做市商
做市商返佣
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.
两种支付模式
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.
- 逐笔（per_fill）: 待挂限价单成交的瞬间，返佣即刻记入您的现金账户。默认模式。您可以在/portfolio中立即看到该笔记账。
- 池化（pooled）: 返佣按每笔成交累积，每天从共享池中支付一次。每日周期使平台能够应用最低支付下限及（可选）下文所述的p(1-p)曲线。
费率表
吃单方支付交易手续费，挂单方获得返佣。以下数字为当前平台默认值；各市场可以覆盖。
| 角色 | 费率 | BPS | 方向 |
|---|---|---|---|
| 挂单方 | 0.05% | 5 BPS | 返还给挂单方 |
| Maker (PAT / API-key) | 0.10% | 10 BPS | 返还给挂单方 |
| 吃单方 | 1.5% | 150 BPS | 从吃单方扣除 |
挂单方
0.05%- BPS:
- 5 BPS
- 方向:
- 返还给挂单方
Maker (PAT / API-key)
0.10%- BPS:
- 10 BPS
- 方向:
- 返还给挂单方
吃单方
1.5%- BPS:
- 150 BPS
- 方向:
- 从吃单方扣除
始终从市场接口读取有效费率，而非在代码中缓存这些数值。
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.
按类别的费率
上面的5 BPS标准费率是全程序默认值。管理员可以按市场类别配置更高或更低的费率——例如，加密货币类20 BPS，地缘政治类0 BPS。成交时的费率以类别覆盖值为准（如有），否则使用默认值。
成交时的费率会快照到应计行，因此管理员在应计和下一次日常支付之间更改费率，不会追溯重新定价已经应计的返佣。
可选的p(1-p)曲线（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.
| 价格 | 曲线系数 | 示例权重（$10成交，25 BPS时） |
|---|---|---|
| 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 |
曲线权重关于p = 0.5对称——在0.30报yes价和在0.70报no价获得相同系数（0.84）。该开关由管理员控制；请查看/admin/rebate-program/config以确认其在您的环境中是否当前活跃。
分配计划（池化模式）
池化模式每天运行一次分配。调度器聚合所有未结应计，按您在总权重中的份额分配池，并在单笔交易中记入您的现金账户。
- 默认周期：24小时（00:00 UTC）。Staging环境可能以5分钟周期运行以加快机器人迭代速度。
- 最低支付下限：每周期$1.00 USDC。低于下限的收益滚入下一周期，避免零散支付。
- 池上限：每日支付不超过平台手续费账户余额的95%。余额滚入下一周期不受影响。
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.
资格规则
并非每次成交都能获得返佣。以下规则旨在鼓励诚实的流动性提供；游戏检测逻辑会排除看起来像刷手续费的模式。
- 订单必须在被撮合前在订单簿中挂单——提交后立即成交的订单不获返佣。
- 自成交不获返佣——引擎直接阻止。
- 带有开发者代码标签的成交量在挂单方仍可获得返佣。
- 检测到对冲交易模式后，相关成交将被排除在返佣累计之外。
- 如果您所在的司法管辖区平台已暂停返佣，您的应计将被静默跳过；/rewards页面横幅会说明原因。
计算示例
假设您以 0.45 USDC 挂单买入 1,000 份的订单被吃单方成交。您是此次交易的挂单方。
您支付了 450.00 USDC 购买份额，并收到 0.225 USDC 返佣，因此您的实际成本基础为 449.775 USDC。
计算示例 — 启用曲线的池化模式
将上述相同成交通过启用曲线的池化引擎处理。曲线在应计时应用；下限和下一周期信用在分配时发生。
您的应计在下一个日常周期之前保持开放。如果您在该周期内所有成交的总应计权重低于1.00 USDC，余额将滚入明天，并在超过下限时支付。
与账本核对