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, a portion of that fee is credited 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:- Rebate credit accrual (continuous): as trades execute, the system calculates rebate credit for eligible maker fills.
- USDC payout (daily): once per day (UTC), the system distributes USDC to eligible makers in proportion to the rebate credit they generated that day.
- 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.
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, rebate credit is determined using the fill’s execution details (including size and price), the applicable taker fee for that trade, and the program’s current eligibility settings (such as market and category eligibility).Conceptual formula
For a single eligible maker fill:- 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.
Daily accrual window
Rebate credit accrues continuously 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.
Daily payout mechanics
Maker Rebates are calculated daily and paid in USDC. For each UTC day, the system 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, the system distributes the full scheduled amount for that day. If the rebate wallet balance is lower than the scheduled payout amount, the available USDC is distributed pro-rata and the shortfall is recorded.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
Example
Assume Hourly Crypto markets are configured with a 20% rebate rate (i.e., 20% of eligible taker fees funds the rebate pool for that market). During one UTC day, the following trades execute in an eligible hourly market:| Trade | Taker action | Price | Size | Executed value | Taker fee rate | Taker fee paid | Maker |
|---|---|---|---|---|---|---|---|
| 1 | Buy | $0.60 | 1,000 | $600 | 2.0% | $12.00 | Maker A |
| 2 | Sell | $0.55 | 500 | $275 | 2.0% | $5.50 | Maker B |
| 3 | Buy | $0.65 | 800 | $520 | 2.0% | $10.40 | Maker A |
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
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 Crypto rebate rate = 20%Daily rebate pool (this market) = 20% × $27.90 = $5.58 USDC
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
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
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
Current program parameters
| Market | Rebate rate |
|---|---|
| Hourly Crypto | 20% of eligible taker fees |
Funding and program economics
Maker Rebates is funded by taker fees and paid from a dedicated rebate wallet in USDC. The program is defined by three parameters:| Parameter | Description |
|---|---|
| Rebate percentage | What portion of taker fees is rebated |
| Eligible markets | Which markets generate rebate credit |
| Eligible categories | Which categories generate rebate credit |
Payment timing and settlement
Rebates are calculated on a UTC-day basis and paid daily in USDC.- Rebate credit accrues continuously as trades are finalized.
- The system computes the daily payout after the UTC day closes.
- USDC is distributed to eligible maker wallets.
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