A Detailed Look at Our DMM Programme

Currently, BitMEX offers two DMM programmes: Regular for all market makers and Senior for larger market makers.

We’ve broken down the details of our DMM programmes in terms of contracts, uptime requirements, and more, below. Please note that the BitMEX team has the discretion to accept market makers to each programme.

Reach out to our team to apply for the BitMEX DMM programme.

Contracts

Derivative contracts on BitMEX are divided into three groups (A, B, C) with a size (USD equivalent notional) and depth (spread from mid) required for each contract. These groups are subject to change on a monthly basis. We do not include all contracts on the platform and currently exclude spot trading.

Uptime Requirements

The required uptime is 90%+ of market hours, which are 24 hours a day, excluding any exchange downtime. We monitor this on a tick-by-tick basis and provide reports on time-weighted averages and uptime.

Examples on XBTUSD (requirement 15k within 0.40%):

• Trader A quotes USD 20k per side for 24 hours.

  • Uptime met at 100%, time-weighted average 20k.

• Trader B quotes USD 100k per side for 12 hours.

  • Uptime not met at 50%, time-weighted average 50k.

Conditions

When admitted to our DMM programme, market makers are eligible for the following conditions.

Regular DMM Programme	Senior DMM Programme
1 month fee trial; 0.5bps Maker rebate, 3.5bps Taker fee	1 month fee trial; 1.0bps Maker rebate, 2.5bps Taker fee
Collateral support agreement up to 250,000 USDT (subject to other approvals)	Collateral support agreement up to 1,000,000 USDT (subject to other approvals)
Rate limit improvements up to 1000/minute, 50/second	Rate limit improvements up to 3000/minute, 150/second
Payment of Rewards for services provided	Payment of Rewards for services provided

Rewards

Market makers will earn a daily cash rebate calculated with Market Maker Level depending on their success in meeting the quoting requirements for each of the contracts. Makers can earn a Cash Rebate Reward up to 10x higher than the minimum rebate based on their Maker Volume across all contracts.

Market Maker Rewards* = Maker Volume from all contracts x Cash Rebate Rewards

**Subject to a Minimum Reward and a Maximum Reward *

Market makers are required to quote contracts in each of the three groups and meet the quoting requirements in each of the three groups to reach the corresponding Market Maker Level. The more contracts that meet the uptime requirements, the higher the Cash Rebate Rewards. The minimum requirement to receive a reward is to meet the quoting requirements for one contract in Group A, two in Group B, and three in Group C.

Market Maker Level	Cash Rebate  Reward	Regular - Min Reward (USDT per day)	Regular - Max Reward (USDT per day)	Senior - Min Reward (USDT per day)	Senior - Max Reward (USDT per day)	Group A Contracts Meeting Uptime	Group B Contracts Meeting Uptime	Group C Contracts Meeting Uptime
1	0.002%	20	200	30	350	1	2	3
2	0.004%	40	500	50	700	2	4	6
3	0.005%	70	750	100	1,000	2	6	9
4	0.006%	100	1,000	150	1,700	3	6	9
5	0.007%	150	1,250	200	2,500	3	8	12
6	0.008%	200	1,500	350	3,500	4	8	12

Example of Rewards

Example One

A market maker in our Regular Programme meets the trading requirements with three contracts from Group A, seven contracts from Group B, and nine contracts from Group C. They reach Market Maker Level 4 and receive Rewards of 0.006% on their Maker Volume, floored at 100 USDT.

• If their Maker Volume on that day is $500,000 (or below $1,666,667), they will receive 100 USDT.

• If their Maker Volume on that day is $5,000,000, they will receive 300 USDT.

• If their Maker Volume on that day is $10,000,000, they will receive 600 USDT.

• If their Maker Volume on that day is above $16,666,667, they will receive 1,000 USDT.

Example Two

A Market Maker in our Regular Programme meets the trading requirements in three contracts from Group A, two contracts from Group B, and two contracts from Group C. They do not reach Market Maker Level 1 hence receive no Rewards.

If you have questions, please contact us.

Evaluation Cycles and Reward Payments

Performance of market makers is evaluated daily, and Rewards are paid monthly on or before the 10th day of every month.

Quoting Requirements

For each contract group, we’ve listed out the quoting requirements below.

Group A	Regular - Spread from Mid	Regular - Size per Side	Senior - Spread from Mid	Senior - Size per Side
XBTUSD	0.40%	15,000	0.40%	100,000
XBTUSDT	0.20%	5,000	0.40%	50,000
ETHUSD	0.40%	10,000	0.40%	50,000
ETHUSDT	0.25%	5,000	0.40%	40,000

Group B	Regular - Spread from Mid	Regular - Size per Side	Senior - Spread from Mid	Senior - Size per Side
XBT short date futures	0.20%	2,000	0.40%	20,000
XBT medium date futures	0.20%	2,000	0.40%	20,000
XBT long date futures	0.20%	2,000	0.40%	20,000
XBTEUR	0.20%	5,000	0.40%	20,000
ETHUSD futures	0.40%	2,000	0.40%	10,000
DOGEUSD	0.50%	5,000	0.50%	20,000
DOGEUSDT	0.50%	5,000	0.50%	20,000
SOLUSD	0.50%	5,000	0.50%	20,000
SOLUSDT	0.50%	5,000	0.50%	20,000
XRPUSD	0.50%	5,000	0.50%	20,000
XRPUSDT	0.50%	5,000	0.50%	20,000

Group C	Regular - Spread from Mid	Regular - Size per Side	Senior - Spread from Mid	Senior - Size per Side
LTCUSD	0.50%	2,000	0.50%	10,000
LTCUSDT	0.50%	2,000	0.50%	10,000
LINKUSD	0.50%	2,000	0.50%	10,000
ADAUSD	0.50%	2,000	0.50%	10,000
ADAUSDT	0.50%	2,000	0.50%	10,000
DOTUSD	0.50%	2,000	0.50%	10,000
DOTUSDT	0.50%	2,000	0.50%	10,000
PEPEUSD	0.50%	2,000
PEPEUSDT	0.50%	2,000
AVAXUSD	0.50%	2,000	0.50%	10,000
AVAXUSDT	0.50%	2,000	0.50%	10,000
MATICUSDT	0.50%	2,000	0.50%	10,000
BCHUSD	0.50%	2,000	0.50%	10,000
BCHUSDT	0.50%	2,000	0.50%	10,000
SUIUSD	0.50%	2,000	0.50%	10,000
SUIUSDT	0.50%	2,000	0.50%	10,000
BNBUSD	0.50%	2,000	0.50%	10,000
BNBUSDT	0.50%	2,000	0.50%	10,000