On December 9th, 2025, the Pyth DAO, via the 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 (excluding Pyth Pro).
This post will solely focus on Pyth Express Relay fees. Onchain fees for other products like Core or Entropy have their dedicated posts.
Until this OP-PIP vote and decision, there had been little to no work to implement DAO-owned fees for the Express Relay protocol.
Express Relay was designed to be able to decide which tokens are accepted/supported by the protocol and charge different levels of fees on a per token basis.
As of today, there are 35 tokens whitelisted and therefore usable on Express Relay. However only 10 of these tokens have a non-zero protocol fee applied.
In 2025, the Express Relay protocol has collected close to $100,000 (contract), 80% being in SOL and the rest in USDC. It is important to note that all the USDC revenue is coming from the 5 bps applied on X Stocks and the SOL collected originates from ‘tips’ of Kamino Limit Orders. You may review all LO tips here.
Implementation Strategy
Fee Structure Considerations
- Per-asset pricing: different tokens have different market profiles (more or less liquid) and therefore should have different fees applied. The less liquid a token is onchain, the more fees can be applied at the protocol level. However it is important to not over-charge with fees as zero volume means zero fees. While it is paramount to not over-charge, not charging anything is not the way to go as volume for volume itself brings nothing to the DAO table.
Proposed Fee Structure
The table below is a recap of all suggested change (or not) for all tokens supported by Pyth Express Relay.
Data shown was exported from this Dune query. Token volumes below were calculated by summing the swap volume of every pair a token appears in, then dividing by two to remove double-counting from two-sided trades
| Token | Current Protocol Fees (bps) | Token Volume ($) | New Protocol Fees (bps) | Note |
|---|---|---|---|---|
| WSOL | 0 | 123,246,013 | 2.5 | Fees increased |
| JUP | 0 | 4,410,586 | 5 | Fees increased |
| WIF | 0 | 14,281,008 | 10 | Fees increased |
| CBBTC | 0 | 25,157,983 | 5 | Fees increased |
| JLP | 0 | 69,819 | 10 | Fees increased |
| POPCAT | 0 | 13,828,395 | 10 | Fees increased |
| USDC | 0 | 237,791,998 | 1 | Fees increased |
| TRUMP | 0 | 4,082,067 | 10 | Fees increased |
| JTO | 0 | 433,441 | 5 | Fees increased |
| AI16Z | 0 | 7,718,649 | 10 | Fees increased |
| USDT | 0 | 95,758,105 | 1 | Fees increased |
| WBTC | 0 | 7,408,187 | 5 | Fees increased |
| JITOSOL | 0 | 1,257,903 | 10 | Fees increased |
| KMNO | 0 | 1,408,918 | 10 | Fees increased |
| FARTCOIN | 0 | 37,682,856 | 10 | Fees increased |
| PYUSD | 0 | 222,054 | 1 | Fees increased |
| RAY | 0 | 269,847 | 10 | Fees increased |
| PYTH | 0 | 945,993 | 10 | Fees increased |
| BONK | 0 | 11,046,411 | 10 | Fees increased |
| LAUNCHCOIN (deprecated) | 0 | 1,284,685 | 10 | Fees increased |
| PENGU | 0 | 2,238,697 | 10 | Fees increased |
| SPX | 5 | 1,011,032 | 10 | Fees increased |
| APPLX | 5 | 265,208 | 10 | Fees increased |
| NVDAX | 5 | 1,837,943 | 10 | Fees increased |
| TSLAX | 5 | 8,336,032 | 10 | Fees increased |
| GOOGLX | 5 | 573,700 | 10 | Fees increased |
| METAX | 5 | 82,763 | 10 | Fees increased |
| MSTRX | 5 | 3,735,798 | 10 | Fees increased |
| COINX | 5 | 454,771 | 10 | Fees increased |
| SPYX | 5 | 1,468,375 | 10 | Fees increased |
| QQQX | 5 | 972,334 | 10 | Fees increased |
| CRCLX | 5 | 6,818,791 | 10 | Fees increased |
| PUMP | 0 | 28,078,685 | 5 | Fees increased |
| USDG | 0 | TBC | 1 | Fees increased |
| TUNA | 0 | TBC | 10 | Fees increased |
Overall, three ‘tiers’ are introduced above. The first one (1 bp) is for major stablecoins. They are some of the most traded and liquid assets onchain and where little to no edge exists. Therefore it is important to keep fee as low as possible.
The 5 bps tier should be applied for the most liquid/traded assets onchain where the competition is the fiercest. The 10 bps tier is applied for (either) longer tail assets, or assets that have much less liquid trading venues, are harder to price for instance.
Next Steps
This proposal focuses exclusively on fee implementation strategy.
We welcome input from all stakeholders:
-
Express Relay Searchers
-
Express Relay Users
-
Committed Pythians
Your insights will be valuable in refining this proposal and guiding the DAO’s decision-making process.