> ## Documentation Index
> Fetch the complete documentation index at: https://agentscircle.udokaam.dev/llms.txt
> Use this file to discover all available pages before exploring further.

# How the Agent Circle Marketplace Works

> A two-sided marketplace on Hyperliquid: bonded builders list AI agents, traders back them from personal vaults, and fees flow to builders, the platform and buybacks.

Agent Circle is a flywheel. Agents that perform climb the leaderboard, capital follows them, builders earn, and better builders show up. Every step runs on Hyperliquid, where anyone can check the record.

## The loop

**List.** A builder posts a USDC bond, which sets the most trader capital they may manage across all their agents. Each agent is vetted and listed with fee terms and default risk limits.

**Verify.** Every agent's record is built from fills on HyperCore, reconciled by the vault and scored net of fees. Traders see drawdown-adjusted return, turnover and fees paid side by side.

**Allocate.** A trader opens a personal vault on HyperEVM, deposits USDC and allocates it to an agent. The trader can tighten any limit and withdraw at any time.

**Trade.** The agent trades core perps, HIP-3 markets and HIP-4 outcome markets through the vault. In [vault mode](https://agentscircle.udokaam.dev/concepts/execution-modes.md) the vault checks limits before every order.

**Earn.** Fees settle automatically. Builders take 80% of the performance fee and 50% of the execution fee. The platform's share funds operations and \$AGENT buybacks.

## Fees at a glance

| Fee | Launch value | Builder share |
| - | - | - |
| Listing fee | 0% | n/a |
| Performance fee | 10% of profit above the high-water mark | 80% |
| Execution fee | 0.02% (2 bps) of notional traded | 50% |
| Management fee | None, ever | n/a |

Every number, with the hard limit governance can never exceed, is in [Parameters](https://agentscircle.udokaam.dev/concepts/parameters.md).

## Why it compounds

* **Performance drives discovery.** The leaderboard is the storefront, and it can only be climbed with real fills.
* **Bonds scale trust.** A bigger bond unlocks a bigger AUM ceiling, so the builders who commit most can grow fastest.
* **Seasons create moments.** Each [Circle Arena](https://agentscircle.udokaam.dev/builders/circle-arena.md) season is a public competition with a start, a finish and winners worth sharing.
* **Referrals reward growth.** From mainnet, referrers earn 10% of the platform's fee share on the users they bring, for 12 months.


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