This program rewards traders for placing resting limit orders. The closer your orders are to the best price and the larger they are, the more you earn. Every second, the Exchange scores each trader’s resting orders based on price and size, and rewards are split proportionally.
All daily reward periods run from midnight to midnight Eastern Time (ET), i.e. 04:00–04:00 UTC (05:00–05:00 UTC during EST). Reward period start and end dates in the tables below are also in ET.
| Term | Definition |
|---|
| Time Period | A window during the event lifecycle (e.g., pre-event, event day, mid-event) with its own reward pool |
| Discount Factor | How much orders further from the best price are penalized — closer orders score higher |
| Target Size | The minimum number of contracts that must exist on each side of the book for that side to qualify for rewards |
| Time Period Reward | The total reward pool for each time period |
Markets with Incentives
March Madness
Games — Every NCAA Tournament (March Madness) game has $100,000 in liquidity rewards. NIT games are not included.
| Early | Day-of | Live |
|---|
| Moneyline | $1,000 | $15,000 | $50,000 |
| Spreads | $1,000 | $1,500 | $20,000 |
| Totals | $500 | $1,000 | $10,000 |
| Pool | $2,500 | $17,500 | $80,000 |
| Time Period | Discount Factor | Target Size (Moneyline) | Target Size (Spreads/Totals) |
|---|
| Early | 0.40 | 20,000 | 15,000 |
| Day-of | 0.35 | 20,000 | 15,000 |
| Live | 0.30 | 20,000 | 15,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 2,500 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.30 | 2,500 |
Women’s College Basketball (NCAAW)
Games — Every NCAAW game has $20,000 in liquidity rewards.
| Early | Day-of | Live |
|---|
| Moneyline | $250 | $3,750 | $16,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Early | 0.40 | 20,000 |
| Day-of | 0.35 | 20,000 |
| Live | 0.30 | 20,000 |
NBA
Games — NBA games are split into two reward tiers based on the teams playing. If any of the following teams are in the game, it is Tier 2 ($20,000/game); otherwise it is Tier 1 ($50,000/game): MIL, CHI, BKN, WAS, IND (East) · MEM, NOP, DAL, UTA, SAC (West).
NBA Tier 1 ($50,000/game):
| Early | Day-of | Live |
|---|
| Moneyline | $3,000 | $3,000 | $24,000 |
| Spreads | $1,250 | $1,250 | $10,000 |
| Totals | $750 | $750 | $6,000 |
| Pool | $5,000 | $5,000 | $40,000 |
| Early | Day-of | Live |
|---|
| Moneyline | $1,200 | $1,200 | $9,600 |
| Spreads | $500 | $500 | $4,000 |
| Totals | $300 | $300 | $2,400 |
| Pool | $2,000 | $2,000 | $16,000 |
| Time Period | Discount Factor | Target Size (Moneyline) | Target Size (Spreads/Totals) |
|---|
| Early | 0.40 | 20,000 | 15,000 |
| Day-of | 0.35 | 20,000 | 15,000 |
| Live | 0.30 | 20,000 | 15,000 |
MLB
Games — Every MLB game has $20,000 in liquidity rewards (spreads and totals added as of 9am ET, Tuesday March 31; was $10,000/game through 11:59am ET on March 24).
| Early | Day-of | Live |
|---|
| Moneyline | $600 | $1,800 | $9,600 |
| Spreads | $250 | $750 | $4,000 |
| Totals | $150 | $450 | $2,400 |
| Pool | $1,000 | $3,000 | $16,000 |
| Time Period | Discount Factor | Target Size (Moneyline) | Target Size (Spreads/Totals) |
|---|
| Early | 0.40 | 20,000 | 15,000 |
| Day-of | 0.35 | 20,000 | 15,000 |
| Live | 0.30 | 20,000 | 15,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 2,500 |
EPL
Games — Every EPL game has $10,000 in liquidity rewards, split across the three moneyline instruments:
| Live |
|---|
| Team A Win | $4,000 |
| Team B Win | $4,000 |
| Draw | $2,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Live | 0.30 | 10,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 2,500 |
UFC
Main Card — Every UFC main card match has $25,000 in liquidity rewards (as of 9am ET, Tuesday March 31).
