diff --git a/src/percolator.rs b/src/percolator.rs
index 51e5a5c0e..4d07e23f6 100644
--- a/src/percolator.rs
+++ b/src/percolator.rs
@@ -102,6 +102,16 @@ pub const MAX_POSITION_ABS: u128 = 100_000_000_000_000_000_000;
 /// realistic deployment while still fitting comfortably within u128 arithmetic.
 pub const MAX_VAULT_TVL: u128 = 1_000_000_000_000_000_000_000_000_000_000; // 10^30
 
+/// Maximum allowed maintenance_fee_per_slot in Params (spec §8.2).
+/// 10^12 per slot ≈ 1 USDC/slot at 6-decimal precision.
+/// Validated in Params::validate() — admin cannot set higher.
+pub const MAX_MAINTENANCE_FEE_PER_SLOT: u128 = 1_000_000_000_000;
+
+/// Maximum fee that a single settle_maintenance_fee_internal call may charge (spec §8.2).
+/// Prevents a stale account from accumulating unbounded fee debt in one settlement.
+/// 10^18 ≈ 1 billion USDC at 6 decimals — generous cap that still prevents u128 overflow.
+pub const MAX_PROTOCOL_FEE_ABS: u128 = 1_000_000_000_000_000_000;
+
 // ============================================================================
 // BPF-Safe 128-bit Types (see src/i128.rs)
 // ============================================================================
@@ -595,6 +605,11 @@ impl RiskParams {
         // Insurance floor (spec §1.4: 0 <= I_floor <= MAX_ORACLE_PRICE * MAX_POSITION_ABS)
         // No separate MAX_VAULT_TVL constant in this fork; nonzero values are permissive.
         // Structural validity is enforced: insurance_floor must fit within U128.
+
+        // Maintenance fee per slot must not exceed cap (spec §8.2)
+        if self.maintenance_fee_per_slot.get() > MAX_MAINTENANCE_FEE_PER_SLOT {
+            return Err(RiskError::Overflow);
+        }
         Ok(())
     }
 
@@ -1944,10 +1959,73 @@ impl RiskEngine {
         }
     }
 
-    /// settle_maintenance_fee_internal (spec §8.2): update last_fee_slot for account.
-    #[allow(dead_code)]
+    /// settle_maintenance_fee_internal (spec §8.2): compute and charge recurring maintenance fees.
+    ///
+    /// Algorithm (upstream e357d431):
+    /// 1. Compute dt = now_slot - last_fee_slot (checked to prevent underflow)
+    /// 2. If dt == 0, no-op
+    /// 3. fee_due = maintenance_fee_per_slot * dt (checked_mul prevents overflow)
+    /// 4. Validate fee_due <= MAX_PROTOCOL_FEE_ABS (rejects absurd accumulations)
+    /// 5. Stamp last_fee_slot BEFORE charging (prevents re-charge on retry/failure)
+    /// 6. Deduct from fee_credits; if negative, pay from capital into insurance
+    ///
+    /// Used by force_close_resolved and keeper_crank paths where margin checks
+    /// are inappropriate (the caller handles position closure/liquidation).
     fn settle_maintenance_fee_internal(&mut self, idx: usize, now_slot: u64) -> Result<()> {
+        let fee_per_slot = self.params.maintenance_fee_per_slot.get();
+        if fee_per_slot == 0 {
+            // No maintenance fee configured — just advance the slot marker
+            self.accounts[idx].last_fee_slot = now_slot;
+            return Ok(());
+        }
+
+        let last_slot = self.accounts[idx].last_fee_slot;
+        // Checked subtraction: now_slot must be >= last_fee_slot
+        let dt = now_slot.checked_sub(last_slot).ok_or(RiskError::Overflow)?;
+        if dt == 0 {
+            return Ok(());
+        }
+
+        // Compute fee_due with checked arithmetic (prevents u128 overflow)
+        let fee_due = fee_per_slot
+            .checked_mul(dt as u128)
+            .ok_or(RiskError::Overflow)?;
+
+        // Cap: reject absurd fee accumulation (e.g. stale account with huge dt)
+        if fee_due > MAX_PROTOCOL_FEE_ABS {
+            return Err(RiskError::Overflow);
+        }
+
+        // CRITICAL: stamp last_fee_slot BEFORE charging.
