Dear Binance Users,
Binance upgrades USDⓢ Margined Futures Liquidity Provider Program. Starting at 03:00 (UTC) on 23/10/2023, users can qualify to participate in the program by meeting the new standards below.
Market maker commission refunds will be updated approximately at 07:00 (UTC) on 31/10/2023 for users who qualify to participate in the program according to the new criteria.
Highlights of This Upgrade:
Eligibility tiers will be reduced from 5 tiers to 3 tiers.
Binance's new USDⓈ Margined Futures Liquidity Provider Program is as follows:
How to Join:
Users with a futures trading volume equivalent to at least 100,000,000 BUSD or spot trading volume equivalent to at least 20,000,000 BUSD on Binance or other platforms within 30 days are eligible to apply for this program.
Accepted users will be entitled to a three-week exemption period during which their Tier 1 market maker commissions will be refunded and they will be exempt from weekly reviews.
To apply for this program, please send documentation showing your trading volume to mmprogram@binance.com or contact your sales or key customer service team.
Qualification Requirements:
A: To qualify based on the ratio of weekly USDⓈ-M Futures market maker volume to total Binance USDⓈ-M Futures market maker volume:
Weekly USDⓈ-M Futures market maker volume percentage = (USDⓈ-M Futures market maker trading volume for the week / Total Binance USDⓈ-M Futures market maker trading volume for the week) * 100%.
At the end of each week, the weekly USDⓈ-M Futures market maker volume percentage is calculated for each participant and market maker commission refunds are issued to eligible participants whose market maker volume percentage is 0.20% or more.
B: To qualify based on the ratio of weekly USDⓈ-M Futures market maker volume (excluding BTC and ETH trading pairs) to total Binance USDⓈ-M Futures market maker volume (excluding BTC and ETH trading pairs):
Percentage of USDⓈ-M Futures market maker volume for the week (excluding BTC and ETH trading pairs) = (USDⓈ-M Futures market maker trading volume for the week (excluding BTC and ETH trading pairs) / Total Binance USD for the week Ⓢ-M Futures market maker trading volume (excluding BTC and ETH trading pairs) * 100%.
At the end of each week, weekly market maker volume percentage (excluding BTC and ETH trading pairs) is calculated for each participant and market maker commission refunds are issued to eligible participants whose market maker volume percentage (excluding BTC and ETH trading pairs) is 0.20% or above .
A: To qualify for bid rank:
The weekly ranking is based on weekly liquidity provider market maker scores (all liquidity providers with scores above zero are ranked).
Weekly market maker score = Total of seven daily market maker points.
Daily market maker score = Sum of market maker points on each pair (market maker volume * availability % * pair weight).
Participants are ranked according to their weekly market maker scores at the end of each week, and participants in the 40% of liquidity providers whose score is above zero are given a market maker commission refund.
Please be aware:
Binance will provide daily and weekly reports detailing your performance.
Liquidity providers will be reviewed on a weekly basis (between 03:00 (UTC) Monday and 02:59 (UTC) the following Monday).
Market maker rebates are paid immediately after the trade is processed. Your eligibility to receive market maker rebates is reviewed and adjusted weekly based on the previous week's performance on all eligible trading pairs.
Commission tier regulations are automatically updated every Tuesday around 07:00 (UTC).
Participants whose weekly results do not meet the requirements for three consecutive weeks will receive notification emails for two weeks and if no improvement is observed, the account will be removed from the program. New applications will be made one month apart from the end of the last trial.
New participants will benefit from Tier 1 market maker rebates (0.003% for USDT margin trading pairs and 0.014% for BUSD margin trading pairs) for the first three weeks. This is the same for pre-upgrade commission settings.
Starting from the second week, if the performance of new participants is conducive to reaching a higher tier than Tier 1, these participants will benefit from higher market maker rebates corresponding to the higher Tier.
Starting from the fourth week, only new participants who perform adequately in the third week of the three-week period will benefit from market maker commission rebates according to the above-mentioned program structure.
For participants who participate in the program for more than three weeks, their commission settings will be updated every Tuesday around 07:00 (UTC) based on the previous week's performance.
The main goal of the program is to add liquidity and depth to the Binance USDⓈ Margined Futures market. We regularly review the effectiveness of this program. Program requirements will be adjusted regularly as new trading pairs are added and market conditions change. Binance will give one week's notice of any new changes to the program whenever possible. However, in cases where this is not applicable, Binance reserves the right to make changes without prior notice at its sole discretion.
All trading volumes and metrics related to this program are measured at the final and absolute discretion of Binance.
Self-executed trades will be excluded from market maker volume calculations.
Binance reserves the right to remove accounts from the program at its sole discretion.
In the event of any inconsistency between translated versions and the original English version, the English version will prevail.
Thank you for your support!
Binance Team
09/10/2023
