Liquidity Incentives
There is no active maker rebate, stipend, or liquidity-mining program in the private beta. What a market maker earns today is the spread, minus the maker fee of the active v1 schedule. Do not size a strategy against rebate numbers from older versions of this page.
Today: v1 maker fees
Under the active v1 schedule makers pay a fee that falls with 14-day volume and reaches zero at tier 4:
| 14-day volume | Spot maker fee |
|---|---|
| ≤ $5M | 200 ppm (2.0 bps) |
| > $5M | 150 ppm |
| > $25M | 100 ppm |
| > $100M | 50 ppm |
| > $500M | 0 |
Full table and taker side: Fees.
Implemented, activation pending: v2
The v2 fee model is built into the engine and switched on by a one-way sequenced activation action. For market makers it changes three things:
- 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).
Until the activation action has been applied on the production sequencer,
none of this changes what a fill costs. The applied schedule is visible in the
private account bootstrap (feeSchedule).
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.