Introduction
The Market Velocity Program (“MVP”) recognizes and incentivizes active participants on Thalex through USDt rewards that are allocated based on a participant’s share of trading fees paid.
The program will start on 17 October 2024 and run until 31 March 2025 subject to the Terms specified herein.
Rewards
Reward pools are split between Product Group and show the daily amounts to be distributed among traders in the respective instruments, conditional upon that the exchange Product Group total daily volume being $5 million or higher (‘Volume Threshold’). If a product group does not meet or exceed the Volume Threshold, no rewards are paid for that product group that day.
| Product Group | BTC | ETH |
|---|---|---|
| D1 (Perpetuals & Futures)1 | $2,050 / day | $2,050 / day |
| Options 2 | $2,050 / day | $2,050 / day |
1 Future roll order fills are executed into perpetual and future positions and are thereby included
2 RFQ volume is not included
Scoring
Rewards are allocated on a daily basis as a function of fee share per product group:
Example
Let's assume for product group BTC – D1 that on a given day account A paid $250 in trading fees, account B paid $150 in trading fees and account C paid $100 in trading fees. Provided that the “Volume Threshold” is hit or surpassed, then A earns $1025 USDt, B earns $615 USDt and C earns $410 USDt.
Terms & Conditions
| Category | Details |
|---|---|
| Eligibility | All Participants are eligible, provided that the exchange Product Group volume meets the Volume Threshold of $5 million or higher in a given day, and they comply with the Terms of Use and Rulebook at all times. There are no minimum balance requirements. |
| Eligible Volume | For the D1 product group, all perpetual, future and futures roll instruments are eligible. For the options product group, all instruments are included if the instrument’s absolute delta is greater or equal to 5 and less than or equal to 95. Volume based on RFQ orders on any instruments are excluded. |
| Eligible Fees | Only trading fees are taken into account for reward allocation. Settlement, liquidation, withdrawal fees, and other non-trading fees are excluded from both individual account and product group calculations. There is no adjustment to trading fees for the purpose of calculation. |
| Product Groups | There are four Product Groups: - D1 BTC (Perpetuals & Futures) - D1 ETH (Perpetuals & Futures) - Options BTC (only options between 5 and 95 abs. delta are eligible) - Options ETH (only options between 5 and 95 abs. delta are eligible) |
| Rewards | The daily maximum reward for each Product Group is 2,050 USDt. Rewards are calculated on a daily basis. The minimum payable reward is 2.50 USDt. Reward shares that don’t meet this threshold aren’t paid and are not accumulated for future payments. |
| Reward Calculation Period | Daily, from 8 AM UTC to 8 AM UTC the following day. |
| Reward Settlement | Thalex strives to make reward payment(s) within 5 business days. Rewards are settled in the Settlement Coin (USDt). |
| Exclusions | Thalex reserves the right to disqualify any participant from receiving rewards if it determines, at its sole discretion, that the participant has gained unfair advantages or engaged in abusive trading behavior, as per the Rulebook and Terms of use. Self-trades or trades suspected of violating our market abuse policy are excluded. Thalex reserves the right to make exclusions accordingly in its sole discretion. |
| Minimum Reward Hurdle | There is a minimum threshold for reward payout. If an Account’s reward for a given Product Group on a given day is less than 2.50 USDt, that reward is not paid out, nor accumulated for future payouts. |
| Term | The program is scheduled to run until March 31, 2025, but can be terminated earlier at Thalex's discretion without additional compensation. |
| Disputes | Any disputes arising from the rewards program will be resolved in accordance with these Terms, together with the Terms of Use and the Rulebook. Thalex is the sole interpreter of the terms of this Program. |