Product disclosures & fees
Shares
Shares on PATH are tokenized shares: digital certificates issued by a regulated issuer (Backed Finance or Coinbase) that each track one share of the underlying company or fund and are backed by shares the issuer holds in custody. They are not brokerage shares. You do not receive voting rights. Dividends are reflected in the value or redemption ratio of the token rather than paid as cash. Orders are executed on the issuer's designated public trading venues and settle on the Solana or Base networks.
Leverage
Leveraged positions are perpetual contracts executed on Hyperliquid. A contract tracks the price of the underlying asset and is settled in US dollars; you do not own the underlying asset. Positions require margin, are charged a funding rate every hour, and are automatically closed (liquidated) if the price moves against you far enough. You can lose the full margin allocated to a position.
Options
Option contracts are cleared on Derive and settled in USDC. Buyers can lose the entire premium paid. Options may expire worthless.
Fees
| Shares | 0.25% of the order amount |
| Leverage | 0.05% of the position size, plus venue fees (about 0.045%) and hourly funding |
| Options | 0.10% of the premium, plus venue fees |
| Deposits | Set by the payment provider and shown before you pay |
PATH's fee is shown on every order before you confirm and is collected by the venue at execution.
Venues
PATH routes orders to third-party venues and does not take the other side of your trade. Each venue has its own terms and regional availability: Hyperliquid, Backed Finance (xStocks), Coinbase tokenized stocks on Base, and Derive. Availability in your region is shown in Account.