> For the complete documentation index, see [llms.txt](https://hawkfi.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hawkfi.gitbook.io/whitepaper/guides-and-support/understand-fees-and-risks.md).

# Understand Fees and Risks

HawkFi Models, HawkFi Agents, and HawkFi Laboratory do different jobs. Their fees and risks should be read in the context of the workflow you plan to use.

## Find the current fee source

| Workflow                            | Read this before funding                                                                                                                                                                                                                                 |
| ----------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Core HawkFi LP positions and Models | [HawkFi fee FAQ](/whitepaper/guides-and-support/faqs.md#what-are-the-fees-related-to-using-hawkfi-what-is-a-yield-performance-fee)                                                                                                                       |
| Market Making Agent                 | [Market Making Agent fee table](/whitepaper/hawkfi-agents/market-making-agents-mma.md#fees)                                                                                                                                                              |
| Screener Agent with Osprey          | Review Agent funding, fixed position size, position management, and exit settings in the [Screener Agent guide](/whitepaper/hawkfi-agents/screener-agents-osprey-v1.md).                                                                                 |
| Osprey Trading Agent                | Each swap charges `0.75%`: entry deducts it from gross WSOL input, while exit deducts it from gross WSOL output before net proceeds are credited. Review the [Osprey Trading Agent fee details](/whitepaper/hawkfi-agents/osprey-trading-agent.md#fees). |
| HawkFi Laboratory                   | Laboratory is for simulation. Review live fees on the workflow you choose after the backtest.                                                                                                                                                            |

{% hint style="info" %}
Always review the current product page before funding. Market Making Agent fee tiers and access status belong in the Market Making Agent reference.
{% endhint %}

## Know the main risks

| Risk                                     | Where it matters                                    | What to check                                                                                                                |
| ---------------------------------------- | --------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------- |
| Market and price risk                    | Every live workflow                                 | The asset can move against the setup. HawkFi does not guarantee future returns.                                              |
| Impermanent loss                         | Liquidity Providing and Screener Agent LP positions | Compare fees and PnL with Pair HODL, Manual LP, token inventory, and drawdown.                                               |
| Adverse selection and toxic fills        | Market Making Agent                                 | Check markout, momentum, quote distance, fill quality, and whether quotes are too aggressive.                                |
| Inventory drift                          | Market Making Agent and LP positions                | Check the ending token mix, inventory skew, TVL breakdown, and whether PnL came with unwanted exposure.                      |
| Model mismatch                           | Models and Agents                                   | A model optimized for one asset class or market regime may not fit another. Test the pool and market window first.           |
| Selectivity and opportunity frequency    | Screener Agent with Osprey                          | A selective screening model may wait instead of opening constant positions. A broader model can increase activity and risk.  |
| Direct token exposure and swap execution | Osprey Trading Agent                                | Review the token filters, entry size, total allocation, slippage, TP/SL, maximum hold, and the fee charged on each swap leg. |
| Backtest overconfidence                  | HawkFi Laboratory                                   | Historical results are research. They do not predict future returns or remove live execution differences.                    |
| Network and funding limits               | Live Agents and LP positions                        | Keep enough SOL for the workflow and review priority fee settings when transactions fail.                                    |

## Before using live capital

1. Choose the workflow and open its current fee source.
2. Decide which market, inventory, and drawdown risks you can monitor.
3. Test the configuration in HawkFi Laboratory when the mode is available.
4. Fund an amount that matches the risk you are prepared to manage.
5. Define what would make you pause, change, or exit the setup.

## Go deeper

* [Choose Your HawkFi Agent](/whitepaper/start-here/choose-your-hawkfi-agent.md)
* [Fund Your Agent Wallet](/whitepaper/start-here/fund-your-agent-wallet.md)
* [Move from Backtest to Live](/whitepaper/hawkfi-laboratory/move-from-backtest-to-live.md)
* [Reduce Impermanent Loss](/whitepaper/learn-hawkfi/how-to-reduce-il.md)
* [Solve Common Problems](/whitepaper/guides-and-support/faqs.md)