Market Making Rewards
Overview
Orderly’s market making rewards program will be conducted across approximately 200 epochs (14 days per epoch) distributing 10% of the total supply of $ORDER. The next epoch will commence immediately once the current epoch has ended unless stated otherwise. Rewards will be distributed to eligible users/market makers on an epoch basis based on their epoch’s liquidity provision performance. The market making rewards serve as incentives for top-performing market makers and we welcome market makers interested in collaborating towards Orderly’s omnichain liquidity mission to come on board. Please reach out to the team at mm@orderly.network to have a chat to understand more about the market making journey with Orderly and the market making rewards program.
Rules
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Refer to Market Making Rewards for the distribution schedule, mechanisms, and formulas.
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At any given time, a user can only be earning either trading rewards OR market making rewards. A user qualified for the market making rewards program will not be eligible for trading rewards.
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Orderly will actively manage the list of eligible market makers to participate in the market making rewards program, assessed based on their market making performance.
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Eligible market makers will be notified by the Orderly team 7 days before the next epoch begins on which epoch(s) they are eligible to participate in the market making rewards program.
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Market makers that have underperformed can be dropped from the eligibility list. Simiarly, market makers that are currently not on the eligibility list but have performed well can be invited by the Orderly team to join the program.
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It is important to note that the eligibility does not affect/impact any market maker’s ability to provide liquidity with Orderly or their rate limits/fee rates.
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We can support multi-wallet linking for market makers that have specific risk management and market making strategy requirements. Please reach out to the team for more information.
- Market makers with multi-wallet linking will have their orders, maker volume, uptime, staked balance consolidated into one calculation of the . The market making rewards earned by the linked wallets will only be claimable by the “designated” rewards wallet.
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Hidden order type will not be considered in the calculation of market making rewards.
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Orderly will take into account outage duration (maintenance/downtime) that occurred during an epoch into the calculation of . There may be situations such as orders are processed slower than usual (but is not an outage) will not be accounted by Orderly.
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Orderly reserves the right to modify, suspend or discontinue any and all of the rules in the program at any time.
Key Information
Market making rewards’ market pool mulitpler, the minimum depth, and the max spread of each market symbol are detailed below. These tables will be periodically updated.
The minimum depth and max spread tables are essential for market makers to ensure they are quoting each order within the acceptable range and order size for each market. Orders that do not meet these conditions will not be rewarded.
