Fellow Binancians,
Following the introduction of USDC-margined futures contracts, Binance is upgrading the USDⓈ-Margined Futures Liquidity Provider Program. With effect from 2024-01-03 12:30 (UTC), users may qualify for the program by meeting the new standards below.
Maker fee rebates will be updated at approximately 2024-01-03 12:30 (UTC) for users who qualify for the program criteria.
Key Highlights:
As USDⓈ-M futures contracts will comprise of linear futures contracts that are quoted and settled in USDT or USDC from 2024-01-03 12:30 (UTC), maker volumes on USDC-margined futures contracts will count toward the calculations of USDⓈ-M futures maker volumes in this program.
To celebrate the introduction of USDC-margined futures contracts, all qualified liquidity providers will stand to enjoy 0.008% maker fee rebates on USDC-margined futures contracts from 2024-01-03 12:30 (UTC) to 2024-07-01 23:59 (UTC) (hereinafter referred to as “Promotion Period”).
Standard maker fee rebates on USDC-margined futures contracts will apply to all qualified liquidity providers after 2024-07-02 04:00 (UTC), as per the program requirements below.
The new Binance USDⓈ-Margined Futures Liquidity Provider Program is as follows:
How to Participate:
Users who have a minimum futures trading volume of $100,000,000 equivalent or a minimum spot trading volume of $20,000,000 equivalent over a 30-day period on Binance or other platforms may apply for this program.
Successful applicants will be eligible for a three-week grace period, where they will be granted Tier 1 maker fee rebates on USDT-margined futures contracts, and be exempt from weekly reviews.
Please note that these successful applicants will also stand to enjoy 0.008% maker fee rebates on USDC-margined futures contracts during the overlap between the three-week grace period and the Promotion Period (where applicable), and receive Tier 1 maker fee rebates on USDC-margined futures contracts for the remaining grace period.
To apply for this program, please provide proof of your trading volume to mmprogram@binance.com or contact your sales or key account coverage team.
Qualifications:
A: To qualify by weekly USDⓈ-M futures maker volume over the total Binance USDⓈ-M futures maker volume
Weekly USDⓈ-M futures maker volume % = (USDⓈ-M futures maker volume over the week / total Binance USDⓈ-M futures maker volume over the week ) * 100%.
At the end of each week, the weekly USDⓈ-M futures maker volume % for each participant will be calculated, and maker fee rebates are awarded to eligible participants whose weekly USDⓈ-M futures maker volume % is equal to or above 0.20%.
B: To qualify by weekly USDⓈ-M futures maker volume (excluding BTC and ETH pairs) over the total Binance USDⓈ-M futures maker volume (excluding BTC and ETH pairs)
Weekly USDⓈ-M futures maker volume % (excluding BTC and ETH pairs) = (USDⓈ-M futures maker volume over the week (excluding BTC and ETH pairs) / total Binance USDⓈ-M futures maker volume over the week (excluding BTC and ETH pairs)) * 100%.
At the end of each week, the weekly USDⓈ-M futures maker volume % (excluding BTC and ETH pairs) for each participant will be calculated, and maker fee rebates are awarded to eligible participants whose weekly USDⓈ-M futures maker volume % (excluding BTC and ETH pairs) is equal to or above 0.20%.
C: To qualify by quoting ranking
All liquidity providers will be ranked by their weekly maker score every week. Those who score above zero are ranked.
Weekly maker score = Sum of seven daily maker scores.
Daily maker score = Sum of maker scores on each pair (i.e., maker volume * qualified % * pair weight).
At the end of each week, participants are ranked by their weekly maker scores, and maker fee rebates are awarded to participants who rank amongst the top 40% of all participating liquidity providers whose score is above zero.
Notes:
Binance will provide daily and weekly reports to all participating liquidity providers, which contain details of their performances.
Liquidity providers will be reviewed on a weekly basis (Monday 00:00 UTC to Sunday 23:59 UTC).
Maker fee rebates are paid immediately upon trade execution. All liquidity providers’ eligibility to receive maker fee rebates is reviewed and adjusted once a week based on the previous week's performance on all qualified pairs.
Fee tier adjustments are automatically updated every Tuesday around 04:00 (UTC).
Participants with unqualified weekly results for three consecutive weeks will receive notification emails for two weeks. If no improvements are observed, the account will then be removed from the program. New applications shall be submitted with a gap of one month from the expiration of the last trial.
New participants will enjoy Tier 1 maker fee rebates for USDT-margined futures contracts for the first three weeks. In addition, they will stand to enjoy 0.008% maker fee rebates on USDC-margined futures contracts during the overlap between the three-week grace period with the Promotion Period (where applicable), and receive Tier 1 maker fee rebates on USDC-margined futures contracts for the remaining grace period.
From the second week, if the performance of new participants qualifies them to obtain a tier higher than Tier 1, then these participants will enjoy higher maker fee rebates corresponding to the higher Tier.
From the fourth week, only new participants who show qualified performance in the third week of the three-week grace period will enjoy maker fee rebates according to the aforementioned program structure.
Participants who join the program for more than three weeks will have their fee settings updated each Tuesday around 04:00 (UTC) based on the previous week’s performance.
The program’s main goal is to provide liquidity and depth to the Binance USDⓈ-margined futures market. We review the effectiveness of this program regularly. The program requirements will be adjusted periodically as new pairs are added and as market conditions change. Binance will, on a best efforts basis, provide one week’s notice before introducing any new changes to the program. However, where this is not practicable, Binance reserves the right to, at its sole discretion, make changes without prior notice.
All trading volumes and metrics related to the program are measured by Binance at its sole and absolute discretion.
Self-trades will be excluded from maker volume calculations.
Binance reserves the right to, at its sole discretion, remove accounts from the program.
There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
Thank you for your support!
Binance Team
2023-12-28
Note: This announcement was last updated on 2024-03-22 to extend the end date of the maker fee promotion on USDC-margined futures contracts from 2024-04-01 23:59 (UTC) to 2024-07-01 23:59 (UTC). It was previously updated on 2024-02-07 to extend the end date of the maker fee promotion on USDC-margined futures contracts from 2024-01-15 23:59 (UTC) to 2024-04-01 23:59 (UTC).
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Futures trading, in particular, is subject to high market risk and price volatility. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use and Risk Warning.
