> For the complete documentation index, see [llms.txt](https://docs.miragefi.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.miragefi.org/resources/business-model.md). # Business model Where the venue's revenue comes from. MirageFi takes a small, itemised cut of the value it delivers: fees on fills plus a share of vault spread revenue. That is the whole list. There are no emissions, no payment for order flow, no market-making against users and no sale of data. ## Revenue lines | Line | Rate (initial) | Scales with | | ------------------ | ---------------------- | ------------------------------------------------------------------ | | Vault swap fee | 2 bps of notional | Volume | | RFQ settlement fee | 2 bps of notional | Block volume | | Vault spread share | 10% of realised spread | Volume × spread, so it pays most exactly when LPs are earning most | Each of the three is a `ParamController` value, timelocked, shown on every ticket and written into every fill event. See [Fees](/protocol/fees.md). ## The arithmetic With 10M USDG in average daily volume and an average all-in half-spread of 12 bps: roughly 730K USDG a year from fees and roughly 438K from the spread share, about 1.2M USDG a year in total. Run the same arithmetic at 50M daily volume and the figure is about 5.8M a year. As a reference point, tokenized stocks did about $9B of on-chain volume across all venues in the first eight months of 2026; the model works with a modest share of a market that is growing several hundred percent a year. ## Why volume should come * **Structural pricing edge on RWAs.** Anchored quotes neither drift nor hand LP value to arbitrageurs, which lets the venue hold tighter spreads than generic pools at the same LP return. On flow routed by aggregators, the better quote wins by itself. * **The only 24/7 venue that prices sessions.** Weekend and overnight flow is real (the chain's tokens trade at all hours), and MirageFi serves it at disclosed premiums rather than turning it away or pricing it wrongly. * **Distribution through the funnel.** Users of the chain self-custody Stock Tokens straight out of a broker app; the wallet directory, the aggregators and the API are the routes to reach them. See [Ecosystem integrations](/robinhood-chain/ecosystem.md). * **Infrastructure compounding.** Each wallet or agent that integrates the [API](/architecture/api.md) sends future flow with no acquisition cost. ## Costs The audits and the bounty, oracle and data services, RPC and indexing, the per-attestation fees charged by the KYC provider, and the team. Fees accrue to the `FeeCollector` and pay for these before anything else; once the module takes over, the [governance](/transparency/governance.md) log shows how they are allocated. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.miragefi.org/resources/business-model.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.