| Early | Day-of | Live |
|---|
| Moneyline | $2,500 | $2,500 | $20,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Early | 0.40 | 20,000 |
| Day-of | 0.35 | 20,000 |
| Live | 0.30 | 20,000 |
| Early | Day-of | Live |
|---|
| Moneyline | $500 | $500 | $4,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Early | 0.40 | 10,000 |
| Day-of | 0.35 | 10,000 |
| Live | 0.30 | 10,000 |
UCL
Games — Every UCL match has $10,000 in liquidity rewards.
| Early | Day-of | Live |
|---|
| Moneyline | $1,000 | $1,000 | $8,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Early | 0.40 | 10,000 |
| Day-of | 0.35 | 10,000 |
| Live | 0.30 | 10,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 2,500 |
La Liga / Serie A / Bundesliga
Games — Every La Liga, Serie A, and Bundesliga match has $5,000 in liquidity rewards.
| Early | Day-of | Live |
|---|
| Moneyline | $500 | $500 | $4,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Early | 0.40 | 10,000 |
| Day-of | 0.35 | 10,000 |
| Live | 0.30 | 10,000 |
PGA Tour
Tournaments — Every PGA Tour tournament has $150,000 in liquidity rewards, distributed pro-rata across eligible instruments within each time period (as of 9am ET, Thursday April 2).
| Time Period | Reward | Discount Factor | Target Size |
|---|
| Pre-Tournament | $15,000 | 0.90 | 10,000 |
| Day 1 (Thursday) | $45,000 | 0.40 | 10,000 |
| Day 2 (Friday) | $30,000 | 0.40 | 10,000 |
| Day 3 (Saturday) | $30,000 | 0.35 | 10,000 |
| Day 4 (Sunday) | $30,000 | 0.35 | 10,000 |
Masters
$3,000,000 in total liquidity rewards, distributed pro-rata across all eligible Masters instruments (as of 5pm ET, Thursday April 2).
| Time Period | Reward | Discount Factor | Target Size |
|---|
| Pre-Tournament | $500,000 | 0.90 | 25,000 |
| Day 1 (Thursday) | $750,000 | 0.90 | 25,000 |
| Day 2 (Friday) | $750,000 | 0.90 | 25,000 |
| Day 3 (Saturday) | $500,000 | 0.90 | 25,000 |
| Day 4 (Sunday) | $500,000 | 0.90 | 25,000 |
MLS
Futures — Every MLS futures event has $2,500 per day, distributed pro-rata across eligible instruments (was $5,000/day per instrument through 11:59am ET on March 24).
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 2,500 |
ATP & WTA
Every ATP and WTA match has $2,500 in liquidity rewards (was $5,000/game from 10am ET on Saturday March 21 through 11:59am ET on Monday March 24).
| Pre-game | Live |
|---|
| Moneyline | $500 | $2,000 |
| Time Period | Discount Factor | Target Size |
|---|
| Pre-game | 0.35 | 15,000 |
| Live | 0.30 | 15,000 |
Politics
Every eligible politics market has $5,000 per day in liquidity rewards, distributed pro-rata across eligible instruments (as of 9am ET, Thursday April 2).
| Time Period | Discount Factor | Target Size |
|---|
| Pre-Event | 0.90 | 5,000 |
Reward Periods
| Start | End |
|---|
| March Madness Games | 10am ET, Thursday March 19 | Ongoing |
| March Madness Futures | 10am ET, Thursday March 19 | Ongoing |
| March Madness Qualifiers | 4pm ET, Saturday March 21 | Ongoing |
| NCAAW Games | 12pm ET, Friday March 27 | Ongoing |
| NBA Games | 3pm ET, Friday March 20 | 11:59pm ET, Sunday April 5 |
| MLB Games | 10am ET, Saturday March 21 | 11:59pm ET, Sunday April 5 |
| MLB Futures | 10am ET, Thursday March 19 | 11:59pm ET, Sunday April 5 |
| EPL Games | 10am ET, Saturday March 21 | 11:59pm ET, Sunday April 5 |
| EPL Futures | 10am ET, Thursday March 19 | 11:59pm ET, Sunday April 5 |
| UCL Futures | 10am ET, Thursday March 19 | 11:59pm ET, Sunday April 5 |
| MLS Futures | 10am ET, Thursday March 19 | 11:59pm ET, Sunday April 5 |
| ATP & WTA | 10am ET, Saturday March 21 | 11:59pm ET, Sunday April 5 |
| UFC Games | 12:00am ET, Monday March 31 | Ongoing |
| UCL Games | 12:00am ET, Monday March 31 | Ongoing |
| La Liga / Serie A / Bundesliga Games | 12:00am ET, Monday March 31 | Ongoing |
| PGA Tour | 9am ET, Thursday April 2 | Ongoing |
| Masters | 5pm ET, Thursday April 2 | Ongoing |
| Politics | 9am ET, Thursday April 2 | Ongoing |
FAQ
How does scoring work?
