Maker vs Taker #2

1 July 2022 - 30 September 2022

Official Announcement

Competition Details

• Duration: 1 July 2022 - 30 September 2022, 8:00am UTC

• Markets: ETHUSD and BTCUSD futures with 30 September 2022 contract expiry
• 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

Winners

Rank	Prize (in USDC)	ETH-USD	BTC-USD
#1	$4500	swth1tlkey2e9uly5etrqcvnyhnh9es36xq0hw4jecj	swth10epd04yycdjxxw0aj5sy4lk6gw8c2dk0aa9qkq
#2	$2500	swth15ceph9j738ysz3jfec98ddu3y7lpxj6se7cwzj	swth142eyxajn80y092g0f3r79q3uh6fvulga65tdym
#3	$1200	swth1dkrtqm9kncz24c0aezll9pyqgj40dazn5wd998	swth1zhd4x0r2c5tcfhgwnqh9amrtz62anq4j6d9szd
#4	$750	swth19rklx5v8sejkrs0an605ljee4hyn8m0qst4j7a	swth1dkrtqm9kncz24c0aezll9pyqgj40dazn5wd998
#5	$550	swth142eyxajn80y092g0f3r79q3uh6fvulga65tdym	swth1x6754sqags43qhm0vw4kecka2t7f0q3k9tksjn
#6	$100	swth1x6754sqags43qhm0vw4kecka2t7f0q3k9tksjn	swth19rklx5v8sejkrs0an605ljee4hyn8m0qst4j7a
#7	$100	swth12uxz5eayngcls6lx55j9g28npen6z5fr7rkjww	swth1fupmh6rcev4g6fn39avnfqhajrj3g5qplv5q73
#8	$100	swth1fupmh6rcev4g6fn39avnfqhajrj3g5qplv5q73	swth1m537vkw8y97fxpht4k4wwlpsu2mq27n2a07xfc
#9	$100	swth1hhswdvhmz02pmytc4xfpx2qqp5j9039whrmfwh	swth12uxz5eayngcls6lx55j9g28npen6z5fr7rkjww
#10	$100	swth10v9q79gxdhvl9w86wmlmh337z8r8ahqrrqrq6m	swth1hhswdvhmz02pmytc4xfpx2qqp5j9039whrmfwh

Maker Incentives

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 B) for 1 minute, a 0.30% multiplier will be added to the liquidity value provided.

• A: 0.0% - 0.2%: 0.40% ratio

• B: 0.2% - 0.4%: 0.30%

• C: 0.4% - 0.6%: 0.20%

• D: 0.6% - 0.8%: 0.15%

• E: 0.8% - 1.2%: 0.10%

• F: 1.2% - 1.5%: 0.075%

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% = 0.20% (Category C)

  • 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) * 0.20% * 5min = $1.18

Example 2

For the case of 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.

BUY			SELL
Price	Qty	Notional Value (Price*Qty)	Price	Qty	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
Sum of notional value		$24,471			$8,572.80

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

Terms & Conditions

• 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.