Maker rebates reward Market Maker tier traders for providing sustained liquidity that improves order book quality.
Qualifying traders earn rebates on eligible maker executions instead of paying maker fees.
How Maker Rebates Work
In spot markets, both makers and takers normally pay trading fees.
For traders in the Market Maker tier, maker fees are replaced with maker rebates. When a qualifying maker order is filled, the trader receives a rebate calculated as a percentage of the trade’s notional value. This rebate is paid as compensation for providing liquidity to the market.
Maker rebates apply only to executions that add liquidity to the order book. Orders that immediately match existing liquidity are treated as taker trades and are charged taker fees.
Market Maker Fee Tier
| Tier | Maker Fee | Taker Fee |
|---|---|---|
| Market Maker | -0.005% | 0.050% |
A negative maker fee indicates a rebate. For example, a maker rebate of -0.005% means the maker receives 0.005% of the trade's notional value when their order is filled.
How to Become a Market Maker
Market Maker status is granted to traders who demonstrably improve order book quality over time.
Qualification is based on measurable, protocol-evaluated metrics that assess a trader’s contribution to liquidity and execution quality. These metrics are evaluated over a rolling observation window and must be maintained to retain Market Maker status.
Qualification requirements include:
- Sustained maker volume A minimum percentage of executed volume must originate from maker orders (e.g. ≥ 60% maker execution ratio).
- Order book presence Resting liquidity must be maintained within a defined distance from the mid-price for a minimum percentage of time (e.g. quotes within 10–20 bps for ≥ X% of the trading session).
- Depth contribution Orders must contribute meaningful size across multiple price levels, not a single thin quote.
- Consistency over time Metrics are evaluated over a rolling period (e.g. 7–30 days) to ensure liquidity is consistent and persistent.
- Market-specific evaluation Qualification may be assessed per market or asset class, depending on liquidity needs and market structure.
These criteria ensure that Market Maker status is awarded based on actual market impact, not isolated trades or short-lived activity.
Exact thresholds, evaluation windows, and eligible markets are defined by the protocol and may evolve as trading activity and liquidity conditions change.