If you are trying to figure out how hit.one fees actually work, the headline number is not the interesting part. What matters is the model the fees sit inside. hit.one is structured as a house. uponly.win is not. That structural choice changes who pays, when they pay, and what the platform is rooting for when you tap the button.
This post walks through what a house model is, where the value extraction points live, and why uponly.win deliberately removed almost all of them.
what a house model actually means
A house model is when the platform takes the other side of user trades, either fully or in net. It does not mean the platform is gambling against you in a casino sense. It means the platform has its own internal book, manages its own exposure, and earns the spread between what users pay and what users win.
The structural consequence: when you lose, your collateral mostly stays with the house. When you win, the house pays out from its book. That creates an asymmetric incentive. The platform does not need you to lose, but it certainly is not rooting for you to ten-x.
fee surfaces in a house model
House arcades typically extract value at several points. We will not invent specific hit.one numbers, but structurally these surfaces exist:
- Open fee or spread mark-up at trade entry.
- Close fee or spread mark-up at trade exit.
- Funding or holding adjustments calibrated to internal exposure.
- Implicit fee through slightly worse fills than the underlying market.
- Sometimes a withdrawal fee or minimum size threshold.
These are normal for the business model. They are not evil. They are the cost of running a book. But they do mean that even before you take your first directional risk, you are already down by the size of the fee bundle.
how uponly.win differs structurally
uponly.win is built around three structural rules that we did not invent for marketing. They are the natural consequence of routing trades to on-chain perpetuals on Avantis.
- No fees to open a trade. Zero open fee, zero spread mark-up on entry.
- No fees on losses. When a trade loses, the platform earns zero. We literally cannot extract value from a losing trader because there is no internal book to extract from.
- A small variable cut on net winnings only. When you win big, we take a small variable percentage. That is the entire revenue model.
why this changes how you should size positions
When fees come out of every trade regardless of outcome, you are paying tax on activity. That pushes optimal strategy toward fewer, larger trades to amortize the fee bundle. It also disincentivizes the casual rip.
When fees only come out of net winnings, you are paying tax on success. That makes the casual rip basically free. Small collateral, max leverage, tap the button, see what happens. If it dies, the platform earned nothing. If it wins, we earned a small share of the win, you keep the rest.
the rip math
A common pattern on uponly.win: a creator audience drops in, each person sizes a small collateral check, taps RIP, and either watches their position go vertical or watches it get liquidated in two minutes. Either way, the platform never punished the entry. That is what an arcade is supposed to feel like.
For a deeper structural comparison, see hit.one vs uponly.win on creator payouts and the leverage breakdown.
is the no-house model actually better
For the trader, yes, on alignment. The platform genuinely does not care about your individual outcome because the platform is not on the other side. For the platform, it is harder, because revenue only shows up when users win net. That is a real constraint. We accept it because it is the only structure where the user can trust the arcade.
For a casual perp arcade comparison across the category see the alternatives roundup.
what to actually check before depositing anywhere
Whether you are looking at hit.one, uponly.win, or anything else, a five-question checklist:
- Who is the counterparty when I open a trade. House or on-chain market.
- How many fee surfaces exist. Open, close, spread, holding.
- What does the platform earn when I lose. Anything other than zero is a yellow flag.
- What does the platform earn when I win. Should be a small, transparent variable cut.
- What is the creator share, and does it have claw-backs.
try it and feel the difference
You can read about a fee structure for an hour and still not understand it until you press the button. The fastest way to feel the no-house, no-loss-fee model is to deposit a tiny amount and tap RIP at uponly.win. If it dies, the platform earned zero. If it wins, you keep most of it. That is the entire pitch.
Perps are high-risk entertainment. Do not deposit money you cannot lose entirely. The arcade is fun precisely because the stakes are real, but the structure on our side is built so that the platform is not also taking from you.