Every second, a random snapshot of the order book is taken. Your score for each resting order is:
Score = Discount Factor ^ (ticks from best price) × Order Size
For example, with a Discount Factor of 0.30 (CBB live):
- 1,000 contracts at best price: 0.30^0 × 1,000 = 1,000
- 1,000 contracts 1 tick away: 0.30^1 × 1,000 = 300
- 1,000 contracts 2 ticks away: 0.30^2 × 1,000 = 90
- 1,000 contracts 3 ticks away: 0.30^3 × 1,000 = 27
If these are the only orders on this side, the trader at the best price earns 1,000 / 1,417 = 70.6% of that snapshot’s score on that side, and the trader 3 ticks away earns 27 / 1,417 = 1.9%. Each snapshot is equally weighted — see “How are snapshots weighted?” below.
With a higher Discount Factor like 0.90 (MLB futures), the penalty is gentler: 1,000 at best price scores 1,000, one tick away scores 900, two ticks away scores 810.
Each side of the book is scored independently — the spread between your bid and offer doesn’t matter. The formula works the same regardless of tick size (1c or 0.1c); a “tick” is always one minimum price increment.
How are snapshots weighted?
Each snapshot is normalized — the bid side and ask side are each independently normalized to 1.0 per snapshot, provided Target Size is met on that side. This means every second of the time period is equally weighted regardless of how much liquidity is on the book. A second during halftime with 1M contracts counts the same as a second during live play with 2K contracts, so long as Target Size is satisfied.
How does Target Size work?
Target Size is the minimum aggregate size of resting orders (across all participants) needed on a side of the book for that side to qualify. It uses raw size, not discounted size. The exchange walks from the best price outward, accumulating orders until Target Size is reached. All orders within that range score — orders beyond it do not.
If Target Size is reached before your price level, your order will not score — regardless of how close it is to the best price. For example, if Target Size is 20,000 and there are 25,000 contracts resting at the best price, orders at the second-best price receive zero score.
Target Size isn’t a per-person cap. Once the threshold is met, all qualifying orders score proportionally. Bigger orders earn more. There’s no ceiling on how much size you can have scored.
Can size compensate for the Discount Factor?
Yes — a larger order further from the best price can still earn meaningful rewards. However, the discount compounds with each tick, so orders closer to the best price are significantly more capital-efficient. For example, with a Discount Factor of 0.30, an order one tick away needs roughly 3× the size to earn the same score as an order at the best price.
Can the parameters change?
Yes. Target Size, Discount Factor, and Time Period Reward may be adjusted between time periods as liquidity conditions change.
Is there a cap on how much one person can earn?
No. Your payout is purely proportional to your share of the total score. If you’re the only one providing liquidity and you meet the Target Size, you earn the entire reward pool.
When are rewards paid out?
Rewards are calculated within 5 business days of each time period ending and credited to your account within 2 business days of the end of that calculation.
What do the time periods mean?
- Early / Pre-game (pre-day): From market listing until 6 hours before the event
- Day-of / Pre-game: From 6 hours before until the event starts
- Live: From event start until settlement
Is there a minimum payout?
Yes. Rewards under $1.00 are not paid out.
What about canceled or postponed games?
No rewards are distributed for canceled or postponed games. 
