🚰Maker Rewards Program

Trading rewards given out to traders providing deep, tight and reliable liquidity.

Quickstart

🐍Python SDK , Typescript SDK

🤖Example MM Code (simple quoting on Zeta using the Binance midpoint)

💰Trading Fees (0bps base maker fee and -2bps maker rebate)

📊Rewards Program Dashboard (select epoch of interest and click "zoom to data")

Zeta's maker rewards program aims to bring significantly improved liquidity to the platform and grow the number of algorithmic traders and market makers (MM) integrated into the platform. For their services, Zeta is giving out a significant 2.7% portion of its token as rewards over the coming year.

Rewards

Maker Liquidity Rewards

Rewards Schedule

Rewards will be distributed at the end of each epoch (28 days). For the liquidity bootstrapping phase in the first 3 months (epochs 1-3) rewards are boosted by 50% to 0.3% of network to incentivize early adopters.

Epoch	Starting Date	Rewards
1	04/03/2024	0.3%*
2	01/04/2024	0.3%*
3	29/04/2024	0.3%*
4	27/05/2024	0.2%*
5	24/06/2024	0.2%*
6	22/07/2024	0.2%
7	19/08/2024	0.2%
8	16/09/2024	0.2%
9	14/10/2024	0.2%
10	11/11/2024	0.2%
11	09/12/2024	0.2%
12	06/01/2025	0.2%
12+	03/02/2025	TBD

*Rewards allocated in Epochs 1-5 will be distributed linearly starting 4 weeks after the TGE (for the purposes of the Maker Rewards Program TGE shall mean the date that Zeta tokens first become available for acquisition on a decentralized or centralized cryptocurrency exchange). Tokens earned during Epoch 1 will be made available for delivery one epoch after the TGE. Tokens earned in subsequent Epochs (Epoch 2-5) will be released on a rolling basis, 4 weeks apart from each other.

Market Weightings (k)

Each market will have it’s own rewards pool that is weighted differently. The starting weights will look as follows. Subsequent weights will be decided by governance vote.

Market	k (% allocation of total rewards pool)
SOL-PERP	25%
BTC-PERP	10%
ETH-PERP	10%
Other markets	Evenly distributed across remaining markets (55%)

Maker Rebates

Participants in this program will be given a considerable 2bps rebate on all their maker trades. This is intentioned to allow market makers to quote tightly and maintain profitability whilst minimising the concern of being traded against at the top of the book.

The full breakdown of exchange fees can be found under Fee Tiers.

Eligibility Requirements

Uptime and scoring will only be credited for liquidity that is within the maximum spread range, as well as greater than the minimum depth threshold.

Maximum Spread per Market

No score will be generated for orders that are above a given market’s max spread. Here spread is calculated as the distance from an order to the midpoint of the orderbook i.e. $spread=abs(price-midpoint)/midpoint$.

Market	Spread (from midpoint)	Equivalent Bid-Ask Spread
SOL-PERP	30bps	60bps
BTC-PERP	30bps	60bps
ETH-PERP	30bps	60bps
Other markets	40bps	80bps

Minimum Aggregate Depth per Market

The minimum depth of liquidity on both the bid and the ask. E.g. 10k on the bid and 5k on the ask for SOL will count as 5k liquidity, which is just within the minimum depth requirement.

The minimum order size is also set at $500 to protect against lots of small, spammy orders.

Market	Min Depth (Bid and Ask)	Min Order Size
SOL-PERP	$5000	$500
BTC-PERP	$5000	$500
ETH-PERP	$5000	$500
Other markets	$1000	$500

Minimum Uptime per Market

Market makers must meet a minimum uptime of 80% over the epoch to be eligible for rewards for that market.

Minimum Volume Share per Market

Market makers must meet a minimum volume share of 1% of maker volume on that market to be eligible.

Scoring Methodology

Rewards per market i are given as the share of Q-score across all MMs on the given market, multiplied by the market weighting k:

$$R_i=k_i\frac{Q_i}{\sum{Q_i}{}}$$

The Q-score is a wholistic measure of liquidity that incorporates cumulative uptime, depth/spread and volume over the epoch.

Liquidity snapshots of the orderbook are taken on randomized minutely intervals i.e. 40320 samples per 28-day epoch.

$$Q_i = D_i^{0.2} * Uptime_i^5*MakerVolume_i^{0.8}$$

Here, the depth/spread term D is defined as the following ratio. In simple terms it incentivises depth linearly, and spread quadratically.

$$D_i = \sum_{n=1}^{40320}D_{min,n}$$

$$D_{min}= \min\left(\frac{BidDepth_1}{Spread_1^2} + \frac{BidDepth_2}{Spread_2^2} ..., \frac{AskDepth_1}{Spread_1^2} + \frac{AskDepth_2}{Spread_2^2} ...\right)$$

Uptime is then simply the proportion of samples in which the MM has non-zero liquidity within the required range:

$$Uptime_i = \frac{1}{40320}\sum_{n=1}^{40320} Count(D_{min,n} > 0)$$

Notice Regarding Access to the Zeta Protocol

By accessing or using the Zeta Interface and/or the Protocols, you acknowledge, understand, and agree to the following conditions:

1. You are not an Excluded Person, as defined in the Terms and Conditions. This includes any individual or entity residing, located, incorporated, or having a registered office in the United States or any other Excluded Jurisdiction.

2. You do not and will not access or use the Zeta Interface and/or the Protocols from an Excluded Jurisdiction.

3. You do not and will not use a VPN or any other privacy or anonymization tools to circumvent, or attempt to circumvent, any restrictions applicable to the Zeta Interface and/or the Protocols.

If you do not agree to these terms, please do not use the Zeta Interface and/or the Protocols.

Registration

If you're interested in participating in this program, we are whitelisting early partners before opening it up to a wider audience. Please register some brief details in the form below and we will reach out: