Applicable only to deposits sourced from EigenLayer restakers and calculated solely on gains above the series’ high-water mark (HWM).
The HWM is the price-per-share (PPS) a series must exceed before any fee is applied. This prevents Operators from charging a fee on gains that a restaker has already paid for, or that occurred before their allocation.
Calculation
The fee is calculated on the value of gains that exceed the HWM for a specific series.
Price Per Share = AUM / Total Shares;
if (Price Per Share > HWM) {
Operator Fee = (Price Per Share - HWM) * Total Shares * (performanceFeeBps / 10,000);
// update HWM
}
Platform Fee
A time-based fee calculated on the assets under management. It is expressed in basis points per year and accrues on a pro-rata basis over time.
Calculation
The fee is calculated and charged based on the duration elapsed since the last fee payment, as a fraction of the total year. This ensures that the fee is fair and reflects the time the assets were managed.
