Market Quality Program:

Participation in the program is fully open. Anyone adding liquidity is participating. Up to $200k 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

Up to $200k monthly rewards

A generous monthly reward of up to $200,000 is up for grabs, and every participant will have the chance to earn their share of the prize.

Join the Program With Ease

The only requirement for the Market Quality Program is that you have a margin balance of at least $2,500 on your account. Nothing more.

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 up to $200K / month, segmented as follows by product:

PerpetualUp to $30,000Up to $30,000
FuturesUp to $10,000Up to $10,000
Futures RollsUp to $10,000Up to $10,000
Options - Tier A*Up to $35,000Up to $35,000
Options - Tier B*Up to $15,000Up to $15,000

*Tier A: weeklies, monthlies and quarterlies with a delta between 25 and first ITM (inclusive)
*Tier B: any option not in Tier A and a delta between 5 and 95 (inclusive)

Aggregation is as follows:

  • Each month has ~260K snapshots. Each snapshot has an equal weight of the Reward Pool
  • Per snapshot, for each eligible instrument, market quality is scored per orderbook. Bids and asks are equally weighted
  • All product groups have N different eligible instruments at any given time. The rewards per instrument are 1/N of the product group

The total reward paid per orderbook snapshot is a function of the level of liquidity:

  • Below a minimum threshold of market quality, the orderbook snapshot is not rewarded, i.e. no participant receives a score regardless of having a limit order in the book
  • Above the threshold, the total reward scales proportionately to the total level of market quality
  • If an orderbook snapshot meets the target level of market quality or surpasses it, the reward is equal to $200K / Nsnapshots x Allocationinstrument

Market Quality Scoring:

  • Price levels are discounted in function of distance to the Mid Price (“Distance Discounting”). Price scores then get multiplied with order size to yield a metric called Top of Book Equivalent Score (“TOBE” in short).
  • Dividing the TOBE of an order by the sum total TOBE of all orders in an order book gives a % score called Market Quality Score (“MQS” in short).
  • A participant’s share of the orderbook snapshot reward is the MQS of ones orders.
  • The TOBE of an orderbook is a proxy for the quality of visible liquidity of a snapshot and is compared to target values to determine the snapshot reward.
  • Daily email 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.