Floor Rule for RFQ Fee Rates

The floor rule in RFQ trading sets a minimum fee rate for Takers. This ensures that, even after discounts, Taker fee rates will not fall below the defined threshold, helping maintain platform stability and fair trading.

How It Works

In RFQ trading, a 50% discount applies to preset combo strategies for both Makers and Takers. Makers may also qualify for zero fees, rebates or other incentives. As a result:

• Maker fee rates can become negative after rebates (if applicable).

• Taker fee rates may fall below Maker fee rates after the discount.

 

To keep fees fair and balanced, a minimum fee rate is applied to Takers. If the discounted Taker fee rate is lower than the minimum, the minimum rate will apply. In other words, the final Taker fee rate will always be the higher of the two:

• The discounted Taker fee rate, or

• The minimum fee rate.

 

This rule applies to Spot, Futures (Perp & Expiry) and Options trading on the RFQ platform.

Formula

Taker fee rate = max(Taker fee rate × 50% discount, Minimum fee rate)

Minimum Fee Rates in RFQ:

 

Example:

• An RFQ initiator uses a Futures Spread strategy with a Taker fee rate of 0.0125%.

• The counterparty has a Maker fee rate of -0.0125%.

 

Since the Maker fee rate is negative, the 50% discount does not apply to the Maker. For the Taker, the discounted fee rate would be:

0.0125% × 50% = 0.00625%

 

Applying the floor rule:

Final Taker fee rate = max(0.00625%, 0.0125%) = 0.0125%

Notes

— The floor rule applies only to Spot, Futures, and Options trading on the RFQ platform and not to orders placed directly in the order book.

— The floor rule applies only to Taker fee rates and not to Maker fee rates.