Perp Market | Multiplier | Minimum Depth (USDC) | Max Spread (bps) |
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PERP_BTC_USDC | 50 | 5000 | 20 |
PERP_ETH_USDC | 20 | 5000 | 20 |
PERP_SOL_USDC | 7.5 | 1000 | 40 |
PERP_AI16Z_USDC | 2.5 | 1000 | 40 |
PERP_ARB_USDC | 0.5 | 1000 | 40 |
PERP_DOGE_USDC | 0.5 | 1000 | 40 |
PERP_FARTCOIN_USDC | 1.5 | 1000 | 40 |
PERP_LINK_USDC | 1.5 | 1000 | 40 |
PERP_RAY_USDC | 0.5 | 1000 | 40 |
PERP_ORDER_USDC | 2.5 | 1000 | 40 |
PERP_SUI_USDC | 0.5 | 1000 | 40 |
PERP_TRUMP_USDC | 5 | 1000 | 40 |
PERP_XRP_USDC | 0.5 | 1000 | 40 |
PERP_JUP_USDC | 0.5 | 1000 | 40 |
PERP_PENGU_USDC | 0.5 | 1000 | 40 |
PERP_ENA_USDC | 0.5 | 1000 | 40 |
PERP_WIF_USDC | 0.5 | 1000 | 40 |
PERP_TIA_USDC | 0.5 | 1000 | 40 |
PERP_AIXBT_USDC | 0.5 | 1000 | 40 |
PERP_VIRTUAL_USDC | 0.5 | 1000 | 40 |
PERP_WOO_USDC | 1 | 1000 | 40 |
PERP_ZRO_USDC | 0.5 | 1000 | 40 |
PERP_AVAX_USDC | 0.5 | 1000 | 40 |
PERP_EIGEN_USDC | 0.5 | 1000 | 40 |
PERP_OP_USDC | 0.5 | 1000 | 40 |
PERP_POPCAT_USDC | 0.5 | 1000 | 40 |
PERP_INJ_USDC | 0 | 1000 | 40 |
PERP_MKR_USDC | 0 | 1000 | 40 |
PERP_TON_USDC | 0 | 1000 | 40 |
PERP_1000BONK_USDC | 0 | 1000 | 40 |
PERP_1000FLOKI_USDC | 0 | 1000 | 40 |
PERP_1000PEPE_USDC | 0 | 1000 | 40 |
PERP_AAVE_USDC | 0 | 1000 | 40 |
PERP_APT_USDC | 0 | 1000 | 40 |
PERP_AR_USDC | 0 | 1000 | 40 |
PERP_BLUR_USDC | 0 | 1000 | 40 |
PERP_BNB_USDC | 0 | 1000 | 40 |
PERP_BOME_USDC | 0 | 1000 | 40 |
PERP_BRETT_USDC | 0 | 1000 | 40 |
PERP_CHZ_USDC | 0 | 1000 | 40 |
PERP_CRV_USDC | 0 | 1000 | 40 |
PERP_ETHFI_USDC | 0 | 1000 | 40 |
PERP_FIL_USDC | 0 | 1000 | 40 |
PERP_IO_USDC | 0 | 1000 | 40 |
PERP_LDO_USDC | 0 | 1000 | 40 |
PERP_MERL_USDC | 0 | 1000 | 40 |
PERP_MEW_USDC | 0 | 1000 | 40 |
PERP_NEAR_USDC | 0 | 1000 | 40 |
PERP_OMNI_USDC | 0 | 1000 | 40 |
PERP_ONDO_USDC | 0 | 1000 | 40 |
PERP_ORDI_USDC | 0 | 1000 | 40 |
PERP_PEOPLE_USDC | 0 | 1000 | 40 |
PERP_PONKE_USDC | 0 | 1000 | 40 |
PERP_SEI_USDC | 0 | 1000 | 40 |
PERP_STG_USDC | 0 | 1000 | 40 |
PERP_STRK_USDC | 0 | 1000 | 40 |
PERP_W_USDC | 0 | 1000 | 40 |
PERP_WLD_USDC | 0 | 1000 | 40 |
PERP_ZK_USDC | 0 | 1000 | 40 |
PERP_TRX_USDC | 0 | 1000 | 40 |
PERP_DOGS_USDC | 0 | 1000 | 40 |
PERP_POL_USDC | 0 | 1000 | 40 |
PERP_TAO_USDC | 0 | 1000 | 40 |
PERP_MOODENG_USDC | 0 | 1000 | 40 |
PERP_1000APU_USDC | 0 | 1000 | 40 |
PERP_1000SHIB_USDC | 0 | 1000 | 40 |
PERP_GOAT_USDC | 0 | 1000 | 40 |
PERP_1000000MOG_USDC | 0 | 1000 | 40 |
PERP_SPX_USDC | 0 | 1000 | 40 |
PERP_LINA_USDC | 0 | 1000 | 40 |
PERP_PNUT_USDC | 0 | 1000 | 40 |
PERP_ACT_USDC | 0 | 1000 | 40 |
PERP_NEIRO_USDC | 0 | 1000 | 40 |
PERP_CHILLGUY_USDC | 0 | 1000 | 40 |
PERP_CETUS_USDC | 0 | 1000 | 40 |
PERP_COW_USDC | 0 | 1000 | 40 |
PERP_PENDLE_USDC | 0 | 1000 | 40 |
PERP_HYPE_USDC | 0 | 1000 | 40 |
PERP_TURBO_USDC | 0 | 1000 | 40 |
PERP_BULLY_USDC | 0 | 1000 | 40 |
PERP_HSK_USDC | 0 | 1000 | 40 |
PERP_ZEN_USDC | 0 | 1000 | 40 |
PERP_ELIZA_USDC | 0 | 1000 | 40 |
PERP_BIO_USDC | 0 | 1000 | 40 |
PERP_RUNE_USDC | 0 | 1000 | 40 |
PERP_ADA_USDC | 0 | 1000 | 40 |
PERP_AVAAI_USDC | 0 | 1000 | 40 |
PERP_S_USDC | 0 | 1000 | 40 |
PERP_MELANIA_USDC | 0 | 1000 | 40 |
PERP_MODE_USDC | 0 | 1000 | 40 |
PERP_ZEREBRO_USDC | 0 | 1000 | 40 |
PERP_ANIME_USDC | 0 | 1000 | 40 |
PERP_GRIFFAIN_USDC | 0 | 1000 | 40 |
PERP_VINE_USDC | 0 | 1000 | 40 |
PERP_FET_USDC | 0 | 1000 | 40 |
PERP_OM_USDC | 0 | 1000 | 40 |
PERP_PLUME_USDC | 0 | 1000 | 40 |
PERP_BERA_USDC | 0 | 1000 | 40 |
PERP_TST_USDC | 0 | 1000 | 40 |
PERP_ZEUS_USDC | 0 | 1000 | 40 |
PERP_UXLINK_USDC | 0 | 1000 | 40 |
PERP_TOSHI_USDC | 0 | 1000 | 40 |
PERP_LAYER_USDC | 0 | 1000 | 40 |
User Workflow Explained
What happens in the life cycle of one epoch?
