做市商
掛單方回扣
Every fill on a resting limit order pays the maker a small rebate. This page covers why the program exists, where the rebate USDC comes from, which markets qualify, the rate schedule, eligibility rules, and how to verify rebates landed in your balance.
Why maker rebates
Resting limit orders are what make a market tradeable. The deeper and tighter the book, the smaller the spread a taker pays — which makes more people willing to trade. We pay rebates to compensate market makers for the inventory risk and adverse-selection cost of providing that depth, so the book stays usable through resolution.
- Better books mean lower effective costs for takers — which drives volume back to the same market makers.
- Rebates flow only to liquidity that was actually taken — fills, not just resting interest — so the program rewards depth that's in the path of real flow.
- Rates and the rebate curve are set at the platform's discretion and may change with notice — they are a tool to shape liquidity, not a guaranteed yield.
兩種支付模式
The rebate program runs in one of two modes at any given time. The mode is admin-controlled at the platform level — individual makers cannot self-elect a mode. Your /rewards page sums both kinds of ledger entries, so the total you see is always correct regardless of which mode is active.
- 逐筆（per_fill）: 待掛限價單成交的瞬間，返傭即刻記入您的現金帳戶。預設模式。您可以在/portfolio中立即看到該筆記帳。
- 池化（pooled）: 返傭按每筆成交累積，每天從共享池中支付一次。每日週期使平台能夠應用最低支付下限及（可選）下文所述的p(1-p)曲線。
費率時間表
吃單方支付交易手續費，掛單方獲得回扣。以下數字為當前平台預設值；個別市場可覆蓋設定。
| 角色 | 費率 | BPS | 方向 |
|---|---|---|---|
| 掛單方 | 0.05% | 5 BPS | 計入掛單方 |
| Maker (PAT / API-key) | 0.10% | 10 BPS | 計入掛單方 |
| 吃單方 | 1.5% | 150 BPS | 從吃單方扣除 |
掛單方
0.05%- BPS:
- 5 BPS
- 方向:
- 計入掛單方
Maker (PAT / API-key)
0.10%- BPS:
- 10 BPS
- 方向:
- 計入掛單方
吃單方
1.5%- BPS:
- 150 BPS
- 方向:
- 從吃單方扣除
請務必從市場端點讀取有效費率，而非在程式碼中快取這些數值。
Where the rebate comes from
The rebate is paid out of the taker fee. There is no separate platform-funded incentive bucket — the 1.5% the taker pays on each fill is the source. In per-fill mode the rebate is settled at match time; in pooled mode the same fee dollars accrue to a daily distribution pool and are paid out the next 00:00 UTC cycle.
- Per-fill mode: maker rebate is debited from `platform.fee` and credited to `user.cash` at the time the fill posts — see the trade ledger entries.
- Pooled mode: accruals land in `lp_rebate_accruals` and pay out daily; the pool is capped at 95% of `platform.fee` balance at cutoff to prevent draining the fee account.
- Pooled mode payouts have a $1 USDC floor per cycle — below that, your accrual rolls over to the next cycle. Nothing is forfeited from rounding.
依類別的費率
上面的5 BPS標準費率是全程序預設值。管理員可以按市場類別設定更高或更低的費率——例如，加密貨幣類20 BPS，地緣政治類0 BPS。成交時的費率以類別覆蓋值為準（如有），否則使用預設值。
成交時的費率會快照到應計行，因此管理員在應計和下一次日常支付之間更改費率，不會追溯重新定價已經應計的返傭。
可選的p(1-p)曲線（池化模式）
When the curve is on, each fill's weight in the daily distribution pool is `fill_notional × p × (1−p) × 4`, where `p` is the fill price as a probability (so `p = 0.45` means a 45-cent fill). The `p × (1−p) × 4` factor is 1.0 at the midpoint (`p = 0.5`) and shrinks toward the edges; `fill_notional` keeps larger fills weighted proportionally to their size. Quoting at uncertain prices earns more than quoting at near-resolved prices.
| 價格 | 曲線係數 | 示例權重（$10成交，25 BPS時） |
|---|---|---|
| 0.50 | 1.00 | $0.050 |
| 0.30 / 0.70 | 0.84 | $0.042 |
| 0.10 / 0.90 | 0.36 | $0.018 |
| 0.01 / 0.99 | 0.04 | $0.002 |
曲線權重關於p = 0.5對稱——在0.30報yes價和在0.70報no價獲得相同係數（0.84）。該開關由管理員控制；請查看/admin/rebate-program/config以確認其在您的環境中是否當前活躍。
分配計劃（池化模式）
池化模式每天運行一次分配。調度器彙總所有未結應計，按您在總權重中的份額分配池，並在單筆交易中記入您的現金帳戶。
- 預設週期：24小時（00:00 UTC）。Staging環境可能以5分鐘週期運行以加快機器人迭代速度。
- 最低支付下限：每週期$1.00 USDC。低於下限的收益滾入下一週期，避免零散支付。
- 池上限：每日支付不超過平台手續費帳戶餘額的95%。餘額滾入下一週期不受影響。
Which markets are eligible
Every active market is eligible for the maker rebate by default. Admins can override the rate per market category (for example, set Sports or Politics to a different BPS, or zero the rebate on a specific category) via `PUT /admin/rebate-program/config`. The override applies to fills posted after the change.
- Resolved markets stop accruing rebates the moment trading halts for resolution.
- Cancelled or settled markets are not eligible — there are no fills to earn against.
- Seed liquidity orders placed by the platform MM account do not earn rebates; they are excluded at the ledger level.
- Specific markets can be excluded from rebates by admin configuration — check GET /api/v1/admin/rebate-program/config (field: excluded_market_ids) to verify a market's eligibility before quoting.
資格規則
並非每筆成交都可獲得回扣。以下規則旨在鼓勵真實的流動性提供；套利偵測邏輯會排除類似費用刷量的模式。
- 委託必須在撮合前先在委託簿中掛單——提交後立即成交的委託不獲回扣。
- 自我交易不獲回扣——撮合引擎會直接阻止此類交易。
- 標記了開發者代碼的成交量，掛單側仍可獲得回扣。
- 偵測到對敲模式後，相關成交將被排除在回扣累積之外。
- 如果您所在的司法管轄區平台已暫停返傭，您的應計將被靜默跳過；/rewards頁面橫幅會說明原因。
計算範例
假設您以 0.45 USDC 掛出的 1,000 份買入委託被吃單方成交。您是此次交易的掛單方。
您為份額支付了 450.00 USDC，並獲得 0.225 USDC 回扣，因此您的真實成本基礎為 449.775 USDC。
計算示例 — 啟用曲線的池化模式
將上述相同成交通過啟用曲線的池化引擎處理。曲線在應計時應用；下限和下一週期信用在分配時發生。
您的應計在下一個日常週期之前保持開放。如果您在該週期內所有成交的總應計權重低於1.00 USDC，餘額將滾入明天，並在超過下限時支付。
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