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Fee logic is delegated the same way authorization is: the core hard-codes where fees may be charged, never how much. Charging a fee never moves tokens — it writes bookkeeping into an on-chain ledger; the actual transfer happens later, on an explicit claim.

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The five charging avenues

There is no other place the core can debit a vault:
Core instructionFee operationBuckets it can populate
process_depositsDepositlp · manager · protocol (+ performance)
process_withdrawalsWithdrawlp · manager · protocol (+ performance)
use_fundsUseFundslp · manager · protocol (+ performance)
return_fundsReturnFundslp · manager · protocol (+ performance)
report_on_fundsDeposit (NAV update)performance crystallization on the new NAV
report_on_funds matters most: it’s where the oracle writes reported equity, so it’s where NAV-based performance fees crystallize.

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The four buckets

Every fee splits into LP, manager, protocol, performance — each with its own verified recipient. The performance bucket is high-water-mark-gated: a calculator charges only on equity above the prior mark and returns the new mark, so the same gain is never taxed twice.

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Charge vs. claim

Charge

Called by the core on a fund op. Accrues into unclaimed and total_collected. No tokens move.

Claim

claim_fees(fee_type, amount) requires recipient == recipients.get_recipient(fee_type) and amount ≤ unclaimed, then moves the amount from unclaimed to total_claimed. The core executes the SPL transfer signing as vault_share_signer.

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The dispatcher ledger

pub struct VaultFees {
    pub vault: Pubkey,
    pub fee_calc_program: Pubkey,   // swappable strategy
    pub recipients: FeeRecipients,  // verified payout addresses, one per bucket
    pub unclaimed: FeeAmounts,      // accrued, not yet paid out
    pub total_collected: FeeAmounts,// lifetime charged
    pub total_claimed: FeeAmounts,  // lifetime paid out
    pub high_water_mark: u64,       // performance-fee baseline
    pub last_update: i64,
    pub bump: u8,
}
The total_collected / total_claimed ledger makes every fee ever charged independently verifiable.

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Balance identity

A vault’s total is a signed i64: 
total = onchain_balance + offchain_balance − obtained_fees
The signed type lets a vault carry venue-side debt (capital deployed at the CEX) without underflow. Subtracting accrued-but-unclaimed fees keeps reported NAV net of fees at all times.

Build a custom calculator

Implement calculate_fees with any fee model.