+        // If the charge below fails or the transaction is retried, we will NOT
+        // re-compute the same fee window. This is the upstream CEI pattern.
         self.accounts[idx].last_fee_slot = now_slot;
+
+        // Deduct from fee_credits (coupon buffer)
+        let fc = self.accounts[idx].fee_credits.get();
+        let new_fc = fc.checked_sub(fee_due as i128).ok_or(RiskError::Overflow)?;
+        self.accounts[idx].fee_credits = I128::new(new_fc);
+
+        // If fee_credits went negative, pay debt from capital into insurance
+        if new_fc < 0 {
+            let debt = neg_i128_to_u128(new_fc);
+            let cap = self.accounts[idx].capital.get();
+            let pay = core::cmp::min(debt, cap);
+            if pay > 0 {
+                self.set_capital(idx, cap - pay);
+                let pay_i128 = core::cmp::min(pay, i128::MAX as u128) as i128;
+                self.accounts[idx].fee_credits = I128::new(
+                    self.accounts[idx]
+                        .fee_credits
+                        .get()
+                        .checked_add(pay_i128)
+                        .ok_or(RiskError::Overflow)?,
+                );
+                self.insurance_fund.balance += pay;
+                self.insurance_fund.fee_revenue += pay;
+            }
+        }
+
         Ok(())
     }
 
diff --git a/tests/unit_tests.rs b/tests/unit_tests.rs
index 012864627..da0591833 100644
--- a/tests/unit_tests.rs
+++ b/tests/unit_tests.rs
@@ -7013,3 +7013,170 @@ fn test_deposit_ghost_account_no_state_leak_on_cap_failure() {
         "capital must not change on failed deposit"
     );
 }
+
+// PERC-8461: Recurring Maintenance Fees (spec §8.2)
+// ==============================================================================
+
+/// Helper: create params with a nonzero maintenance_fee_per_slot.
+fn params_with_maintenance_fee(fee_per_slot: u128) -> RiskParams {
+    let mut p = default_params();
+    p.maintenance_fee_per_slot = U128::new(fee_per_slot);
+    p
+}
+
+/// Basic fee accrual: after N slots, fee_due = fee_per_slot * N is charged.
+#[test]
+fn test_maintenance_fee_basic_accrual() {
+    let fee_per_slot = 10u128;
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(fee_per_slot)));
+    let idx = engine.add_user(0).unwrap();
+    engine.deposit(idx, 100_000, 0).unwrap();
+    set_insurance(&mut engine, 1_000);
+    engine.recompute_aggregates();
+    assert_conserved(&engine);
+
+    // Advance 100 slots via the public settle_maintenance_fee path
+    let dt = 100u64;
+    let now_slot = dt;
+    let paid = engine
+        .settle_maintenance_fee(idx, now_slot, DEFAULT_ORACLE)
+        .unwrap();
+
+    // fee_due = 10 * 100 = 1000
+    // fee_credits starts at 0, goes to -1000, then capital pays 1000 into insurance
+    assert_eq!(paid, fee_per_slot * dt as u128);
+    assert_eq!(engine.accounts[idx as usize].last_fee_slot, now_slot);
+    // Capital reduced by 1000
+    assert_eq!(engine.accounts[idx as usize].capital.get(), 100_000 - 1000);
+    assert_conserved(&engine);
+}
+
+/// Zero dt is a no-op — no fee charged.
+#[test]
+fn test_maintenance_fee_zero_dt_noop() {
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(10)));
+    let idx = engine.add_user(0).unwrap();
+    engine.deposit(idx, 100_000, 0).unwrap();
+    set_insurance(&mut engine, 1_000);
+
+    // Set last_fee_slot = 50, then call with now_slot = 50 → dt = 0
+    engine.accounts[idx as usize].last_fee_slot = 50;
+    let paid = engine
+        .settle_maintenance_fee(idx, 50, DEFAULT_ORACLE)
+        .unwrap();
+    assert_eq!(paid, 0);
+    assert_eq!(engine.accounts[idx as usize].capital.get(), 100_000);
+}
+
+/// Fee charges through force_close_resolved path (internal fn).
+#[test]
+fn test_maintenance_fee_via_force_close_resolved() {
+    let fee_per_slot = 5u128;
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(fee_per_slot)));
+    let user = engine.add_user(0).unwrap();
+    engine.deposit(user, 10_000, 0).unwrap();
+    set_insurance(&mut engine, 500);
+    engine.recompute_aggregates();
+    assert_conserved(&engine);
+
+    // Advance current_slot so force_close_resolved will compute dt > 0
+    engine.current_slot = 200;
+    // last_fee_slot defaults to current_slot at deposit time (0)
+    // So dt = 200, fee_due = 5 * 200 = 1000
+
+    let capital_returned = engine.force_close_resolved(user).unwrap();
+
+    // Capital was 10_000, fee charged = 1000, returned = 10_000 - 1000 = 9_000
+    assert_eq!(capital_returned, 9_000);
+    assert!(!engine.is_used(user as usize));
+}
+
+/// Validate Params rejects maintenance_fee_per_slot > MAX_MAINTENANCE_FEE_PER_SLOT.
