> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-third-fold-opal/what-fees-we-collect.md).

# What Fees We Collect

Origami collects fees on OPAL V3 vaults through the following mechanisms:

### Performance Fee

A percentage of the vault's positive yield is collected by minting new shares to the fee collector address. The performance fee rate is set per vault and is capped by the immutable `MAX_PERFORMANCE_FEE_BPS` constant in the vault contract. Fee accrual is continuous and visible in real time by monitoring the total share supply.

{% hint style="info" %}
Each vault will display the current performance fee which is set to 0.5% for most OPAL vaults.
{% endhint %}

The performance fee is subject to change. Fee collection may be paused if the yield is less than 1% for an extended period of time. If the OPAL vault returns are high, the performance fee may be raised to no more than 10% of the APY e.g. if the OPAL vault yield was consistently at 50%, the performance fee may be raised to 5%. There is no automatic performance fee increase or decrease. 

### Deposit and Exit Fees

Some vaults may charge a fee on deposits, withdrawals, or both. These fees are deducted from the respective token amount before shares are minted (deposit), or before tokens are transferred to the user (exit). Deposit and exit fee rates are documented on each vault's Fee Schedule page.