Fees

Kestrel transactions can include protocol fees, network fees, and third-party execution costs. Exact fee settings can differ by token.

Protocol fees

The protocol may charge fees when tokens are bought or sold. These are configured on-chain per token and can include:

• A mint fee when buying.
• A burn fee when selling.
• A performance fee on yield generated by the strategy.

Some mint and burn fees may benefit existing token holders. Performance fees may be split between the protocol and the curator for a strategy.

Network fees

Every Solana transaction requires network fees. Some transactions may also include priority fees, especially during periods of congestion.

Third-party execution costs

Some protocol operations can involve swaps, lending markets, or other external protocols. These can introduce costs such as:

• Slippage.
• Protocol fees charged by third-party venues.
• Price impact.
• Failed transaction costs.

Displayed APY

The APY shown for a token is already net of the performance fee. It reflects the yield that accrues to you after that fee is taken — not a headline rate the fee is later subtracted from. So the number you see is the estimated return you actually receive; there is no separate APY fee taken on top of it.

It is still an estimate, built from recent on-chain performance on a trailing basis. Because the underlying rates float, the APY moves over time and is not a promise, guarantee, or fixed rate.

Mint and burn fees are separate: they are one-time costs applied when you buy or sell, not part of the APY, and are shown at the time of the transaction.