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Trading Information

Incentives

Market Volume Program


Market Volume Program

Thalex's Market Volume Pool ("MVP") is an incentive program that rewards Thalex customers who generate meaningful trading volume on Thalex.

Volume Pool Rewards

Volume Pool rewards are allocated based on a participant's share of daily maker trading volume compared to combined maker trading volume of all eligible participants in a day.

A total of up to $250,000 USDt is allocated monthly depending on total exchange volume.

An account's maker trading volume is the total volume of all trades where the account's limit order was resting in the book and was executed on by another party.

Volume Pool Size Scaling

The daily size of the Volume Pool, Pdaily, scales linearly based on the total daily exchange volume, Vdaily, across all products as a percentage of the maximum (Vmax = $120,000,000) volume threshold.

The Maximum Daily Volume Pool size, Pmax_daily, is possible if the daily equivalent of the $250,000 monthly maximum is larger than the maximum volume threshold. In other words, Pmax_daily if Vdaily > Vmax

See Terms & Conditions for the eligibility criteria and distribution rules.

Volume Pool Summary

  1. Eligibility Check (Daily): Participant must have a minimum daily "maker" trading volume of $100,000. (Maker trades are trades where the participant's limit order was resting in the book and was executed on by another party).
  2. Daily Reward Pool Size Calculation: Determined by total exchange volume ($0 -$120,000,000 range).
  3. Volume Share Calculation: Participant Share = Participant Maker Volume / Total Maker Volume of all eligible participants.
  4. Reward Calculation: Participant Daily Volume Reward = Participant Share x Daily Reward Pool Size.

Terms & Conditions

CategoryDetails
Volume PoolMax Pool: $250,000 USDt per month.
Scaling: Daily, based on total exchange volume. Pool scales from 0-100% daily payouts between $0 to $120M total exchange volume.
Eligibility: Maker volume of at least $100,000 in a given trading day.
Maker Volume: An account's maker trading volume is the total volume of all trades where the account's limit order was resting in the book and was executed on by another party.
Distribution: Proportional share of total maker volume among eligible participants.
Reward Calculation PeriodDaily, from 8 AM UTC to 8 AM UTC the following day.
Reward SettlementThalex strives to make reward payment(s) within 10 business days. Rewards are settled in the Settlement Coin (USDt).
ExclusionsThalex reserves the right to disqualify participants or exclude rewards for unfair advantages, abusive trading, self-trades, or violations of the Rulebook/Terms of Use, at its sole discretion.
TermThis version of the program runs from 16th September 2025 to 1st July 2026, unless terminated earlier at Thalex's discretion. Calculations and decisions by Thalex are binding and final (except manifest error). Methodologies may change prospectively.
DisputesAny disputes arising from the rewards program will be resolved in accordance with these Terms & Conditions, together with the Terms of Use and the Rulebook. Thalex is the sole interpreter of the terms of this Program.