Ondo Perps Rewards Program
This program distributes rewards to market makers who provide liquidity on the Ondo Perps order books and to traders who trade on Ondo Perps. Rewards are paid weekly in USDC, and reward budgets are published weekly on the rewards page.Reward Pools
Rewards are distributed across three pools:- Liquidity Pool: Rewards market makers for providing resting liquidity on the order books.
- Volume Pool: Rewards traders for trading on Ondo Perps. Both maker and taker volume contribute.
- Activity Pool: Rewards specific trading activity that changes periodically.
Liquidity Pool
There is a single weekly Liquidity Pool, and rewards are split equally across all eligible markets. Not all markets qualify; the current list of eligible markets is shown in the Eligible Markets section below and changes periodically. Rewards are allocated through randomized snapshots of the order book. Only resting limit orders present on the order book at the time of each snapshot count toward rewards, and only liquidity quoted within 25 bps of the mid price is rewarded. The pool is weighted toward liquidity quoted closest to the mid price: 85% of rewards are allocated to liquidity within 5 bps of mid, 10% to liquidity between 5 and 10 bps, and 5% to liquidity between 10 and 25 bps. Market makers are not required to quote both sides of the book. Bid-side and ask-side liquidity are scored independently, and providing either bids or asks at the time of a snapshot is sufficient. There is no minimum order size and no uptime requirement. A resting limit order counts toward rewards if it is present on the order book at the time of a snapshot. Distance from mid is measured from the order book mid price.Exponential Reward Multiplier
Rewards are calculated using an exponential reward multiplier that favors liquidity quoted closest to the mid price. Liquidity at the best bid or best offer within the reward ranges receives the highest multiplier. As liquidity is quoted farther from the mid price, its multiplier decreases exponentially. Liquidity quoted beyond 25 bps from mid receives no rewards. Conceptually:Snapshots
Order book snapshots are taken at randomized intervals, approximately every minute. At each snapshot, every eligible market’s order book is evaluated to determine reward allocation. For each market at each snapshot:- Orders closest to the mid price receive the highest reward multiplier.
- The multiplier decreases exponentially as orders are placed farther from the mid price.
- Orders beyond 25 bps from mid do not receive rewards.
Eligible Markets
Indices:- US500-USD.P
- US100-USD.P
- DRAM-USD.P
- SOXL-USD.P
- MU-USD.P
- TSLA-USD.P
- NVDA-USD.P
- SPCX-USD.P
- INTC-USD.P
- META-USD.P
- AMD-USD.P
- COIN-USD.P
- MSTR-USD.P
- SNDK-USD.P
- CRCL-USD.P
- XAU-USD.P
- XAG-USD.P
- WTI-USD.P
- BTC-USD.P
- ETH-USD.P
Volume Pool
The Volume Pool rewards traders based on their share of total trading volume on Ondo Perps each week. Both maker and taker volume count toward rewards and are currently weighted equally. Liquidations and ADL volume are exempted from reward volume. All perps markets are eligible, and there is no minimum volume requirement. Weightings may change over time.Activity Pool
The Activity Pool rewards specific trading activity that changes periodically. Current activity details are posted on the rewards page.Results
Results for all three pools are released weekly, on Tuesday shortly after 00:00 UTC, and published on the rewards page. Payouts for all three pools are expected to be distributed in USDC within 48 hours of the end of each weekly period.Weekly Cadence
Each week, at 00:00 UTC on Tuesday, Ondo Perps will publish that week’s budgets for each pool and the prior week’s results on the rewards page. Eligible markets and budgets may change from week to week.FAQ
Do I need to quote both sides of the book?
No. Bid-side and ask-side liquidity are scored independently, and providing either bids or asks at the time of a snapshot is sufficient.Is there a minimum order size or uptime requirement?
No. Resting limit orders only need to be present on the order book at the time of a snapshot.Does quoting closer to the mid price earn more?
Liquidity quoted closer to the mid price receives a higher multiplier than liquidity of the same size quoted farther from mid. A market maker’s weekly reward for each market is based on their share of that market’s average score across all snapshots in the week.Are snapshots taken on weekends?
Yes. Order book snapshots are taken at randomized intervals, approximately every minute, including on weekends.Do orders placed through the API count?
Yes. Orders placed through the API and orders placed in the app are treated the same for reward calculations.Does spot trading count?
The Liquidity Pool and Volume Pool count activity on Ondo Perps only at this time. The Activity Pool rewards specific trading activity that changes periodically, which may include spot trading. Current activity details are posted on the rewards page.Do trades placed through builder codes or partner apps count?
Yes. Eligible trading activity placed through builder codes or partner apps counts toward this program.Program Terms
- Ondo Perps may modify, suspend, or end the program at any time, including changes to eligible markets, reward budgets, scoring methodology, and payout timing.
- Wash trading, self-trading, spoofing, layering, and any other manipulative or abusive trading activity are prohibited. Activity of this kind is excluded from reward calculations.
- Ondo Perps may withhold, reduce, or reclaim rewards from, and remove from the program, any participant found to be engaging in prohibited activity, or attempting to game the program in any other way.
- All reward calculations and eligibility determinations are made by Ondo Perps at its sole discretion and are final.
- Participation is subject to the Ondo Perps Terms of Service, including any restrictions on eligible jurisdictions or Restricted Persons.
- Participants are responsible for any taxes associated with rewards received.