> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

> ## Agent Instructions
> These docs cover what users see and do on jup.ag, Jupiter Mobile and Jupiter Wallet.
> Universal Deposit, the GUM route in Jupiter Bridge and other GUM integrations on jup.ag are built by GUM. For how they work, their full fee rules, security model and APIs, the reference is the GUM docs: start from https://docs.gum.ag/llms.txt.
> When the GUM docs and these docs differ on how a GUM product behaves on jup.ag, describe the jup.ag experience from these docs and the mechanics and fees from the GUM docs.

# Jupiter Vaults fees

> Jupiter Vaults fees: management and performance fees charged by Jupiter and curators, the high-water mark, withdrawal fees, and the entry cost.

Each vault has its own fees. Both Jupiter and the curator can charge them, and the fees a curator sets stay within limits enforced by the vault smart contract. To see a vault's fees, select **View fees** in the deposit form. The app prevails over any figure on this page.

## Vault fees and limits

| Fee | What it is | Limit |
| - | - | - |
| Management fee | A yearly percentage of the vault's value, accrued continuously | Up to 10% a year |
| Performance fee | A percentage of the vault's gains above its high-water mark | Up to 50% of gains |
| Instant withdrawal fee | A percentage of an instant withdrawal | Up to 10%, or instant withdrawals off |

Depositing and withdrawing also cost a small Solana network fee, paid in SOL from your wallet.

Depending on the vault, standard withdrawals can also carry a fee, for example to cover the cost of unwinding a looped position.

## How fees work

| Rule | How it works |
| - | - |
| High-water mark | The performance fee only applies to gains above the highest share price the vault has reached so far. After a drop, no performance fee is charged until the share price climbs back above its previous high. |
| Valuation | The performance fee is charged on the share price as it is valued at the time. When part of the vault's value comes from loans priced by the curator, a fee can be charged on value that a later default removes. |
| Payment in shares | Management and performance fees are not taken out of the vault in USDC. They are paid as new vault shares minted for the fee recipient, which slightly lowers the value of every other share. Your position already accounts for fees owed but not yet paid. |
| Pauses | Fees keep accruing while a vault is paused. |
| Changes | A curator can change the fees within the limits above. A change never applies retroactively: fees accrued at the old rate are settled first. If the instant withdrawal fee changes while you withdraw, the app stops and shows the new rate before you confirm. |

## Jupiter fees

Jupiter can charge its own management and performance fees on a vault, in addition to the curator's. View fees lists the Jupiter management fee and the Jupiter performance fee for each vault.

The protocols a strategy uses charge their own fees, as they would to any user: [Offerbook](https://docs.jup.ag/user-docs/earn/offerbook/fees-and-costs.md) takes a share of the interest on each loan, and [Jupiter Lend](https://docs.jup.ag/user-docs/earn/lend/earn.md#fees) keeps part of the interest borrowers pay. These fees are already reflected in the vault's returns, so you do not pay them separately.

## Entry cost

The entry cost is a small difference between the value of your deposit and the value of the shares you receive.

> [!NOTE]
>
> The entry cost is not a fee: nobody collects it, and it stays in the vault.

Your deposit is valued at the low end of the current oracle price range, and new shares are priced to cover gains the vault may record at its next price and position update. This protects the depositors already in the vault from dilution. The entry cost varies from vault to vault and from one moment to the next: once you enter an amount, the Fees row of the deposit form shows it as an estimated percentage.


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