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Market makers provide liquidity to Orderly.
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After the epoch has ended, eligible market makers (rewards wallet) can view their processing epoch rewards by connecting their wallet via the Orderly App (the amount of the rewards earned is subject to change).
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There is a waiting period of up to 4 days after each epoch for the validation of rewards distribution before users can start to claim their epoch rewards. During this period, Orderly will conduct wash trading analysis
- After the waiting period, the rewards earned by each market maker will be finalized and displayed with an Available status on the Orderly App.
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Market makers can claim their epoch market making rewards ($ORDER token) to the blockchain network they are connected to on the Orderly App. Rewards earned do not expire.
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All market makers can choose which network they would like to claim their rewards regardless of which blockchain network they have traded on with Orderly’s builders.
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$ORDER (ERC-20) will be received when rewards are claimed to Ethereum L1.
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$ORDER (OFT) will be received when rewards are claimed to all other blockchain network.
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Market Making Rewards Interface
Access the Orderly App and connect to your wallet to view your market making rewards statistics.
Market makers will be able to view the current epoch information, claim your earned market making rewards, and track the breakdown / status of your rewards history. The data displayed on the market making rewards page is chain-agnostic. With the same EVM address, users will see the same information regardless of which blockchain network they are connected.
Please pay attention to the connected blockchain network before claiming your rewards. Your market making rewards will be claimed to the blockchain network you are connected to on the Orderly App.
Note: For market makers with multi-wallet linking, only the user of the designated rewards wallet can view & claim market making rewards when connected to the Orderly App.
FAQ
- How is each market maker’s mid-market price determined?
The first (highest) bid price level of the market maker that met ( > = ) minimum depth to be the best bid price. The first (lowest) ask price level of the market maker that met ( > = ) min depth to be the best ask price.
When determing best bid/ask price, Orderly considers the sum of the bid order(s) / ask order(s) amount at a price level that has met the minimum depth requirement.
For market makers with multi-wallet linking, open orders at the same price level are amalgamated.
Each market maker’s mid-market price is the average price of their best bid price and their best ask price.
- What is OFT and why did Orderly decide to use it instead of just supporting ERC-20 standard token?
The Omnichain Fungible Token (OFT) standard by LayerZero allows fungible tokens to be seamlessly transferred across multiple blockchains without asset wrapping or middlechains. OFT resonates with Orderly’s omnichain mission, enabling a mutlichain interoperability for users to receive their rewards and interact with Orderly with ease.
- Why can I choose which chain to claim my market making rewards? How does it work?
This user centric design empower flexibility to users to claim their market making rewards to the blockchain network of their choice. Behind the scene, every user’s reward claiming transaction is a cross-chain transaction that is processed by LayerZero protocol. Whenever a user submit a claim transaction, their rewards $ORDER (OFT) tokens will be burned on the Ledger chain and the respective $ORDER (OFT) will be minted and transferred to user’s wallet address on their chosen blockchain network. For the case when users’ claim their market making rewards on Ethereum, their rewards $ORDER (OFT) tokens will be burned on the Ledger chain and the respective $ORDER (ERC-20) will be unlocked and transferred to the user’s wallet.
Note that users are required to have $ETH or native gas token in their wallet on the blockchain network that they are connected to before they can perform the claiming transaction.
Despite this being a cross-chain transaction, users will only need to pay native gas fees from the blockchain network that they are connected to while LayerZero handles all the cross-chain gas transaction fees.
- How can I convert my $ORDER from OFT standard to ERC-20 standard and vice versa?
Users can convert via Stargate.