladder. ## Position Values **Balance** is the current value of your vault shares after charged fees. **Earnings** is your profit shown after management and performance fees. **Performance fee paid** is the cumulative performance fee charged on profit above the high-water mark. ## Withdrawals From 12 October 2026, Neutral Strategy Vaults follow a fixed weekly redemption schedule. Each vault is on one of three schedules: Autopilot, once-weekly, or twice-weekly. You can submit a withdrawal request on any day. The request joins the next cutoff, and the vault redeems it on the redemption day for that cutoff. Every cutoff is at 00:00 UTC, the start of the day.
Redemption schedule for Autopilot, once-weekly, and twice-weekly vaults
### Redemption Schedule | Schedule | Request window | Cutoff (UTC) | Redemption day | | ------------ | ------------------- | ------------- | ------------------------- | | Autopilot | Monday to Sunday | Monday 00:00 | Saturday after the cutoff | | Once-weekly | Tuesday to Monday | Tuesday 00:00 | Friday after the cutoff | | Twice-weekly | Tuesday to Thursday | Friday 00:00 | Monday after the cutoff | | Twice-weekly | Friday to Monday | Tuesday 00:00 | Friday after the cutoff | A request made on the cutoff day itself falls into the next window. For example, a once-weekly request made on Monday is redeemed that Friday, and a request made on Tuesday is redeemed on Friday of the next week. ### Vaults on Each Schedule **Autopilot (Saturday redemptions)** * Neutral Autopilot **Once-weekly (Friday redemptions)** * Mid-frequency Market Making * CTA - Adaptive Alpha * HFT Multi-factor * CTA - Longshort Alpha * CTA - Systematic Alpha **Twice-weekly (Monday and Friday redemptions)** * Delta Neutral Arbitrage * Hyperliquid Funding Arb * Options Market Making **Exceptions** NT Earn, Multi-Asset Volatility Arbitrage, Meridian Liquidity Provider, and Neutral Autopilot on Ethereum do not follow this schedule. They keep their own redemption terms, shown in each vault's Details view. ### Until Settlement You remain exposed to changes in the vault's price per share until settlement. The value shown when a withdrawal or builder claim is requested is therefore an estimate rather than a fixed redemption amount. ## Common Questions **What fees does Neutral Trade charge?** A 1% annual management fee on strategy vaults, a performance fee on some vaults, and a withdrawal fee. NT Earn has no fees. **Is the performance fee charged on losses?** No. It is charged only on new profit above your own high-water mark. **How long does a withdrawal take?** Between a few days and about two weeks on the weekly schedules, depending on the vault and the day you submit the request.