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The tokenized stock fee stack, line by line
Headline fee, conversion fee, spread, quote mark-up, gas, withdrawal — which of them are published, and which are not.
The tokenized stock fee stack, line by line
A "0% fee" banner is a statement about one line of a longer bill. Here is the whole bill, and what each venue actually publishes about it.
The six lines
1. Trading fee. The percentage the venue charges on the order itself. Kraken: 0% when buying xStocks with USD. Ondo: not published. Dinari: set by the partner.
2. Conversion / funding fee. If you fund the purchase with something other than the settlement asset, a conversion happens. Kraken states that buying xStocks with assets other than USD carries the usual Instant Buy trading fees. Ondo converts USDC to USDon 1:1 when the swapper has liquidity.
3. Spread. The gap between the price the venue shows you and the price at which it can actually transact. Kraken's own wording: *"Um einen Preis festzuschreiben, wird für jede Transaktion ein Spread in den Asset-Preis einbezogen"* — to fix a price, a spread is included in the asset price for every transaction. Kraken does not publish its size.
4. Quote mark-up. Ondo's version of the same idea, stated more bluntly: the quote may be slightly more or less than the price at which Ondo trades the underlying, *"with any difference and any fees being retained by Ondo Stocks"*. Also unpublished.
5. Gas / network fee. Paid by you for any on-chain step. Ondo says explicitly that investors are responsible for their own gas costs. Kraken absorbs it into the venue experience for on-platform trades but it reappears on withdrawal.
6. Exit cost. Withdrawal fee to self-custody, or the spread paid again when you sell, or the issuer's redemption process if you go back to the source.
What is knowable, and what is not
| #Line | Kraken | Ondo Global Markets | Dinari |
|---|---|---|---|
| Trading fee | 0% with USD (published) | not published | partner-set |
| Other funding | standard Instant Buy fees | USDC↔USDon 1:1, liquidity-dependent | n/a |
| Spread | embedded, size unpublished | embedded in quote, size unpublished | n/a |
| Gas | platform-side, withdrawal fees apply | paid by investor | paid by investor |
| Minimum | €1 | $1.00 | partner-set |
| Exit | sell on venue, or withdraw | redeem to USDon, subject to KYC | redeem via partner |
The number to compute before you buy
For a given ticket size:
All-in cost = published fee + (token price − share price) × tokens bought + unknown mark-up
The first term is arithmetic. The second is measurable, and this site measures it per token — see tracking gaps. The third is not measurable from outside, and any site that prints a single "total fee %" for a venue that does not publish its spread is making the number up.
Why the gap is not simply the spread
A token trades 24/7; the share prints during an exchange session. On a Sunday night the token's price reflects a market with no underlying reference, so the gap to Friday's close can be large without any fee being involved. For Ondo's total-return tokens, reinvested dividends push the token's price above the share by design.
That is why the calculator reports the gap as a separate line and refuses to fold it into a single percentage: it is real money, but it is not the same thing as a fee, and it can move in your favour.
Written for this index. Fee and eligibility statements are quoted from the issuer or venue and dated on /venues and /method. Not investment or tax advice.