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Market Quality Program:

Participation in the program is fully open. Anyone adding liquidity is participating. $100k monthly rewards

Our Program

The MQP rewards anyone who makes a meaningful contribution to market quality of the Platform in Admitted Contracts relevant to the MQP. The objective of the MQP is to maximize visible liquidity on the Platform

$1M Reward Pool

A generous monthly reward of $100,000 is up for grabs, and every participant will have the chance to earn their share of the prize.

Join the Program With Ease

Qualify for the Market Quality Program with a trading volume as low as 0.1% of the Exchange's total volume

Robust API Connectivity

Streamlining trading operations with reliable and secure API connectivity


The Goal of Thalex's Market Quality Program

The objective of the market quality program is to improve visible liquidity on Thalex.

Fair Distribution of Rewards

Rewards are distributed out of a cash pool, independent of traded volume. Each snapshot accrues a cash reward.

Tracking Participant Orderbook Contribution

Orderbook contribution by participant is measured directly in frequent snapshots.

Inclusive Program Participation

Participation in the program is fully open. Anyone adding liquidity is participating.


The Reward Pool is set at $100K / month, segmented as follows by product:

Future Rolls$5,000$5,000

Aggregation is as follows:

  • For each snapshot, market quality is scored per orderbook side.
  • An instrument’s score is the simple average of the bid and ask scores.
  • A product segment’s score is the simple average of instrument scores. This translates to a reward per snapshot, accrued per participant. Each month has ~250K snapshots with equal reward per snapshot.

Market Quality Scoring:

  • Each side of the orderbook is scored separately.
  • We consider orders until a certain size depth (“Depth Cutoff”).
  • At a given price level, orders are scored proportionate to size. Price levels are discounted in function of distance to the best price (“Distance Discounting”). The product of size and price scores gives a metric called “Top of Book Equivalent Score”, (“TOBE” in short).
  • The market quality score of an order is its Top of Book Equivalent Score relative to the total of orders considered (“Market Quality Score”).
  • Per snapshot, a participant’s score is the sum of scores of the participant’s orders. Daily reports on a participant’s performance will be available on an opt-in basis
More info here

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Thalex reserves the right to assess each applicant's eligibility for the Market Quality Program. Please refer to this link for more information.