+#[test]
+fn test_maintenance_fee_params_validation() {
+    use percolator::MAX_MAINTENANCE_FEE_PER_SLOT;
+
+    // At the limit — should be accepted
+    let mut p = params_with_maintenance_fee(MAX_MAINTENANCE_FEE_PER_SLOT);
+    assert!(p.validate().is_ok(), "fee at cap must be accepted");
+
+    // Above the limit — rejected
+    p.maintenance_fee_per_slot = U128::new(MAX_MAINTENANCE_FEE_PER_SLOT + 1);
+    assert!(p.validate().is_err(), "fee above cap must be rejected");
+}
+
+/// Fee with zero fee_per_slot is no-op even with large dt.
+#[test]
+fn test_maintenance_fee_zero_rate_noop() {
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(0)));
+    let idx = engine.add_user(0).unwrap();
+    engine.deposit(idx, 100_000, 0).unwrap();
+    set_insurance(&mut engine, 1_000);
+
+    let paid = engine
+        .settle_maintenance_fee(idx, 1_000_000, DEFAULT_ORACLE)
+        .unwrap();
+    assert_eq!(paid, 0);
+    assert_eq!(engine.accounts[idx as usize].capital.get(), 100_000);
+}
+
+/// Fee deducted from fee_credits first, then capital if credits go negative.
+#[test]
+fn test_maintenance_fee_credits_buffer() {
+    let fee_per_slot = 10u128;
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(fee_per_slot)));
+    let idx = engine.add_user(0).unwrap();
+    engine.deposit(idx, 100_000, 0).unwrap();
+    set_insurance(&mut engine, 1_000);
+
+    // Give account 500 fee credits (coupon)
+    engine.accounts[idx as usize].fee_credits = I128::new(500);
+    engine.recompute_aggregates();
+    assert_conserved(&engine);
+
+    // 100 slots → fee_due = 1000
+    // fee_credits: 500 - 1000 = -500 → pay 500 from capital
+    let paid = engine
+        .settle_maintenance_fee(idx, 100, DEFAULT_ORACLE)
+        .unwrap();
+    assert_eq!(paid, 500); // only the capital portion
+    assert_eq!(engine.accounts[idx as usize].capital.get(), 100_000 - 500);
+}
+
+/// Fee with insufficient capital: pays what it can, remainder stays as debt.
+#[test]
+fn test_maintenance_fee_partial_payment() {
+    let fee_per_slot = 100u128;
+    let mut engine = Box::new(RiskEngine::new(params_with_maintenance_fee(fee_per_slot)));
+    let idx = engine.add_user(0).unwrap();
+    engine.deposit(idx, 500, 0).unwrap(); // small capital
+    set_insurance(&mut engine, 1_000);
+    engine.recompute_aggregates();
+    assert_conserved(&engine);
+
+    // 100 slots → fee_due = 10_000, but capital is only 500
+    let paid = engine
+        .settle_maintenance_fee(idx, 100, DEFAULT_ORACLE)
+        .unwrap();
+    assert_eq!(paid, 500); // all capital consumed
+    assert_eq!(engine.accounts[idx as usize].capital.get(), 0);
+    // Remaining debt stays in fee_credits (negative)
+    assert!(engine.accounts[idx as usize].fee_credits.get() < 0);
+}
+
+/// MAX_PROTOCOL_FEE_ABS and MAX_MAINTENANCE_FEE_PER_SLOT constants are sane.
+#[test]
+fn test_maintenance_fee_constants() {
+    use percolator::{MAX_MAINTENANCE_FEE_PER_SLOT, MAX_PROTOCOL_FEE_ABS};
+
+    assert_eq!(MAX_MAINTENANCE_FEE_PER_SLOT, 1_000_000_000_000);
+    assert_eq!(MAX_PROTOCOL_FEE_ABS, 1_000_000_000_000_000_000);
+
+    // MAX_MAINTENANCE_FEE_PER_SLOT * u16::MAX should not exceed MAX_PROTOCOL_FEE_ABS
+    // (i.e., even at max rate for max funding dt, the fee is within cap)
+    let max_fee = MAX_MAINTENANCE_FEE_PER_SLOT * (u16::MAX as u128);
+    assert!(
+        max_fee <= MAX_PROTOCOL_FEE_ABS,
+        "max_fee_per_slot * max_dt must fit within MAX_PROTOCOL_FEE_ABS"
+    );
+}