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Overview

Maker Rebates is a daily USDC rewards program for market makers. When a taker removes liquidity from the order book and pays a taker fee, Limitless credits a portion of that fee back to the maker whose resting order was filled. Rebates are based on real executed trading activity and paid in USDC. The program works in two stages:
  1. Rebate credit accrual (every few minutes): as trades execute, Limitless calculates rebate credit for eligible maker fills.
  2. USDC payout (daily): once per day (UTC), Limitless distributes USDC to eligible makers in proportion to the rebate credit they generated that day.
A simple mental model:
  • Your fills generate rebate credit during the day.
  • All eligible makers generate a daily total rebate credit.
  • You receive a pro-rata share of the daily USDC payout based on your share of that total.
The rebate rate is not applied to 100% of a market’s trading fees. Two deductions can come off the top before the rebate pool is funded:
  • Referral share. When the taker who paid the fee was referred by another user, that referrer’s share is taken first. See Referral share comes first below.
  • Creator fee. On user-generated markets (markets with a Community badge), the market creator’s fee is taken before the rebate pool is funded. See User-generated markets.

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How rebate credit is generated

Rebate credit is generated only by executed fills where your order acted as maker liquidity. Orders that remain on the book but are never filled do not generate rebate credit. For each eligible fill, Limitless determines rebate credit from three inputs:
  • The fill’s execution details (size and price)
  • The applicable taker fee
  • The program’s current eligibility settings (such as market and category eligibility)

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Conceptual formula

For a single eligible maker fill:
Where:
  • Executed Size is the size of the maker fill.
  • Fee-Applicable Price is the price basis used for fee calculation on that execution.
  • Taker Fee Rate is the taker fee applied to the trade.
  • Program Eligibility Factor is the program’s active market/category eligibility configuration for that fill.
Your rebate credit grows when your resting liquidity gets filled and generates taker fees.

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Daily accrual window

Rebate credit accrues every few minutes throughout the day and is grouped into UTC-day windows.
  • A trading fill contributes to the day in which it was finalized.
  • At the end of the UTC day, all eligible rebate credit is totaled for payout.
Your payout for a given day depends on all eligible fills finalized during that UTC day.

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Daily payout mechanics

Maker Rebates are calculated daily and paid in USDC. For each UTC day, Limitless aggregates all eligible rebate credit generated by filled maker orders and determines each maker’s share of that day’s total. Your payout is proportional to your contribution. If your fills generated 8% of the day’s eligible rebate credit, you receive approximately 8% of that day’s rebate payout. The daily rebate payout is funded from the rebate wallet and tied to eligible trading activity under the current program configuration. In normal conditions, Limitless distributes the full scheduled amount for that day. If the rebate wallet balance is lower than the scheduled payout amount, Limitless distributes the available USDC pro-rata and records the shortfall.
Fees paid in outcome tokens (BUY fills) are valued conservatively until the market resolves and revalued at resolution; a later payout run tops up the difference.

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Payout formula

For a given UTC day:
  • Your share = Your eligible rebate credit / Total eligible rebate credit
  • Your payout (USDC) = Your share × Daily rebate payout amount
Rebates are performance-based: the more eligible fee-generating maker fills you provide (relative to other makers), the larger your share of the daily payout.

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Example

Assume Hourly Crypto and 15-minute Crypto markets are configured with a 100% rebate rate (i.e., 100% of eligible taker fees funds the rebate pool for those markets). During one UTC day, the following trades execute in an eligible hourly or 15-minute market:
1

Rebate credit is generated from executed fills

Only executed maker fills generate rebate credit. Each trade contributes rebate credit based on the executed trade and the taker fee paid.
  • Maker A rebate credit: $12.00 + $10.40 = $22.40
  • Maker B rebate credit: $5.50
  • Total rebate credit: $27.90
2

The market rebate pool is funded from taker fees

Total eligible taker fees collected in this market for the day:$12.00 + $5.50 + $10.40 = $27.90Hourly / 15-minute Crypto rebate rate = 100%Daily rebate pool (this market) = 100% × $27.90 = $27.90 USDC
3

The rebate pool is distributed pro-rata

Each maker receives a share of the rebate pool proportional to their share of the day’s rebate credit:
  • Maker A share: 22.40 / 27.90 = 80.29% → $22.40 USDC
  • Maker B share: 5.50 / 27.90 = 19.71% → $5.50 USDC
The market generated $27.90 in eligible taker fees. Limitless allocated the full $27.90 USDC to the rebate pool (100%) and split it between makers based on each maker’s share of the day’s eligible fee-generating fills.
This example assumes none of the takers were referred users and that the market has no creator fee, so 100% of the eligible fees fund the rebate pool. When a referred user pays a taker fee, the referrer’s share is deducted first, and on user-generated markets a creator fee is deducted first — see below.

