# 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.
{% hint style="info" %}
**Maker rebate = Taker fee × 50% (subject to change)**
For every filled maker order, 50% of the taker fee generated by that trade is returned to the maker as a rebate. The rebate ratio is subject to change.
{% endhint %}
## 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
$$
\Large \text{maker\_rebate} = \text{taker\_fee} \times k
$$
Where:
* **taker\_fee** — The trading fee paid by the taker on this fill. See [Fees](/trade-on-opinion.trade/fees.md) 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:
{% hint style="warning" %}
**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](/trade-on-opinion.trade/fees.md) for details.
{% endhint %}
$$
\Large \text{maker\_rebate} = V \times p \times (1 - p) \times r \times k
$$
Where:
Symbol
Description
Example
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
{% hint style="info" %}
**The current rebate-to-fee ratio is constant at 50%**, regardless of price, volume, or market. This makes rebate earnings predictable and easy to model. The rebate ratio is subject to change.
{% endhint %}
**Example 1: Trade at p = 0.60**
A taker buys $1,000 worth of "Yes" shares at a price of $0.60:
| Step | Calculation | Result |
| ------------------- | ------------------------- | --------- |
| 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:
| Step | Calculation | Result |
| ---------------- | --------------------- | ---------- |
| 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:
| Step | Calculation | Result |
| ---------------- | ----------------------- | --------- |
| 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:
{% hint style="warning" %}
**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.
{% endhint %}
| Step | Calculation | Result |
| --------------------- | ------------------- | ----------- |
| 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:
| Step | Calculation | Result |
| ------------------------ | ------------------------------- | --------- |
| 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** |
{% hint style="info" %}
The maker rebate ($4.80) is the same as a trade without any referral discount — it is always based on the \*\*curve-derived fee\*\* ($9.60), not the discounted fee ($9.12) the taker actually pays. Referral discounts benefit the taker but do not reduce the maker's rebate.
{% endhint %}
### 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:
| Fill | Taker Volume | Fill Price | Taker Fee | Maker Rebate |
| --------- | ------------ | ---------- | ---------- | --------------- |
| #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
Do I need to apply for the Maker Rebates Program?
No. The program is fully automatic. Any maker order that gets filled on any market will earn rebates.
Which markets are eligible?
All markets on Opinion.Trade participate in the Maker Rebates Program.
When do I receive my rebates?
Rebates are calculated and distributed daily.
What token are rebates paid in?
Rebates are paid in the same collateral token used in the trade. If you traded using USDT, your rebate is paid in USDT.
How can I maximize my rebate earnings?
* **Place more limit orders** — Only maker (limit) orders earn rebates, not market orders.
* **Provide liquidity at mid-range prices** — The fee curve `p × (1 − p)` peaks at p = 0.50, so trades near 50% generate the highest fees and rebates.
* **Trade on more markets** — All markets qualify, so diversifying your liquidity provision increases total rebate volume.
Is there a minimum trade size to earn rebates?
There is no minimum trade size for rebate eligibility. All filled maker orders earn rebates. However, a minimum daily payout threshold of **$0.01** applies — if your total daily rebate is below this amount, it will not be distributed for that day.
Can the rebate ratio change?
The rebate ratio (currently 50%) and other program parameters may be adjusted. Any changes will be announced in advance.
---
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