What are the trading fees?
0.5% on maker orders and 1% on taker orders. A maker order rests on the book first; a taker order fills one already there. So a $100 trade costs $0.50 to $1.00 in fees, and every one of them is shown, itemized, in your cycle report.
Maker or taker, the only variable
The fee depends on one thing: how the order meets the market. Post an order and wait, and you're a maker at 0.5%. You added liquidity. Grab a price that's already sitting there, and you're a taker at 1%. You consumed it. Your CEO knows the difference and, when the read allows patience, earns the cheaper half.
What it means at fund scale
Fees are small per trade but real over a season, which is why they're part of the arithmetic before any bet is placed. An edge has to clear its costs to be an edge at all, a 1-point gap doesn't survive a 1% fee, and your CEO won't pretend it does.
Where you verify
Every fee lands in the cycle report next to the trade that generated it. Add them up whenever you like, the record is yours to audit, which is the way a fund's costs should be.