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Referral share comes first

Limitless pays referral rewards in USDC. When a user who signed up through someone’s referral link pays a taker fee, part of that fee goes to the user who referred them. That referral share is deducted first, and the maker rebate pool for the market is funded from what remains:
Two things determine how much, if anything, is deducted on a given day:
  • Whether the taker was referred. Fees paid by takers who have no referrer are not reduced at all. On a day when no referred user takes liquidity in a market, the full eligible fee amount funds that market’s rebate pool.
  • The referrer’s tier. The referral rate is set by the referrer’s own trading volume and ranges from 10% (Starter) to 40% (Diamond). See Earning rates for the current ladder.
The deduction depends on the taker on each fill, not on the maker. It is only taken from fees paid by referred takers, whoever the maker on those fills was. Because a market’s rebate pool is shared between all of its makers pro-rata, the deduction reduces the pool for every maker in that market, not only for the maker who filled the referred taker’s order.

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Example

On one UTC day, an eligible market with a 90% rebate rate collects $100 in taker fees. $40 of that came from a referred user whose referrer is on the Starter tier (10%); the other $60 came from takers with no referrer.
  • Referral share: 10% × $40 = $4.00, paid to the referrer.
  • Fees left for the rebate pool: $100 − $4.00 = $96.00
  • Maker rebate pool: 90% × $96.00 = $86.40 USDC, split between makers pro-rata by rebate credit.
Had none of the takers been referred, the pool would have been 90% × $100 = $90.00.

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User-generated markets: the creator fee comes first

On user-generated markets — user-created markets with a Community badge — the market creator earns a share of trading fees. That creator fee is deducted first, and the maker rebate pool is funded from what remains. On these markets the rebate rate therefore applies to the fees left after the creator’s cut, not to the full trading-fee amount:
The creator’s cut is taken off the top, and makers share the rest at the market’s rebate rate — so the larger a market’s creator fee, the smaller the share left for the maker rebate pool. Markets created by Limitless have no creator fee, so on those markets only the referral share (when it applies) is deducted before the rebate pool is funded. See User-generated markets for full details.
Fees on user-generated markets do not currently accrue referral earnings, so today a market never has both deductions at once: Limitless-created markets can carry a referral share, user-generated markets carry the creator fee.

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Eligibility

Maker Rebates only applies to eligible trading activity. If a fill occurs in a market that is not included in the current program configuration, that fill does not generate rebate credit and does not contribute to payouts. Eligibility may be configured by:
  • Specific markets
  • Market categories
  • A combination of both

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What counts toward maker rebates

  • Executed fills where your order provided maker liquidity
  • Fills in currently eligible markets/categories
  • Fills that generate taker fees under the active fee schedule

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What does not count

  • Orders that were posted but never filled
  • Fills in non-eligible markets/categories
  • Trading activity outside the program’s active configuration

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Current program parameters

Rebate rates are configured per market and change over time. The live, authoritative rates — along with LP Rewards and minimum-contract thresholds — are shown on the Limitless Rewards page. Check there for the current rate on a specific market rather than relying on a value hardcoded here.
The rebate rate applies to trading fees after any deductions, not to the full fee amount: the referral share on fees paid by referred takers, and the creator fee on user-generated markets.

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Funding and program economics

Maker Rebates is funded by taker fees and paid from a dedicated rebate wallet in USDC. Referral rewards and creator fees are funded from the same taker fees and are deducted before the rebate pool is sized, so a market’s fee pool is split in this order: referral share, creator fee, share-link author fee (on orders placed through a shared link, when the share-fee program is enabled), maker rebates. The program is defined by three parameters: These parameters determine where rebate credit is generated and how much is available for daily payouts.

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Payment timing and settlement

Rebates are calculated on a UTC-day basis and paid daily in USDC.
  • Rebate credit accrues every few minutes as trades are finalized.
  • Limitless computes the daily payout after the UTC day closes.
  • Limitless distributes USDC to eligible maker wallets.
Exact payout timing may depend on the daily payout run schedule, but payouts are always tied to the corresponding UTC-day accrual window.

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Where the payout shows up

Once the daily payout run completes, Limitless sends the rebate as a direct USDC transfer to the same wallet you traded from. The rebate is not a redeemable position and does not appear as a fill or trade in your order history. Instead, your wallet’s USDC balance simply increases by the rebate amount. On Base, this is a standard USDC transfer, so any block explorer (for example, BaseScan) shows it as an inbound transfer from the rebate wallet.

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Tips for market makers

Maker Rebates rewards executed maker liquidity, not just quote presence. Makers tend to generate more rebate credit when they:
  • Maintain competitive quotes
  • Provide size where demand exists
  • Achieve higher fill rates on eligible markets