Maker vs Taker #1
24 May 2022 - 24 June 2022
Last updated
24 May 2022 - 24 June 2022
Last updated
Duration: 24 May 2022 - 24 June 2022, 8:00am UTC.
Ranking: Based on highest trading volume on each of the ETHUSD & BTCUSD markets (10 winners each).
Only orders created after the competition start date & time will be counted.
To ensure liquid orderbooks for tight spreads and low slippage, an additional incentive will be implemented for market makers who provide liquidity on Demex, even if their trade order does not get fulfilled.
How it works
Market makers who meet the specific criteria will have a percentage of their liquidity provided on the orderbook translated into trading volume that can be counted for the trading competition.
Criteria 1
Market makers must add to both sides of the orderbook (buy & sell) with each side having a size of at least 0.1x the opposite side.
For example, if User A has a $10 buy order, they must also place a $1 sell order to qualify for the incentive.
Criteria 2
Every $1 provided by a market maker that stays on the orderbook within a certain spread ratio will be translated to trading volume, for every full minute.
The translated trading volume is calculated based on: - The duration that the maker order stays on the order book, rounded down to the nearest completed minute. When an order is partially filled, the remaining quantity continues to be counted (as if it is a new order), from the next minute. - The spread distance multiplier (see below) - The order side multiplier (see below)
Spread distance multiplier (from mid price)
The multiplier applied to the market maker’s liquidity value is determined by how close the order is to the mid-price (difference in best price of seller and buyer). For example, if User A provides $100 of liquidity and it stays within 0.35% of the mid-price (Category D) for 1 minute, a 0.08% multiplier will be added to the liquidity value provided.
A: 0.0% - 0.1%: 0.20% ratio
B: 0.1% - 0.2%: 0.15%
C: 0.2% - 0.3%: 0.10%
D: 0.3% - 0.4%: 0.08%
E: 0.4% - 0.5%: 0.06%
F: 0.5% - 0.7%: 0.05%
Order side multiplier
A order side multiplier is applied to the order based on the side of the order.
Sell orders: 1.8x
Buy orders: 1.0x
Example 1
User A provides $100 to the buy and $10 to the sell side for 5min 30s. At that point, the sell order is fully filled, and he cancels the buy order immediately (at the same time). - Spread distance of 0.45% = 0.06% (Category E) - Order side multiplier = 1.8x (Sell order) - Duration = 5 minutes (rounded down to the nearest completed minute)
Translated volume = ($100 * 1.0 + $10 * 1.8) * 0.06% * 5min = $0.354
Example 2 - Multiple orders on the buy & sell sides
If a user places multiple orders on the buy & sell sides, the steps to calculating translated volume are as follows:
Determine order side with a lower summed notional value (qty * price)
Multiply the lower notional value by 10 to determine the maximum value of the opposite side that can qualify for maker incentive (Criteria 1)
Next, the side with the lower summed notional value will be used as the basis of comparison to determine the translated volume for each order on the opposite side.
In the following example, the sell side has a lower notional value of $8,572.80. Thus, the sell side orders will be used to calculate the eligible values on the opposite (buy) side for the maker incentives.
How the opposite (buy) side orders are translated to trading volume:
Taking the first sell order (0.8 qty @ $3,061), the maximum value on the buy side that qualifies for maker incentives is $2,448.80 * 10 = $24,448, based on Criteria 1
Sum of notional value on buy side = $24,471 (less than $24,448), therefore all 3 buy orders qualify for the maker incentive
Assuming maker order stays on order book for 1 min before getting filled - Spread distance multiplier - Order side multiplier (1.0x)
Translated volume for buy side = [($6,120 * 0.2%) + ($14,295 * 0.2%) + ($3,056 * 0.15%] * 1.0 * 1min = $47.414
Prizes will be distributed to winners as USDC ($1 = 1 USDC) to the Carbon wallet addresses used in the competition, within 90 days from the end of the competition.
Users are only eligible to participate with a single account.
Kindly note that you are ineligible to participate in this campaign if you are located in these regions.
Demex reserves the right to disqualify orders or trades that are deemed fraudulent, amend any competition rule, guideline or activity at our sole discretion.
Demex reserves all rights to the final interpretation of this event.
| Rank | Prize (in USDC) | ETH-USD | BTC-USD |
|---|---|---|---|
| BUY | SELL | ||||
|---|---|---|---|---|---|
#1
$4500
swth1tlkey2e9uly5etrqcvnyhnh9es36xq0hw4jecj
swth10epd04yycdjxxw0aj5sy4lk6gw8c2dk0aa9qkq
#2
$2500
swth15ceph9j738ysz3jfec98ddu3y7lpxj6se7cwzj
swth19rklx5v8sejkrs0an605ljee4hyn8m0qst4j7a
#3
$1200
swth15ceph9j738ysz3jfec98ddu3y7lpxj6se7cwzj
swth1zhd4x0r2c5tcfhgwnqh9amrtz62anq4j6d9szd
#4
$750
swth1x6754sqags43qhm0vw4kecka2t7f0q3k9tksjn
swth1m537vkw8y97fxpht4k4wwlpsu2mq27n2a07xfc
#5
$550
swth142eyxajn80y092g0f3r79q3uh6fvulga65tdym
swth1x6754sqags43qhm0vw4kecka2t7f0q3k9tksjn
#6
$100
swth1hhswdvhmz02pmytc4xfpx2qqp5j9039whrmfwh
swth142eyxajn80y092g0f3r79q3uh6fvulga65tdym
#7
$100
swth1x6754sqags43qhm0vw4kecka2t7f0q3k9tksjn
swth1dkrtqm9kncz24c0aezll9pyqgj40dazn5wd998
#8
$100
swth1fupmh6rcev4g6fn39avnfqhajrj3g5qplv5q73
swth1hhswdvhmz02pmytc4xfpx2qqp5j9039whrmfwh
#9
$100
swth1hhswdvhmz02pmytc4xfpx2qqp5j9039whrmfwh
swth1lgqv0r8vm8dqgygwla6qvr80p857rdpglcxj0n
#10
$100
swth10v9q79gxdhvl9w86wmlmh337z8r8ahqrrqrq6m
swth12uxz5eayngcls6lx55j9g28npen6z5fr7rkjww
Price
Quantity
Notional Value (Price*Qty)
Price
Quantity
Notional Value (Price*Qty)
$3,060
2
$6,120
$3,061
0.8
$2,448.80
$3,059
5
$15,295
$3,062
2
$6,124
$3,056
1
$3,056
$8,572.80
Sum of notional value
$24,471