According to its official announcement, CoinEx has upgraded the Market Maker Program on January 21, 2022. Today, let us go through the specific changes of the upgraded program and the benefits available to professional traders.
I. The minimum monthly trading volume lowered from $10 million to $5 million; market maker fees determined by trading volume rankings
The most noteworthy feature of the upgrade is the lowered minimum trading volume as part of the assessment criteria for market makers. Before the upgrade, market makers are required to record a 30-day trading volume of at least $10 million. The upgrade has cut that number by half. In other words, you can now join CoinEx as a market maker as long as your monthly trading volume reaches $5 million! This is great news for professional investors who wish to join the program.
Meanwhile, the levels of market making fees have also been adjusted. Before the upgrade, the Monthly Market Making Level and the corresponding rate are divided according to spot/futures trading volume last month. After the upgrade, they are determined according to the ranking of spot/futures trading volume last month, which is assessed at 1:20 (UTC) on the first day of every month.
Below are the specific rates for spot/futures market makers disclosed at the official CoinEx website:
With regards to the spot rates, market makers with a ranking of ≤10% can enjoy the LV5 spot rate (the highest level); if CET Deduction is also activated, they could get a rate that’s even lower. For instance, the optimal Taker fee for the LV5 rate stands at 0.04%.
That said, how are the ranking and level determined? In the case of spot market making, assuming that there were 100 spot market makers with a trading volume of no less than $5 million last month, then ≤10% would mean 100*10% = 10. If market maker A ranks 10th, then he can enjoy the LV5 spot rate discount, and the same ranking rules also apply to futures market making.
II. Cashback rewards for the top 20 spot market makers, with exclusive benefits available to both existing and new makers
- Cashback rewards of 0.02% for the top 5 spot market makers, without the need for $200 million trading volume
Before the upgrade, the cashback level and the corresponding ratio are determined according to the spot trading volume of market makers last month. For example, market makers were required to record a trading volume of $200 million last month to enjoy the 0.02% cashback ratio. After the upgrade, market makers are ranked according to the spot trading volume of the previous month. The top 20 makers can enjoy the cashback ratio corresponding to the relevant level, and the top 5 makers can get 0.02% cashback rewards.
For instance, assuming that market maker B ranks 5th with a spot trading volume of $100 million last month. Before the upgrade, he could only get 0.015% cashback rewards based on his monthly trading volume. After the upgrade, however, market maker B can now enjoy the highest cashback ratio of 0.02%.
- Exclusive benefits for both existing and new market makers; top rates available to new makers for the first month
CoinEx has introduced exclusive benefits for new market makers: top rates (LV5) for the first month. In other words, as a new spot/contract market maker at CoinEx, you will enjoy the highest rate for the first month, and the relevant rules will not apply until the second month.
CoinEx has also arranged a giveback event for its loyal market makers: Market makers who joined CoinEx before the upgrade can enjoy the LV5 rate for one month from 0:00, Feb 1, 2022 to 24:00, February 28, 2022 (UTC), regardless of their trading volume. Moreover, all spot market makers who are entitled to cashback rewards can also enjoy the LV3 ratio for one month, the regular market maker assessment according to the new rules will not apply until March 1, 2022.
- Become a CoinEx Market Maker with the help of designated staff
Before the upgrade, individual traders or professional trading agencies who meet the requirement can self-apply at the relevant webpage to become a CoinEx Market Maker. After the upgrade, they can simply contact the Market Making Manager (the contact information can be found on the Market Maker homepage:
https://www.coinex.com/activity/market-maker). With the help of designated CoinEx staff, you’ll get familiar with the application process in no time, which brings more convenience to traders planning to become a CoinEx Market Maker.
The upgrade is great news for professional traders. Earlier, CoinEx has also upgraded its Ambassador framework and eased the criteria for Ambassador assessment. This time, the exchange fully eased the requirements for market makers by halving the required transaction volume, which reflects CoinEx’s sincerity towards the upgrade. If you are a professional trader/investor, you can always join CoinEx as a market maker and enjoy top rates for the first month while experiencing the appealing services of the exchange.
Apply here: https://www.coinex.com/activity/market-maker