Makerbook
The board, the terminal, and the risk cockpit.
Makerbook is the market maker's app. Every qualifying market a venue has listed appears on one board. Terms are on the row before you quote. Rewards, rebates, and venue credits settle against the program that venue published.
A market still in review does not appear. A paused venue does not appear.
- 01BoardQualifying markets, with spread, size, and your share.
- 02TerminalQuote GTC, timed, or GTD from the price ladder.
- 03SettleRewards, rebates, and credits in that venue's coin.
Rewards board
Filter the board by venue and by category. Each row is a market a venue has qualified for its liquidity program. Arena, beside the board, scores maker reputation and ranks makers on that venue for the current epoch.
Clear terms
Every market states the program before a quote is sent.
| Term | What it sets |
|---|---|
| Venue | Who published the program. |
| Sidedness | Two-sided or one-sided, set on Factory. |
| Max spread | The widest quote that still scores. |
| Min shares | The size that must rest. Separate from spread. |
| Pool | The reward posted for this window, in that venue's coin. |
| Yours | Your share of that pool this window, in the same coin. |
Max spread and minimum shares are both gates. A tight quote that is too small does not score. A large quote that is too wide does not score. A two-sided program scores only when both sides are in band.
Heat and share
The row shows how crowded the book is, your share of it, and the reward that share implies for the open epoch. Use it to decide where size belongs before you open the ticket.
Trade terminal
Quote from the price ladder. Time in force is GTC, a timed window (15 minutes, 1 hour, 4 hours, 1 day), or GTD.
When the venue has Router on, the ticket posts the quote through Router. Router stores the quote. The venue's own engine matches it.
A blocked maker sees "You cannot quote this venue." The ticket is not shown.
A scored fill reads as credit from that venue, in that venue's coin, with the transaction reference when the venue sent one.
Risk cockpit
Set inventory and dollar caps for the book you are running. From the cockpit you can flatten a market, flatten the worst tilt, or halt quotes. Auto-hedge and halt-on-breach follow the limits you set. Resume lifts a halt you placed.
Rebates and redemption
Claim the maker rebate when the venue's epoch closes. Redeem venue credits on Makerbook once the balance clears the minimum and the cliff, at the coin-per-credit rate Factory published.