We offer trading benefits and additional cash rebates through a DMM agreement for eligible market makers that quote our contracts for a specified minimum notional, spread, and uptime. Our DMMs can enjoy:
Competitive Maker rebates & Reduced Taker fees
Enhanced access to the trading engine
Collateral support of up to 1,000,000 USDT
Cash rebate of up to 105,000 USDT per month
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.
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.
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.
Trader B quotes USD 100k per side for 12 hours.
When admitted to our DMM programme, market makers are eligible for the following conditions.
Regular DMM Programme | Senior DMM Programme |
---|---|
Competitive Maker & Taker fees for 1 month | Competitive Maker & Taker fees for 1 month |
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 |
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.
Performance of market makers is evaluated daily, and Rewards are paid monthly on or before the 10th day of every month.
Participants in the DMM program are not eligible for other BitMEX promotions or rebates unless explicitly stated otherwise in the promotion terms. At its sole discretion, BitMEX may take a customer out of the program at any time.
If a DMM participant fails to meet the program requirements by the end of the trial month, or for two consecutive months following the trial period, the participant will be removed from the program, and their privileges will be adjusted according to their trading volume.
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 futures (<6M to expiry) | 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 |
ADAUSD | 0.50% | 5,000 | 0.50% | 20,000 |
ADAUSDT | 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 |
---|---|---|---|---|
XBT futures (>6M+ to expiry) | 0.50% | 2,000 | 0.50% | 10,000 |
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 |
DOTUSD | 0.50% | 2,000 | 0.50% | 10,000 |
DOTUSDT | 0.50% | 2,000 | 0.50% | 10,000 |
PEPEUSD | 0.50% | 2,000 | 0.50% | 10,000 |
PEPEUSDT | 0.50% | 2,000 | 0.50% | 10,000 |
AVAXUSD | 0.50% | 2,000 | 0.50% | 10,000 |
AVAXUSDT | 0.50% | 2,000 | 0.50% | 10,000 |
POLUSDT | 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 |
SHIBUSD | 0.50% | 2,000 | 0.50% | 10,000 |
SHIBUSDT | 0.50% | 2,000 | 0.50% | 10,000 |
Apply to our DMM programme now through our Relationship Managers. Our team exists to provide market makers with 24/7 access, unparalleled support, and connectivity.