Documentation Index
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A market accumulates protocol fees over time from several sources. The curator (or a designated fee recipient) periodically withdraws these to a destination account.
Sources of protocol fees
Each reserve generates fees independently based on its config. The fees are stored on-chain in the reserve’s liquidity substructure as accumulated_protocol_fees_sf (scaled fraction).
| Source | Configured by | Accrues from |
|---|
| Interest take rate | protocolTakeRatePct (reserve, 0–100) | Each interest accrual: this percentage of accrued interest is routed to protocol fees; depositors receive the remainder |
| Origination fee | fees.borrowFee (reserve, decimal string) | Each new borrow: the configured fraction of the principal is added to debt and paid to protocol fees |
| Flash loan fee | fees.flashLoanFee (reserve) | Each flash loan: the configured fraction of the borrowed amount |
| Liquidation fee | protocolLiquidationFeePct (reserve, 0–100) | Each liquidation: this percentage of liquidation proceeds |
| Order execution fee | protocolOrderExecutionFeePct (reserve, 0–100) | Each obligation order fill: this percentage of execution proceeds |
| Referral fees | referral_fee_bps (market) | Borrows referred by registered referrers: the configured bps is shared with the referrer |
Two withdrawal handlers
| Instruction | Used for |
|---|
redeemFees | The standard curator fee withdrawal. Drains accumulated_protocol_fees_sf from the reserve to the configured fee recipient |
withdrawProtocolFee | A more general withdrawal handler for specific fee accounting buckets |
redeemFees is the relevant instruction.
Withdraw fees via SDK
The SDK exposes the raw redeemFees and withdrawProtocolFee instructions via the codegen module. Build the instructions with the relevant accounts and submit from the curator’s wallet (or multisig).import { redeemFees } from '@kamino-finance/klend-sdk/dist/@codegen/klend/instructions';
import { PROGRAM_ID } from '@kamino-finance/klend-sdk';
// Build args and accounts per the instruction's signature, then:
const ix = redeemFees(args, accounts, PROGRAM_ID);
// Sign with the curator's wallet (or build as a multisig proposal) and submit
klend-sdk/src/@codegen/klend/instructions/redeemFees.ts and withdrawProtocolFee.ts.Withdrawing protocol fees is not available via the REST API. Fee withdrawal is an admin operation executed via the on-chain klend program through the SDK or Kamino CLI.
liquidity.accumulated_protocol_fees_sf. See Read market data for read paths.Withdraw fees via CLI
Routine fee withdrawal via the kamino-manager CLI is not exposed as a dedicated wrapper command in the current toolchain. Curators withdraw fees by:
- Building and submitting the
redeemFees instruction directly via the SDK (see SDK tab)
- Wrapping the instruction in a multisig proposal and submitting through Squads
For multisig-owned markets, the proposal is constructed with the relevant accounts (reserve, market, fee receiver, etc.) and signed by the multisig members.Fee recipient
The fee recipient is configured at the program level. For most curator markets, this is the lending_market_owner (or its multisig). In specialized configurations, it can be a separate dedicated address — useful when the curator wants ops to flow to one signer set and fee revenue to flow to another.
Confirm the recipient by inspecting the market’s accounts via get-market-or-vault-admin-info.
When to withdraw
Fees accrue continuously but withdrawing them is a discrete event. A common cadence:
| Cadence | Reasoning |
|---|
| Quarterly | Standard for established markets. Reduces operational overhead |
| Monthly | Higher-volume markets where fee accumulation is meaningful |
| Event-driven | Markets that receive a one-off fee event (large flash loan, large liquidation) may withdraw immediately |
| Pre-migration | Before transferring market ownership or going immutable, drain pending fees so the new state starts clean |
Operational considerations
| Consideration | What to watch |
|---|
| Reserve liquidity | Withdrawals require the reserve to have enough available liquidity. If the reserve is at high utilization, a large withdrawal may need to wait until liquidity is freed by repayments or new deposits |
| Multisig timelock | For multisig-owned markets, the withdrawal goes through the standard proposal flow with the configured timelock |
| Reporting | Fee withdrawals are visible on-chain. Keep records that align on-chain transfers with the curator’s accounting |
Reference
