Maker Rebates Program
Overview
Opinion's Maker Rebates Program rewards market makers who provide liquidity by returning a portion of taker fees to the maker side of each trade. The program is automatic — no application or opt-in required. Every maker on every market is eligible.
How It Works
When a taker fills a maker's limit order, the taker pays a trading fee. A fixed percentage of that fee is returned to the maker as a rebate. This creates a direct incentive for placing limit orders and providing liquidity across all markets.
Key points:
All markets qualify — Every market on Opinion.Trade participates in the Maker Rebates Program.
Automatic enrollment — If you place limit orders that get filled, you earn rebates. No sign-up needed.
Per-fill calculation — Each individual on-chain trade generates its own rebate based on that specific fill's parameters.
Same-token payout — Rebates are paid in the same collateral token used in the trade (e.g., USDT).
Rebate Calculation
Formula
Where:
taker_fee — The trading fee paid by the taker on this fill. See Fees for how taker fees are calculated.
k — The rebate ratio, currently 50%.
Since taker fees follow the fee curve taker_fee = volume × price × (1 - price) × fee_rate, the full expansion is:
Note on fee rate: The fee rate (r) shown below is the base rate parameter, not the actual percentage you pay. The actual effective fee is reduced by the price curve factor p × (1 − p), which maxes out at 0.25 when p = $0.5. For example, with a 4% base rate, the maximum effective fee is only 1% (at p = $0.5) of trade volume, and decreases toward 0% as the price approaches $0 or $1. See Fees for details.
Where:
V
Taker's collateral volume
$1,000
p
Fill price (probability)
0.60
r
Base taker fee rate (per market, before curve adjustment)
4%
k
Rebate ratio
50%
Worked Example
Example 1: Trade at p = 0.60
A taker buys $1,000 worth of "Yes" shares at a price of $0.60:
Taker volume
$1,000
Fill price (p)
0.60
Fee curve factor
p × (1 − p) = 0.60 × 0.40
0.24
Base taker fee rate
4%
Taker fee
$1,000 × 0.24 × 0.04
$9.60
Rebate ratio (k)
50%
Maker rebate
$9.60 × 0.50
$4.80
The maker who provided liquidity on this trade earns $4.80 in rebates.
Example 2: Trade at p = 0.50 (maximum fee)
At p = 0.50, the fee curve peaks — this is where makers earn the highest rebate per dollar of volume:
Taker volume
$10,000
Fill price (p)
0.50
Fee curve factor
0.50 × 0.50
0.25
Taker fee
$10,000 × 0.25 × 0.04
$100.00
Maker rebate
$100.00 × 0.50
$50.00
Example 3: Trade at p = 0.95 (near certainty)
At extreme prices, the fee curve compresses — fees and rebates are lower:
Taker volume
$10,000
Fill price (p)
0.95
Fee curve factor
0.95 × 0.05
0.0475
Taker fee
$10,000 × 0.0475 × 0.04
$19.00
Maker rebate
$19.00 × 0.50
$9.50
Example 4: Small trade triggering minimum fee ($0.25)
When the calculated taker fee falls below the $0.25 minimum fee floor, the taker is charged the minimum fee. However, the maker rebate is based on the curve-derived fee, not the minimum fee charged:
Minimum fee and multiple fills: A single taker order may be matched into multiple on-chain trades. The minimum fee is only charged on the first on-chain trade of that order. Maker rebates, however, are calculated independently for each on-chain trade based on that trade's actual volume and curve-derived fee — regardless of whether the minimum fee was applied. This means every maker involved in filling the order receives a rebate that accurately reflects their individual fill.
Taker volume
$50
Fill price (p)
0.95
Fee curve factor
0.95 × 0.05
0.0475
Curve-derived fee
$50 × 0.0475 × 0.04
$0.095
Maker rebate
$0.095 × 0.50
$0.0475
In this case, although the taker is charged the $0.25 minimum fee, the maker rebate is calculated on the curve-derived fee ($0.095), not the minimum fee charged.
Example 5: Trade with taker referral discount (5%)
When a taker has a referral discount, the taker pays a reduced fee. However, the maker rebate is always calculated on the full curve-derived fee (before any discounts), not the discounted fee the taker actually pays:
Taker volume
$1,000
Fill price (p)
0.60
Fee curve factor
0.60 × 0.40
0.24
Curve-derived fee
$1,000 × 0.24 × 0.04
$9.60
Taker referral discount
5%
Actual taker fee charged
$9.60 × (1 − 5%) = $9.60 × 0.95
$9.12
Maker rebate
$9.60 × 0.50
$4.80
Multiple Fills from One Order
A single maker limit order can be filled by multiple takers in separate on-chain transactions. Each fill is calculated independently:
For example, a maker places a $5,000 limit order. It gets filled in three separate trades:
#1
$2,000
0.55
$19.80
$9.90
#2
$1,500
0.58
$14.62
$7.31
#3
$1,500
0.60
$14.40
$7.20
Total
$5,000
$48.82
$24.41
Each fill uses its own actual execution price and volume, ensuring rebates accurately reflect real market conditions at the time of each trade.
Payout
Schedule: Rebates are calculated and distributed daily.
Token: Rebates are paid in the same collateral token as the original trade (e.g., USDT).
Minimum payout: A minimum payout threshold of $0.01 per user per day applies. If your total daily rebate is below $0.01, it will not be distributed for that day.
Destination: Rebates are sent directly to your trading wallet.
FAQ
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