Do you consider yourself an active crypto trader? Working your orders on ErisX may help you decrease your trading costs. If you keep passive, competitive orders on the market, ErisX will reward you with real-time rebates for your contribution to price discovery.
Certain passive order flow can earn rebates rather than incur fees. Orders that enter the market and post, i.e. are not filled immediately, but later fill within a designated time frame, qualify for a rebate. For example, a Member may place a Buy order at a price just below the best bid, so it enters the book unexecuted. The Member then decides to modify the order by increasing his/her limit price, joining the best bid. If the order is then filled within the Rebate Time period (defined as the execution time minus the time of the most recent order modification) the Member receives our Maker Rebate which is immediately credited to their balance.
However, if a Member places a passive order that is added to the order book but does not match within the Rebate Time, the order would incur our Maker fee. This would happen if the order is filled in a time that is greater than the Rebate Time period. An order that, upon entry, immediately matches with the current order(s) resting in the Order Book, ie “crosses the spread”, would incur our Taker fee.
Members should consider the opportunity cost of implementing this strategy vs simply executing orders immediately and paying a fee. Passive orders entered into the market may remain on the Order Book without being filled.
ErisX enables Members to automate their trading strategies via a set of robust APIs including FIX, REST, and Websocket. Members should consider how our Maker Rebate can enhance their strategy. For example, a trading bot which maintains passive order flow and leverages our “Post Only” order parameter can benefit from our Maker Rebate. If you are interested, please take a look at our API documentation.
We believe in the crypto ethos of accessibility to all on equal terms. Our time-tested and proven central limit order book (CLOB) ensures that the best price on the market is accessible to everyone. Not only do CLOBs level the playing field but with our combination of rulebook and real-time surveillance we work to prevent malicious activity as well. CLOBs are used in traditional commodity markets by leveraging a matching engine that employs a price/time matching algorithm:
- All orders submitted to the matching engine are treated equally, they are processed in the order in which they are received, no preferential treatment.
- Once in the order book, orders are prioritized first by price (bids are ordered priced highest to lowest, and offers are ordered priced lowest to highest), and then by time within each price level (at a given price level, orders are prioritized per time of arrival from oldest to youngest).
This is an explicit rule that the ErisX matching engine strictly follows to preserve equal access as well as prevent market manipulation. We further operate a conflict-free venue by not having our own trading desk that could take a position against a client.
ErisX is a spot and regulated-futures market for cryptocurrencies. Our futures market is regulated by the Commodity Futures Trading Commission and we apply CFTC core principles to our spot market to best protect traders and investors. We operate a central limit order book to ensure the best price on the market is available to everyone, and we reward passive, competitive market orders. If you are an active crypto trader, placing working orders on ErisX may help you increase profits.
To access and confidently trade cryptocurrencies on ErisX’s platform please sign up on our website.