2023-11-22 12:01:27The liquidity requirements for Spot and Derivatives Market Makers to qualify for the top incentive tier are outlined below. For detailed information on the Market Maker Program, please refer to this article.
Spot: Liquidity Requirements for MM3
|
Symbols |
Sum.Quote Size in Depth (USDT) |
Coverage |
|
BTCUSDT |
5bps 40,000 per symbol 10bps 50,000 per symbol |
50% |
|
ETHUSDT |
5bps 20,000 per symbol 10bps 50,000 per symbol | |
|
AVAXUSDT FILUSDT LDOUSDT LINKUSDT LTCUSDT MATICUSDT OPUSDT RNDRUSDT SANDUSDT SHIBUSDT SOLUSDT TRXUSDT XLMUSDT XRPUSDT |
10bps 6,000 per symbol |
30% |
|
AAVEUSDT ADAUSDT AGIXUSDT APEUSDT APTUSDT ARBUSDT ATOMUSDT DOGEUSDT DOTUSDT DYDXUSDT FTMUSDT GALAUSDT HFTUSDT LUNAUSDT MAGICUSDT SUIUSDT UNIUSDT WAVESUSDT |
10bps 3,000 per symbol |
30% |
|
Percentage of qualified days in a month ≥ 75% | ||
Notes:
— Qualified days refer to the days on which Market Makers (MMs) fulfil daily requirements. Snapshots are taken every 10 seconds to determine MM status based on the qualifying criteria above. MMs are deemed qualified for the day if their qualified snapshots constitute at least 75% of the total snapshots.
— MM3 status could be extended if the qualified days to evaluation days is at least 75%. Reviews take place at the end of each calendar month to determine the client's new MM status for the upcoming month.
— Please note that Bybit reserves the right to change the quotation requirements in response to market changes.
Perpetual & Futures: Liquidity Requirements for MM2
1. Market Volume Share
If your Maker Volume Share meets the liquidity requirements of one or multiple segments below, an MM2 rebate will be granted in the respective segment(s).
|
Segment |
Maker Volume Share Requirement (30day) |
Maker Fee Rebate |
|
All Symbols |
0.5% |
-0.005% |
|
All Linear Perpetual |
0.5% |
-0.005% |
|
BTCUSDT and ETHUSDT |
0.5% |
-0.005% |
|
USDT Perpetuals excluding BTCUSDT and ETHUSDT |
0.5% |
-0.005% |
|
Inverse Perpetual |
0.5% |
-0.005% |
|
Inverse Futures |
0.5% |
-0.005% |
2. Quote Value
If your Quote Value meets the liquidity requirements of one or multiple segments below, MM2 will be applied to corresponding contracts in the respective segment (s) accordingly.
BTCUSDT and ETHUSDT
|
Segment |
Required Coverage (No. of qualified symbols) |
Quote Value Requirements within the Corresponding Depth | ||
|
BTCUSDT and ETHUSDT |
Either BTCUSDT or ETHUSDT |
BTCUSDT |
5bps 35,000 USD or 30bps 140,000 USD | |
|
ETHUSDT |
10bps 30,000 USD or 30bps 90,000 USD | |||
|
Percentage of qualified days in a month ≥ 90% (27 days) | ||||
Linear Perpetuals (excluding BTCUSDT and ETHUSDT)
|
Segment |
Required Coverage (No. of qualified symbols) |
Quote Value Requirements within the Corresponding Depth | ||
|
USDT Perpetuals (excluding BTCUSDT and ETHUSDT) |
60 USDT Perpetuals (excluding BTCUSDT and ETHUSDT) | 1000PEPEUSDT ADAUSDT APEUSDT APTUSDT ARBUSDT ATOMUSDT AVAXUSDT AXSUSDT BCHUSDT BNBUSDT CFXUSDT DOGEUSDT DOTUSDT ETCUSDT FTMUSDT GALAUSDT GMTUSDT LINKUSDT LTCUSDT MATICUSDT NEARUSDT OPUSDT SHIB1000USDT SOLUSDT XRPUSDT |
50 bps |
4,000 USD |
|
10000LADYSUSDT |
50 bps |
2,000 USD | ||
|
Other contracts |
50bps |
1,000 USD | ||
|
Percentage of qualified days in a month ≥ 90% (27 days) | ||||
Inverse Perpetuals and Futures
|
Segment |
Required Coverage (No. of qualified symbols) |
Quote Value Requirements within the Corresponding Depth | ||
|
Inverse Perpetual |
25% of inverse perpetual |
BTCUSD ETHUSD XRPUSD Others |
5bps 10bps 50bps 50bps |
10,000 USD 15,000 USD 25,000 USD 2,500 USD |
|
Inverse Futures |
25% of inverse futures |
BTCUSD Futures ETHUSD Futures |
5bps 10bps |
3,000 USD 3,000 USD |
|
Percentage of qualified days in a month ≥ 90% (27 days) | ||||
Notes:
— Percentage of qualified days in a month ≥ 90% means MMs need to meet the requirements for at least 27 days on a 30-day basis.
— Please note that Bybit reserves the right to change the quotation requirements in response to market changes.
Calculation of Quote Value
- Mid-price: the middle value of bid1 and ask1 of each snapshot is taken as the mid-price.
For example:
If the bid1 price of a BTCUSDT snapshot is $16,999, the ask1 price is $17,001, then the mid-price is (16,999+17,001)/2= $17,000.
- Quote value of a symbol per snapshot: The average quote value within the corresponding depth range of both ask and bid sizes.
Quote Value = [∑(Ask Quote Value) + ∑(Bid Quote Value)] / 2
For example:
The mid-price is $17,000. The depth range of 5bps is between ($17,000 - 0.05% × $17,000) and ($17,000 + 0.05% × $17,000), which are $16,991.5 and $17,008.5 respectively.
The total ask quote value and total bid quote value within the above range will be counted. The Quote Value is half the value of your counted total asks and total bids.
- Number of snapshots per day: There are 2,880 snapshots taken every day, with 2 random snapshots taken every minute.
- Quote value of the symbol per day: The average value of 2,880 snapshots of the symbol.
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