🤝Maker Program
Learn about the maker program and tiered rebates structure.
Last updated
Learn about the maker program and tiered rebates structure.
Last updated
In any trading venue, especially decentralized exchanges like Vertex, market makers form the backbone of liquidity. Makers ensure traders can buy and sell assets with minimal slippage, even during periods of high volatility or subdued market activity.
Without a strong base of market makers, liquidity dries up, trades become harder to execute, and prices drift from fair value, leading to inefficiencies across the platform. An exchange venue operates at its peak when market makers are properly incentivized, as they ensure the liquidity required for efficient trading.
As a result, makers perform a critical role on any exchange – including Vertex.
The Vertex Maker Program offers VRTX trading rewards allocated to Q-score function for qualified makers that prioritizes:
Market Support
Uptime
Fees
The scoring function is as follows:
The minimum depth and maximum spreads for makers to qualify for the VRTX rewards in the Maker Program (per market) are as follows:
Depth:
$25K for stables.
$15K for core markets (BTC & ETH & SOL).
$5K for alt markets (non-BTC, ETH & SOL).
Spreads:
10 bps for stables.
20 bps for core markets (BTC, ETH & SOL).
40 bps for alt markets (non-BTC, ETH & SOL).
Maker rebates on Vertex are open to both users and firms seeking to perform market-making on Vertex. The program enhances the trading fee structure with a stratified rebate-based incentives design that rewards makers who actively support market liquidity.
Notably, maker rebates operate independently of the Maker Program's eligibility criteria for VRTX trading rewards outlined above.
Maker rebates are accessible to anyone engaging in qualifying maker activity, as detailed below.
Maker rebate rates are directly tied to the amount of VRTX staked by market makers.
The more you stake, the higher the rebate.
The tiered rebate model prioritizes the most committed participants, while still offering meaningful benefits to smaller players.
For example, even makers staking as little as 3,000 VRTX qualify for a 0.15 basis point rebate, ensuring that every contribution is rewarded.
Imagine you are a maker on Vertex and want to earn rebates on your trading fees by staking VRTX. The table above outlines the rebate tiers, where the more VRTX you stake, the higher your rebate in basis points (bps).
You stake 300,000 VRTX, placing you in Tier 3.
As a maker, you qualify for a rebate of 0.55 basis points (bps) on all maker trades.
If you generate $1,000,000 in maker volume during an epoch:
Your trading fees (assuming a 0.1% maker fee rate) would be $1,000.
At 0.55 bps, your rebate is:
1,000,000 x 0.000055 = 55 USD
You receive $55 back as a rebate for your contribution.
You stake 3,000,000 VRTX, reaching Tier 1 – the highest tier.
You qualify for a rebate of 0.75 bps, the best available rate.
If you generate $2,000,000 in maker volume during an epoch:
Your trading fees (0.1% maker fee rate) would be $2,000.
At 0.75 bps, your rebate is:
2,000,000 × 0.000075 = 150 USD
You receive $150 back as your maker rebate.
Maker rebates operate independently of the Maker Program's Q-score function and eligibility criteria, such as uptime and market support, used to determine a maker's share of the VRTX trading rewards pool.
For instance, any user who meets the minimum staked VRTX requirement for a specific rebate tier qualifies for the corresponding rebate.
As long as their activity involves maker trades—such as limit orders being filled—they will automatically earn the appropriate maker rebate for those trades.
Example
Alice has 40,000 VRTX staked, placing her in Tier 5 and qualifying her for a 0.35 bps rebate on all maker trades.
If Alice places limit orders that qualify as maker trades, she will earn the 0.35 bps rebate on those trades as long as she maintains the minimum staking requirement of 30,000 VRTX for Tier 5.
However, while Alice meets the criteria for Tier 5 rebates, she may not satisfy the additional requirements—such as uptime or maintaining minimum depth and spreads—to qualify for VRTX trading rewards from the maker pool during a given epoch.
This means that Alice can still earn maker rebates simply by staking VRTX and executing maker trades, even if she does not meet the stricter eligibility standards required to earn VRTX rewards from the maker pool.
This flexibility ensures that all makers are rewarded for their activity, regardless of additional program qualifications.
Higher Staked VRTX = Higher Rebate: By staking more VRTX, you move to higher tiers and unlock better rebates.
Proportional Rebates: Your rebate scales with your trading volume, meaning the more you trade, the more you earn back.
Dynamic Incentives: The system rewards both small and large makers, with flexibility to stake based on your trading needs.
Maker rebates on Vertex underscore the platform's commitment to fostering a thriving, liquid, and efficient trading environment.
By offering a tiered rebate structure tied to staked VRTX, the program ensures that makers—whether individuals or firms—are rewarded for their critical role in sustaining liquidity.
This approach strikes a balance, providing meaningful incentives for top-tier participants while remaining accessible to smaller contributors. As a result, the program not only strengthens market depth and reduces slippage for traders but also creates a dynamic ecosystem where everyone, from seasoned market makers to emerging participants, can find value and opportunity.
