Net PnL Identity: Gross Minus Costs

A study models maker rebates. A day's fills earned $1.20 in rebates and paid $4.00 in taker fees. What goes in the Fees column?

• $5.20, both amounts added together
• $2.80, because a rebate is a negative fee
• $4.00 in Fees and +$1.20 in Gross

Which of the four columns can be either positive or negative?

• Fees and Slippage
• Gross and Funding
• Only Net