> For the complete documentation index, see [llms.txt](https://docs.bima.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bima.money/operations-and-governance/fees-and-revenue.md).

# Fees & Revenue

Financing at 0% interest raises a fair question: how does anyone get paid? This page answers it.

## Where the cost actually sits

<figure><img src="https://1150339483-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FuV0XpSBB66aR52DO5D6k%2Fuploads%2FGnAlGCViig4skGLuxYla%2Fzero-percent-mechanism.svg?alt=media&amp;token=f82ae533-7c6a-4012-a982-39064782cd1f" alt=""><figcaption></figcaption></figure>

The economics rest on one substitution:

> **The premium from selling upside above the call strike replaces the interest rate that would otherwise be charged in cash.**

That premium pays for the downside protection, for the cost of the capital provided by FalconX, and for BIMA's structuring and administration.

So your cost is the upside you give up above the call strike and in most outcomes, nothing else. If Bitcoin finishes below the call strike, the financing cost you nothing at all.

## What you pay

| Item                             | Cost to you                                                                                                     |
| -------------------------------- | --------------------------------------------------------------------------------------------------------------- |
| **Interest on the USDC**         | **0%.** No rate, no accrual, no monthly servicing.                                                              |
| **Upside above the call strike** | The economic cost of the financing. Paid only if Bitcoin finishes above the strike, and only on gains above it. |
| **Repayment**                    | Exactly the USDC you claimed.                                                                                   |
| **Margin calls**                 | None. There is no margining mechanism.                                                                          |
| **Liquidation penalties**        | None. There are no liquidations.                                                                                |
| **Early withdrawal fee**         | Not applicable early withdrawal is not available at any price.                                                  |
| **Network gas**                  | Paid by you on each transaction: deposit, claim, repay, redeem.                                                 |

## Fee schedule

{% hint style="info" %}
**Coming soon.** Any protocol fees applying in addition to the capped upside for example an origination or redemption fee will be published here and shown in the app before you claim.
{% endhint %}

## How BIMA earns

BIMA structures the collar and administers the programme. Its economics come from the structuring spread within the collar and from any published fees, rather than from interest charged to you.

That has a useful consequence: BIMA does not earn from liquidating you, because the product has no liquidation mechanism. It earns from vaults that complete and repeat.

That does not make interests identical in every scenario. Where they diverge particularly in how the call strike is set, since a lower strike means more premium and less upside for you it should be visible in your published strike levels. Read them before you claim rather than relying on the general principle.

## Where the capital comes from

The USDC you claim is not lent by other users of the vault. It is provided by FalconX against the collared collateral. See [System Architecture](file:///8003494/vault/system-architecture.md).