The Reward Pool is set at up to $200K / month, segmented as follows by product:
| Segments | BTC | ETH |
|---|---|---|
| Perpetual | Up to $40,000 | Up to $40,000 |
| Futures Rolls | Up to $10,000 | Up to $10,000 |
| Options | Up to $50,000 | Up to $50,000 |
Aggregation is as follows:
- Each month has ~260K snapshots. Each snapshot has an equal weight of the Reward Pool
- Per snapshot, for each eligible instrument, market quality is scored per orderbook. Bids and asks are equally weighted
- Future Rolls and Options have N different eligible instruments at any given time. The rewards per instrument are 1/N of the product group
The total reward paid per orderbook snapshot is a function of the level of liquidity:
- Below a minimum threshold of market quality, the orderbook snapshot is not rewarded, i.e. no participant receives a score regardless of having a limit order in the book
- Above the threshold, the total reward scales proportionately to the total level of market quality
- If an orderbook snapshot meets the target level of market quality or surpasses it, the reward is equal to $200K / Nsnapshots x Allocationinstrument
Market Quality Scoring:
- Price levels are discounted in function of distance to the Mid Price (“Distance Discounting”). Price scores then get multiplied with order size to yield a metric called Top of Book Equivalent Score (“TOBE” in short).
- Dividing the TOBE of an order by the sum total TOBE of all orders in an order book gives a % score called Market Quality Score (“MQS” in short).
- A participant’s share of the orderbook snapshot reward is the MQS of ones orders.
- The TOBE of an orderbook is a proxy for the quality of visible liquidity of a snapshot and is compared to target values to determine the snapshot reward.
- Daily email reports on a participant’s performance will be available on an opt-in basis.