12 September 2026
The Slat Cut is two percent of a trade.
Charged: a trade on the Quote Lane. Not charged: holding SHUT, and a send that is not a trade. There is one take. It is two percent.
A fill of 100 SHUT leaves 2 SHUT. Ten fills of 100 SHUT leave 20 SHUT. That 20 SHUT waits in the Open Blind. Blind Close spends it on the Binding written when the window opened. The Slat Owner who traded 100 SHUT does not pick Shelve or Deepen.
The take cannot be edited. Blind Timing cannot be edited. The issue cannot be edited. If a different take were ever published, it would be a different contract, and this page would be replaced. This construction does not do that.
Empty windows still close. They show a Binding and spend nothing. Busy windows still cannot be aimed: the Binding is older than the fills that fund it.
The Quote Lane runs on Uniswap v4. The chain is Ethereum. The quote is ETH. The whole 40,000 SHUT issue is there at launch. No later mint adds to that number.
Walk a single fill. A Slat Owner sells 100 SHUT on the Quote Lane. Two SHUT leave as Slat Cut. Ninety-eight SHUT of value continue in the trade. The two SHUT join whatever the Open Blind has already gathered. They do not sit in the deployer's balance. They do not sit in the Slat Owner's balance. They wait for Blind Close.
Walk ten fills of the same size. Twenty SHUT have gathered. Blind Close shows the Binding that was written at the start of the window and spends those twenty SHUT between Shelved SHUT and Deepen. The people who made the ten fills cannot have aimed at that mix, because the mix was unread while they traded.
Holding overnight does not pay the Slat Cut. A send to another Slat Owner, outside the Quote Lane, does not pay it. Only a trade does. That is the whole fee schedule.
A Slat Owner who wants the arithmetic in a table can open the Slat Desk and the Fees paper. The numbers on those pages are the same numbers as here.