From be426d8d2eb0d4766a688d4b3131383173c776ce Mon Sep 17 00:00:00 2001 From: Etherdrake Date: Thu, 26 Mar 2026 13:06:51 +0100 Subject: [PATCH] Update documentation - March 26, 2026 --- docs/changelog/changelog.md | 40 +++- docs/market-makers/maker-rebates.md | 148 +++++------- docs/trading/fees.md | 335 +++++++++++++++++++++++----- 3 files changed, 369 insertions(+), 154 deletions(-) diff --git a/docs/changelog/changelog.md b/docs/changelog/changelog.md index 2125e71..ba67204 100644 --- a/docs/changelog/changelog.md +++ b/docs/changelog/changelog.md @@ -6,6 +6,36 @@ > Welcome to the Polymarket Changelog. Here you will find any important changes to Polymarket, including but not limited to CLOB, API, UI and Mobile Applications. + + * **March Madness Liquidity Rewards**: Adding \$2M+ in liquidity rewards to both live and pregame markets. + * **How it works**: Liquidity rewards are payments for placing competitive bids. Rewards are paid out based on the size of your orders, how close they are to the midpoint, and how consistently they are quoted relative to other liquidity providers. Orders must be active on the book for a minimum of **3.5 seconds** to be eligible. + + **Daily reward rates for markets (subject to change):** + + **48 hours before GameStartTime:** + + * \$7.5k for full game ML market + * \$500 for 5 other markets (most recently created full game spread, most recently created full game total, 1st half ML, most recently created 1st half spread, most recently created 1st half total) + + **From game live to game completion (note: rewards are expressed in daily rates):** + + * \$60k for full game ML + * \$4k for most recently created full game spread and most recently created full game total + + **From game live to halftime (note: rewards are expressed in daily rates):** + + * \$8k for 1st half ML, most recently created 1st half spread, most recently created 1st half total + + * **Markets**: [Browse March Madness markets](https://polymarket.com/sports/cbb/games) + + * **More details**: [Liquidity Rewards documentation](/market-makers/liquidity-rewards#liquidity-rewards) + + + + * **Crypto market fees expansion**: Starting March 6, 2026, taker fees and maker rebates extend to all crypto markets including 1H, 4H, daily, and weekly. The same fee structure as existing crypto markets applies. Only new markets created after March 6 are affected. + * **Updated documentation**: [Fees](/trading/fees) and [Maker Rebates Program](/market-makers/maker-rebates) updated to reflect all crypto market coverage. + + * **5-minute crypto markets**: Launched with taker fees enabled. Fees follow the same curve as 15-minute crypto markets, peaking at 1.56% at 50% probability. * **Maker Rebates**: Liquidity providers earn daily USDC rebates funded by taker fees, same as 15-minute crypto markets. @@ -69,7 +99,7 @@ - * We’re adding new fields to the `get-book` and `get-books` CLOB endpoints to include key market metadata that previously required separate queries. + * We're adding new fields to the `get-book` and `get-books` CLOB endpoints to include key market metadata that previously required separate queries. * `min_order_size` * type: string * description: Minimum price increment. @@ -82,7 +112,7 @@ - * We’re excited to roll out a highly requested feature: **order batching**. With this new endpoint, users can now submit up to five trades in a single request. To help you get started, we’ve included sample code demonstrating how to use it. Please see [Create Orders](/trading/orders/create) for more details. + * We're excited to roll out a highly requested feature: **order batching**. With