Market making

Maker terms, execution priority, quote margining, limits, and depth rewards.

Maker terms

Fee	Perps	Spot
Maker fee	0.015-0.000%	0.040-0.000%
Taker fee	0.045-0.024%	0.070-0.025%
Maker rebate	Up to 0.003%	Up to 0.003%

Tiers set by 14-day volume; the rebate by share of maker volume (Fees and payouts).

Execution priority

Each matching cycle applies cancels before any order and post-only orders before orders that take liquidity. A cancel or new post-only quote arriving in the same cycle as a taker therefore applies first. A full cycle never refuses a request; the next request waits for the following cycle (Order lifecycle).

Quote margining

Resting orders are margin-checked when they fill. A quote the account can no longer fund is canceled at that moment instead of filled. A mark move on its own never sweeps quoting accounts.

Order and request limits

O_{max} = \min (1,000 + ⌊ \frac{V}{5,000,000} ⌋, 5,000)

Q_{req} = 10,000 + V

$O_{max}$: Open order limit, resting orders and stops combined
$Q_{req}$: Request allowance
$V$: Cumulative traded volume in USDC

Every request counts against the allowance over the account’s life, with no reset; a batch of n counts as n. Past the allowance an account may send one request per 10 s, while cancels continue up to the smaller of allowance + 100,000 and twice the allowance. Open orders beyond the first 1,000 must add to the book.

No order is refused or evicted because of the orders other accounts hold on the book. The one exchange-wide limit is load shedding, which refuses new risk while the API gateway is overloaded and still runs cancels and reduce-only orders. The request allowance can be bought ahead of traded volume at 0.0005 USDC per request (Trading API).

Maker depth rewards

30% of each reward period after the vault-depositor share. The score integrates funded resting size over time, weighted by distance from the mark. Fills play no part in it.

Score = \min (D_{bid}, D_{ask})

D_{side} = \int \sum_{q} s_{q} \cdot w (δ_{q}) d t

$s_{q}$: Funded size of quote q
$w (δ)$: Weight falling linearly from full at the mark to zero at the 1% band edge

A quote counts once it has rested 60 s on the correct side of the mark and within 1% of it. A modify that only changes size at the same price keeps its rest time; any other modify restarts it.
Only executable size counts: size the account’s margin funds, within any open interest cap.
An account earns only after the protocol enrolls it in a participant group, which it does while the account is flat with no orders. Linked accounts share one group and each group’s scored depth is capped per market.
Reduce-only quotes and protocol accounts earn nothing.

API access

Any account can quote by approving a named API wallet and connecting to the trading API. The fee schedule is on Fees and payouts.

Subliquid docs · Last changed October 28, 2026