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Maker rebates reward traders who place limit orders that add liquidity and are later filled by another trader. They are designed to encourage competitive, reliable quotes in XO’s fee-enabled markets. On an eligible fill, XO returns 35% of the taker fee to the maker in USDC. The rebate is funded from the fee paid by the taker; it does not add a separate charge to the maker.
Maker rebates are available only on eligible fee-enabled markets. The fee and reward settings shown in XO for the market control whether a fill qualifies.

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Why maker rebates exist

Resting limit orders make the order book easier to trade. More maker liquidity can tighten spreads, reduce price impact, improve fill quality, and help the market remain usable during periods of higher activity. Maker rebates reward the liquidity that another trader actually takes. The order must execute as a maker order before it can earn a rebate.

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How maker rebates work

  1. Place a limit order on an eligible fee-enabled market.
  2. The order rests on the order book and adds liquidity.
  3. Another trader crosses the book and fills some or all of your order.
  4. XO records one rebate entitlement for the eligible maker fill.
  5. After screening and processing, the rebate is credited automatically to your XO smart wallet in USDC.
You do not need to apply, join a whitelist, or claim the payout. External makers can participate under the same eligibility rules.

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How the rebate is calculated

For each eligible fill:
For example, if an eligible fill produces a 1.00 USDC taker fee:
The taker fee depends on the filled size, execution price, and fee rate configured for the market. XO’s fee curve produces its highest fees around a 50% market price and lower fees near 0% or 100%, so two fills of the same size can generate different rebates. See Fees for the fee formula and maker/taker definitions.
A partial fill earns a rebate only on the quantity that executed. Any remaining quantity can earn another rebate if it later fills as an eligible maker order.

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Eligibility

A fill can earn a maker rebate when all of these conditions apply:
  • The market is fee-enabled and eligible for maker rebates.
  • Your limit order was already resting on the order book when it matched.
  • Another trader took your liquidity and generated an eligible taker fee.
  • The fill passes XO’s screening and exclusion checks.
On maker-rebate markets, the maker fee is 0. The rebate is based on the eligible taker fee generated by the fill. Maker rebates are separate from Liquidity rewards. An order does not need a liquidity-reward score to earn a maker rebate, but it must fill as an eligible maker order.

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Processing and payment

Maker rebates move through two user-visible states: Eligible rebates are processed on a T+1 basis after screening. Payment is automatic, so there is no claim step.
XO Rewards dashboard showing the Maker Rebate total

The Rewards page shows credited Maker Rebates separately from liquidity-reward USDC.

Use Rewards to see your total credited maker rebates. In History or Activity, maker-rebate entries identify the amount, currency, associated market or trade, timestamp, and payout status. Pending rebates are not included in Total received until they are credited.

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What does not earn

A fill or order does not earn a maker rebate when any of these conditions apply:
  • The order crosses the book immediately and executes as a taker.
  • The order is cancelled or remains unfilled.
  • The market is fee-free or is not eligible for maker rebates.
  • The fill generates no taker fee after fee calculation and rounding.
  • The trade is a self-match.
  • The maker is an XO-operated wallet.
  • The fill fails XO’s screening or eligibility checks.
Market orders do not earn maker rebates because they take existing liquidity. A limit order that executes immediately can also be a taker order.

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Frequently asked questions

No. Maker rebates and liquidity rewards are separate programs. A maker rebate depends on an eligible resting order being filled, while a liquidity reward scores qualifying orders while they remain on the book.
No. The order must execute as the maker side of an eligible fill. An unfilled order may still earn a liquidity reward if it meets that program’s rules.
Eligible rebates are credited automatically after T+1 screening and processing. Check the rebate’s status in Rewards, History, or Activity.
The rebate is 35% of the taker fee generated by each fill. The fee changes with the market’s fee rate, filled size, and execution price.
Maker rebates reduce the cost of providing filled liquidity, but they may not cover trading losses, inventory risk, or the cost of managing a position.