Fee discount
A fee discount lowers the rate you are charged at trade time — via VIP tiers, token programs, or promotions. It differs from a rebate, which returns part of a fee after you have paid it.
Discounts and rebates attack the same cost from opposite ends. A discount changes the input: your order is billed at a reduced rate, so less money leaves your account in the first place. A rebate changes the outcome: the full scheduled fee is charged, and a share of it comes back afterwards as a separate credit.
The distinction has practical consequences. Discounts are conditional — tied to volume tiers you must maintain, tokens you must hold, or promotion windows that expire. Rebates are unconditional once registered, applying to every fill at a fixed share. Discounts are invisible in your statement (just a smaller fee line); rebates produce an auditable payment trail.
Crucially, the two stack. A discounted fee is still a fee, and a rebate applies to whatever was actually charged. The cheapest realistic setup for an active trader is usually maker execution + whatever discount tier they naturally qualify for + a 50–67% payback on the remainder.
Stacking every fee reduction →