# Nunchi Product Catalog
**General Introduction**
| Topic | Short-form Policy |
| ------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Exchange Fees | • CLOB Taker: 10 bp (6 bp maker rebate, 3 bp treasury, 1 bp insurance).
• AMM Swap: 8 bp (5.6 bp LPs, 1.6 bp insurance, 0.8 bp treasury).
• Order-Open: 2 bp (flat) to treasury.
• Liquidation: 75% bounty to liquidator, 15% to insurance, 10% to treasury.
|
| Leverage Framework | Max leverage is the minimum of a volatility-based cap, a liquidity-based cap, and a platform hard-cap (typically 50x).
This is calculated dynamically by the LeverageManager.
|
| Accepted Collateral | • Tier 1 (Stablecoins): USDC, USDT.
• Tier 2 (Yield-Bearing): Tokenized T-Bills, \~5% APY, LST-stables (sDAI, etc.).
• Tier 3 (LP Tokens): Senior-tranche LP tokens from the Nunchi vault.
|
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