Listing fees should be evaluated against expected liquidity quality and incremental demand — not in isolation.

A higher fee can be rational if it unlocks concentrated retail order flow, durable volume, and credible price discovery. In that context, the listing acts as a capital formation catalyst, not just a distribution event. Conversely, a low headline fee offers limited value if order books remain shallow, spreads widen quickly, and sustained participation fails to materialize.

The right benchmark is return on liquidity — not absolute cost.