Abstract
Implement the Q1 2026 fee structure for Pyth Express Relay across all whitelisted tokens. This proposal updates the auction server’s minimum_platform_fee_list configuration to apply protocol fees based on a three-tier pricing matrix: stablecoins at 1 bps, major tokens at 2.5 or 5 bps, and all other tokens at 10 bps.
Rationale
On December 9th, 2025, the Pyth DAO, via OP-PIP-87 and the Pyth Token Phase 2 discussion, mandated the Pythian Council to (1) design a pricing matrix, and (2) apply pricing changes on-chain via OP-PIPs on a quarterly basis for all Pyth Products.
The fee structure was discussed and refined in the Q1 2026 Express Relay Fee Discussion in the Ideas Bank.
Current state:
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35 tokens whitelisted on Express Relay
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Only 10 tokens (X Stocks) have non-zero protocol fees (5 bps)
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~$100,000 revenue collected to date, primarily from SOL tips on Kamino Limit Orders
Proposed changes:
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Apply fees to all 35 tokens based on liquidity profile
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Increase X Stocks fees from 5 bps to 10 bps
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Implement sustainable revenue model while maintaining competitive pricing
Description
This proposal updates the Express Relay auction server configuration to implement the following fee tiers:
| Tier | Fee | Tokens |
|---|---|---|
| Stablecoins | 1 bps (100 ppm) | USDC, USDT, PYUSD |
| Major Tokens | 5 bps (500 ppm) | JUP, CBBTC, WBTC, JTO |
| Native Token | 2.5 bps (250 ppm) | WSOL |
| Other Tokens | 10 bps (1000 ppm) | All remaining tokens |
Complete Fee Matrix
| Token | Mint | Current | New |
|---|---|---|---|
| STABLECOINS | |||
| USDC | EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v | 0 bps | 1 bps |
| USDT | Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB | 0 bps | 1 bps |
| PYUSD | 2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXo | 0 bps | 1 bps |
| MAJOR TOKENS | |||
| WSOL | So11111111111111111111111111111111111111112 | 0 bps | 2.5 bps |
| JUP | JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN | 0 bps | 5 bps |
| CBBTC | cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij | 0 bps | 5 bps |
| WBTC (Wormhole) | 3NZ9JMVBmGAqocybic2c7LQCJScmgsAZ6vQqTDzcqmJh | 0 bps | 5 bps |
| JTO | jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL | 0 bps | 5 bps |
| OTHER TOKENS | |||
| WIF | EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm | 0 bps | 10 bps |
| JLP | 27G8MtK7VtTcCHkpASjSDdkWWYfoqT6ggEuKidVJidD4 | 0 bps | 10 bps |
| POPCAT | 7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr | 0 bps | 10 bps |
| TRUMP | 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN | 0 bps | 10 bps |
| AI16Z | HeLp6NuQkmYB4pYWo2zYs22mESHXPQYzXbB8n4V98jwC | 0 bps | 10 bps |
| JITOSOL | J1toso1uCk3RLmjorhTtrVwY9HJ7X8V9yYac6Y7kGCPn | 0 bps | 10 bps |
| KMNO | KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS | 0 bps | 10 bps |
| FARTCOIN | 9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump | 0 bps | 10 bps |
| RAY | 4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R | 0 bps | 10 bps |
| PYTH | HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3 | 0 bps | 10 bps |
| BONK | DezXAZ8z7PnrnRJjz3wXBoRgixCa6xjnB7YaB1pPB263 | 0 bps | 10 bps |
| LAUNCHCOIN | Ey59PH7Z4BFU4HjyKnyMdWt5GGN76KazTAwQihoUXRnk | 0 bps | 10 bps |
| PENGU | 2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv | 0 bps | 10 bps |
| PUMP | pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn | 0 bps | 10 bps |
| SPX6900 | J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr | 0 bps | 10 bps |
| TUNA | TUNAfXDZEdQizTMTh3uEvNvYqJmqFHZbEJt8joP4cyx | 0 bps | 10 bps |
| X STOCKS | |||
| QQQX | Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZ | 5 bps | 10 bps |
| APPLX | XsbEhLAtcf6HdfpFZ5xEMdqW8nfAvcsP5bdudRLJzJp | 5 bps | 10 bps |
| NVDAX | Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh | 5 bps | 10 bps |
| TSLAX | XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB | 5 bps | 10 bps |
| GOOGLX | XsCPL9dNWBMvFtTmwcCA5v3xWPSMEBCszbQdiLLq6aN | 5 bps | 10 bps |
| METAX | Xsa62P5mvPszXL1krVUnU5ar38bBSVcWAB6fmPCo5Zu | 5 bps | 10 bps |
| MSTRX | XsP7xzNPvEHS1m6qfanPUGjNmdnmsLKEoNAnHjdxxyZ | 5 bps | 10 bps |
| SPYX | XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W | 5 bps | 10 bps |
| COINX | Xs7ZdzSHLU9ftNJsii5fCeJhoRWSC32SQGzGQtePxNu | 5 bps | 10 bps |
| CRCLX | XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1 | 5 bps | 10 bps |
Implementation Plan
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Configuration repository: pyth-network/per (https://github.com/pyth-network/per) (auction server config)
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Config change: Update the minimum_platform_fee_list section in the Express Relay auction server configuration with the fee matrix specified above.
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Deployment: Upon Pythian Council approval of the below proposal, authorized operators apply the configuration update to the production auction server.
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Effective date: Fees take effect immediately upon configuration deployment.
Github PR: https://github.com/pyth-network/express-relay-infra/pull/44
Proposal: Pyth Network