> For the complete documentation index, see [llms.txt](https://docs.superlend.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.superlend.xyz/products/vaults/high-yield-vaults/fees-and-risks.md).

# Fees & Risks

### Fees

High Yield Vaults incur fees related to building and unwinding leveraged positions. Fees apply to the total leveraged exposure, not just your initial deposit.

#### Entry & Exit Costs

When depositing or withdrawing, the following costs may apply:

* Flashloan fee (\~0.01%)\
  Applied on the leveraged exposure created.
* Swap fee (\~0.01%)\
  Charged per swap during looping and unwinding.
* Slippage (up to \~0.15%)\
  Applied when swapping into or out of the base token.\
  Slippage is set by the user.

The same types of costs apply on withdrawal when leveraged positions are unwound.

#### Performance Fee

* 15% performance fee
* Applied only on profits
* Realized when you interact with the vault
* Never charged on principal

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### Key Risks

* Market Risk: Asset prices can move against leveraged positions
* Leverage Risk: Gains and losses are amplified
* Liquidity Risk: Instant withdrawals depend on available reserves
* Smart Contract Risk: All interactions are onchain

Risk controls reduce risk but do not eliminate it.

***

### Limits & Constraints

* Supply Cap: Deposits fail if the vault cap is reached
* Slippage: Applies when swapping non-base tokens
* Withdrawal Liquidity: Scheduled withdrawals may be required when liquidity is low