Liquidity Incentives
The feeSchedule on the authenticated account route
(GET /api/v1/accounts/{account}) reported the v2 schedule with zero maker fees
on 2026-09-09 and again on 2026-09-13. This does not by itself prove rebate
eligibility, accrual, or payment. Use your account's fee schedule, actual fills,
and closed statements; do not budget against an unconfirmed rebate or stipend.
Live fee schedule
Values from feeSchedule on the account route, in parts per million of
notional; the prediction rate is applied to p(1-p):
| Tier | Spot maker | Spot taker | Mint / redeem | Prediction rate |
|---|---|---|---|---|
| 0 "Standard" | 0 ppm | 800 ppm (8 bps) | 100 ppm (1 bp) | 40 000 ppm |
| 100k+ | 0 ppm | 700 ppm | 80 ppm | 35 000 ppm |
| 1M+ | 0 ppm | 600 ppm | 60 ppm | 30 000 ppm |
| 10M+ | 0 ppm | see account route | 40 ppm | see account route |
Earlier documents quoting 200/350/100 ppm or a "20 bps maker" fee describe the retired v1 schedule. Full table and taker side: Fees.
v2 fees and incentive mechanics
V2 was observed active in production on 2026-09-09. The implemented model contains three distinct mechanisms:
- Makers pay nothing in every tier, including tier 0.
- A maker rebate pool is funded from taker fees (20 % of taker fees in the current program shares, alongside referral and broker shares) and settled from closed daily epochs. Payouts run through the statement job; there is no per-fill rebate.
- A designated-market-maker tier (
DMM) exists that volume cannot reach; it is granted by the venue and carries the lowest taker rate (2 bps spot, 1.0 % prediction rate).
Read GET /api/v1/fees/standing with account Read credentials for your current
schedule and tier. Worker operation, eligibility and completed statement
payments require separate verification; a zero maker fee is not an immediate
per-fill rebate, and a DMM tier is not automatically granted by volume.
Quality metrics (planned)
Eligibility for the DMM tier and the rebate pool is intended to depend on quote quality, not only volume:
- uptime by market,
- time at the best price with a minimum size,
- quoted depth within a band around the mid,
- cancel-to-fill ratio,
- tested cancel-on-disconnect on the lane that carries the quotes.
Thresholds are not published yet.
Reporting
Market makers receive tier, volume and fee reports through the private reads
and streams provisioned during onboarding (account bootstrap, fills, BSL
execution replay, FIX drop-copy, private WebSocket). Do not infer reporting
access from generated /api/v1/institutional/* reference pages alone.