Fee bands and critical collateral ratios
Mint and redeem fees are per market, stored in the minter’s config(), and read on chain. A positive incentive ratio is a fee. A negative ratio is a discount paid from the reserve pool while it has balance. A ratio of 1e18 (1.0) disallows the action in that band: the minter fills only up to the band edge.
Bands are upper bounds. The first ratio applies below the first bound. The last ratio applies at or above the last bound. A transaction that crosses bands pays the integral across them, so a large trade is not charged one flat rate.
These tables are the schedules in baofinance/harbor harbor-yield script/config/volatility/. Files named *_may_26 are the deployed config() snapshot. Files without that suffix are target schedules; the in-repo comment says the batch that would move markets onto them is un-executed except where noted. If this page and config() disagree, config() wins.
Critical levels
These four numbers are what made the 16 October 2026 stETH Sail dilution possible. They are not the same thing as mint-time 100% collateral efficiency (ha + hs NAV ≈ collateral).
| Level | Value | What it does |
|---|
| hs redeem disallow | CR < 100% on every schedule below | Redeeming hs is blocked only below 100%. From 100% up to just under the rebalance threshold it is allowed, at a fee (1.5% in the first open band of the May 2026 schedules). |
| Leverage-ratio cap | 20×, which Minter_v2 reaches at CR = 20/19 ≈ 105.3% | At or below that CR, a rebalance does not convert Sail-pool ha at the fair hs price. It mints 20 hs per 1 ha taken from the Sail pool. |
| Rebalance threshold | 105% / 115% / 125% / 130%, per market | rebalance() is allowed only while CR is below this. All of these sit at or above the 105.3% cap, so a rebalance that happens near the floor uses the cap. |
| Proposed hs-redeem floor | 110% | Move the hs-redeem disallow bound from 100% to 110%, above the cap, so hs cannot be redeemed down into the 20× region. Specified in RebalanceDilutionFork.sol; not the deployed config(). |
The open interval is 100% ≤ CR < rebalance threshold. Inside it, hs redemption is still allowed, and once CR falls through ≈105.3% the next Sail-pool rebalance on Minter_v2 mints at the cap.
Stability-pool early exit uses a 1 hour delay, then a 25 hour fee-free window (90000 seconds). The fee does not apply during an open window, and a deposit made for an account does not cancel a window that account already has open.
| Config | Where | Early-withdrawal fee | Rebalance pay |
|---|
| Live | harbor main ConfigStabilityPool and ConfigStabilityPoolManager | 1% (1e16) | Bounty 1% (1e16). No protocol cut on rebalance |
| Yield branch | harbor harbor-yield ConfigStabilityPool and ConfigStabilityPoolManager | 5% (5e16). This is what Upgrade_MarketsToV3_mainnet applies | Bounty 0.5% (5e15) and cut 0.5% (5e15), ceiling 200× aboutADollar in wrapped collateral |
The 16 October rebalance bounty paid on chain was the live 1%. The 5% early-withdrawal fee is the yield-branch figure, not the fee those pools charged that day.
Which market uses which schedule
| Market | Schedule file | Rebalance threshold | Deployed or target |
|---|
| haBTC / stETH | ConfigPriceVolatility_125_may_26 | 125% | Deployed snapshot |
| haEUR / stETH | ConfigPriceVolatility_130_may_26 | 130% | Deployed snapshot |
| haBTC / fxUSD | ConfigPriceVolatility_130_may_26 | 130% | Deployed snapshot |
| haETH / fxUSD | ConfigPriceVolatility_130_may_26 | 130% | Deployed snapshot |
| haEUR / fxUSD | ConfigPriceVolatility_105_may_26 | 105% | Deployed snapshot |
| haGOLD / fxUSD | ConfigPriceVolatility_115 | 115% | Target; the volatility-update comment says this market’s batch did execute |
| haGOLD / stETH, haMCAP / fxUSD, haMCAP / stETH, haSILVER / stETH | ConfigPriceVolatility_130 | 130% | Target schedule |
| haSILVER / fxUSD | ConfigPriceVolatility_125 | 125% | Target schedule |
haBTC / stETH and haEUR / stETH are the two markets in the October dilution. Both disallow hs redemption only below 100%, and both rebalance well above the 105.3% cap.
haBTC / stETH — deployed 125% schedule
ConfigPriceVolatility_125_may_26. Rebalance threshold 125%.
Mint ha
| Collateral ratio | Rate |
|---|
| < 126% | Disallow |
| 126% – 135% | 1% fee |
| 135% – 150% | 0.75% fee |
| 150% – 160% | 0.5% fee |
| 160% – 170% | 0.25% fee |
| 170% – 180% | 0.15% fee |
| ≥ 180% | 0.1% fee |
Redeem ha
| Collateral ratio | Rate |
|---|
| < 100% | 1% discount |
| 100% – 110% | 0.75% discount |
| 110% – 124% | 0.3% discount |
| 124% – 135% | 0 |
| 135% – 150% | 0.1% fee |
| 150% – 160% | 0.15% fee |
| ≥ 160% | 0.25% fee |
Mint hs
| Collateral ratio | Rate |
|---|
| < 100% | ≈100% fee (0.999999e18, just under the disallow sentinel) |
| 100% – 110% | 1.5% discount |
| 110% – 124% | 1% discount |
| 124% – 175% | 0 |
| 175% – 185% | 0.1% fee |
| 185% – 200% | 0.25% fee |
| ≥ 200% | 0.5% fee |
Redeem hs
| Collateral ratio | Rate |
|---|
| < 100% | Disallow |
| 100% – 124% | 1.5% fee — open through the 105.3% cap and up to the 125% rebalance threshold |
| 124% – 135% | 1% fee |
| 135% – 145% | 0.5% fee |
| 145% – 155% | 0.33% fee |
| 155% – 165% | 0.25% fee |
| ≥ 165% | 0.2% fee |
haEUR / stETH, haBTC / fxUSD, haETH / fxUSD — deployed 130% schedule
ConfigPriceVolatility_130_may_26. Rebalance threshold 130%. Same rate ladder as the 125% snapshot; the bounds sit one step higher.
Mint ha
| Collateral ratio | Rate |
|---|
| < 131% | Disallow |
| 131% – 140% | 1% fee |
| 140% – 150% | 0.75% fee |
| 150% – 160% | 0.5% fee |
| 160% – 170% | 0.25% fee |
| 170% – 180% | 0.15% fee |
| ≥ 180% | 0.1% fee |
Redeem ha
| Collateral ratio | Rate |
|---|
| < 100% | 1% discount |
| 100% – 110% | 0.75% discount |
| 110% – 129% | 0.3% discount |
| 129% – 140% | 0 |
| 140% – 150% | 0.1% fee |
| 150% – 160% | 0.15% fee |
| ≥ 160% | 0.25% fee |
Mint hs
| Collateral ratio | Rate |
|---|
| < 100% | ≈100% fee (0.999999e18) |
| 100% – 110% | 1.5% discount |
| 110% – 129% | 1% discount |
| 129% – 180% | 0 |
| 180% – 190% | 0.1% fee |
| 190% – 200% | 0.25% fee |
| ≥ 200% | 0.5% fee |
Redeem hs
| Collateral ratio | Rate |
|---|
| < 100% | Disallow |
| 100% – 129% | 1.5% fee — open through the 105.3% cap and up to the 130% rebalance threshold |
| 129% – 140% | 1% fee |
| 140% – 150% | 0.5% fee |
| 150% – 160% | 0.33% fee |
| 160% – 170% | 0.25% fee |
| ≥ 170% | 0.2% fee |