this new endpoint, users can now submit up to five trades in a single request. To help you get started, we've included sample code demonstrating how to use it. Please see [Create Orders](/trading/orders/create) for more details. @@ -97,7 +127,7 @@ - We’re excited to introduce a new order type soon to be available to all users: Fill and Kill (FAK). FAK orders behave similarly to the well-known Fill or Kill (FOK) orders, but with a key difference: + We're excited to introduce a new order type soon to be available to all users: Fill and Kill (FAK). FAK orders behave similarly to the well-known Fill or Kill (FOK) orders, but with a key difference: * FAK will fill as many shares as possible immediately at your specified price, and any remaining unfilled portion will be canceled. * Unlike FOK, which requires the entire order to fill instantly or be canceled, FAK is more flexible and aims to capture partial fills if possible. @@ -111,7 +141,5 @@ * CLOB - /price (100req - 10s / Throttle requests over the maximum configured rate) * CLOB markets/0x (50req / 10s - Throttle requests over the maximum configured rate) * CLOB POST /order - 500 every 10s (50/s) - (BURST) - Throttle requests over the maximum configured rate - * CLOB POST /order - 3000 every 10 minutes (5/s) - Throttle requests over the maximum configured rate - * CLOB DELETE /order - 500 every 10s (50/s) - (BURST) - Throttle requests over the maximum configured rate - * DELETE /order - 3000 every 10 minutes (5/s) - Throttle requests over the maximum configured rate + * CLOB POST /order - 3000 every 10 minutes (5/s) diff --git a/docs/market-makers/maker-rebates.md b/docs/market-makers/maker-rebates.md index 2802de0..130baea 100644 --- a/docs/market-makers/maker-rebates.md +++ b/docs/market-makers/maker-rebates.md @@ -6,20 +6,13 @@ > Earn daily USDC rebates by providing liquidity on Polymarket -Polymarket has enabled taker fees on **15-minute crypto markets**, **5-minute crypto markets**, **NCAAB (college basketball)**, and **Serie A** markets. These fees fund a **Maker Rebates** program that pays daily USDC rebates to liquidity providers. +Polymarket has enabled taker fees across multiple market categories. These fees fund a **Maker Rebates** program that pays daily USDC rebates to liquidity providers. *** -## Why Maker Rebates? +## Why Maker Rebates -Sports markets benefit from the same dynamics as crypto markets. When liquidity is deeper: - -* Spreads tend to be tighter -* Price impact is lower -* Fills are more reliable -* Markets are more resilient during volatility - -Maker Rebates incentivize **consistent, competitive quoting** so everyone gets a better trading experience. +Deeper liquidity means tighter spreads, lower price impact, more reliable fills, and greater resilience during volatility. Maker Rebates incentivize **consistent, competitive quoting** so everyone gets a better trading experience. *** @@ -42,16 +35,24 @@ Rebates are paid daily in USDC, directly to your wallet. Maker Rebates are funded by taker fees collected in eligible markets. A percentage of these fees are redistributed to makers who keep the markets liquid. The rebate percentage differs by market type. -| Market Type | Period | Maker Rebate | Distribution Method | -| ----------------------- | ------------- | ------------ | ------------------- | -| 15-Min Crypto | Jan 19, 2026+ | 20% | Fee-curve weighted | -| 5-Min Crypto | Feb 12, 2026+ | 20% | Fee-curve weighted | -| Sports (NCAAB, Serie A) | Feb 18, 2026+ | 25% | Fee-curve weighted | +| Category | Maker Rebate | Distribution Method | +| --------------- | ------------ | ------------------- | +| Crypto | 20% | Fee-curve weighted | +| Sports | 25% | Fee-curve weighted | +| Finance | 50% | Fee-curve weighted | +| Politics | 25% | Fee-curve weighted | +| Economics | 25% | Fee-curve weighted | +| Culture | 25% | Fee-curve weighted | +| Weather | 25% | Fee-curve weighted | +| Other / General | 25% | Fee-curve weighted | +| Mentions | 25% | Fee-curve weighted | +| Tech | 25% | Fee-curve weighted | +| Geopolitics | — | Fee-free | - Polymarket collects taker fees in eligible markets (15-minute crypto, 5-minute - crypto, NCAAB, and Serie A). The rebate percentage is at the sole discretion - of Polymarket and may change over time. + Polymarket collects taker fees in eligible markets across all fee-enabled categories. + The rebate percentage is at the sole discretion of Polymarket + and may change over time. *** @@ -68,10 +69,19 @@ fee_equivalent = C × p × feeRate × (p × (1 - p))^exponent Where **C** = number of shares traded and **p** = price of the shares. The fee parameters differ by market type: -| Parameter | Sports (NCAAB, Serie A) | 5-Min & 15-Min Crypto | -| --------- | ----------------------- | --------------------- | -| Fee Rate | 0.0175 | 0.25 | -| Exponent | 1 | 2 | +| Category | Fee Rate | Exponent | +| --------------- | -------- | -------- | +| Crypto | 0.072 | 1 | +| Sports | 0.03 | 1 | +| Finance | 0.04 | 1 | +| Politics | 0.04 | 1 | +| Economics | 0.03 | 0.5 | +| Culture | 0.05 | 1 | +| Weather | 0.025 | 0.5 | +| Other / General | 0.2 | 2 | +| Mentions | 0.25 | 2 | +| Tech | 0.04 | 1 | +| Geopolitics | 0 | — | Your daily rebate: @@ -93,65 +103,9 @@ Taker fees are calculated in USDC and vary based on the share price. However, fe -### Fee Table (100 shares) +### Fee Tables (100 Shares) - - - | Price | Trade Value | Fee (USDC) | Effective Rate | - | ------ | ----------- | ---------- | -------------- | - | \$0.01 | \$1 | \$0.00 | 0.00% | - | \$0.05 | \$5 | \$0.003 | 0.06% | - | \$0.10 | \$10 | \$0.02 | 0.20% | - | \$0.15 | \$15 | \$0.06 | 0.41% | - | \$0.20 | \$20 | \$0.13 | 0.64% | - | \$0.25 | \$25 | \$0.22 | 0.88% | - | \$0.30 | \$30 | \$0.33 | 1.10% | - | \$0.35 | \$35 | \$0.45 | 1.29% | - | \$0.40 | \$40 | \$0.58 | 1.44% | - | \$0.45 | \$45 | \$0.69 | 1.53% | - | \$0.50 | \$50 | \$0.78 | **1.56%** | - | \$0.55 | \$55 | \$0.84 | 1.53% | - | \$0.60 | \$60 | \$0.86 | 1.44% | - | \$0.65 | \$65 | \$0.84 | 1.29% | - | \$0.70 | \$70 | \$0.77 | 1.10% | - | \$0.75 | \$75 | \$0.66 | 0.88% | - | \$0.80 | \$80 | \$0.51 | 0.64% | - | \$0.85 | \$85 | \$0.35 | 0.41% | - | \$0.90 | \$90 | \$0.18 | 0.20% | - | \$0.95 | \$95 | \$0.05 | 0.06% | - | \$0.99 | \$99 | \$0.00 | 0.00% | - - The maximum effective fee rate is **1.56%** at 50% probability. Fees decrease symmetrically toward both extremes. - - - - | Price | Trade Value | Fee (USDC) | Effective Rate | - | ------ | ----------- | ---------- | -------------- | - | \$0.01 | \$1 | \$0.00 | 0.02% | - | \$0.05 | \$5 | \$0.00 | 0.08% | - | \$0.10 | \$10 | \$0.02 | 0.16% | - | \$0.15 | \$15 | \$0.03 | 0.22% | - | \$0.20 | \$20 | \$0.06 | 0.28% | - | \$0.25 | \$25 | \$0.08 | 0.33% | - | \$0.30 | \$30 | \$0.11 | 0.37% | - | \$0.35 | \$35 | \$0.14 | 0.40% | - | \$0.40 | \$40 | \$0.17 | 0.42% | - | \$0.45 | \$45 | \$0.19 | 0.43% | - | \$0.50 | \$50 | \$0.22 | **0.44%** | - | \$0.55 | \$55 | \$0.24 | 0.43% | - | \$0.60 | \$60 | \$0.25 | 0.42% | - | \$0.65 | \$65 | \$0.26 | 0.40% | - | \$0.70 | \$70 | \$0.26 | 0.37% | - | \$0.75 | \$75 | \$0.25 | 0.33% | - | \$0.80 | \$80 | \$0.22 | 0.28% | - | \$0.85 | \$85 | \$0.19 | 0.22% | - | \$0.90 | \$90 | \$0.14 | 0.16% | - | \$0.95 | \$95 | \$0.08 | 0.08% | - | \$0.99 | \$99 | \$0.02 | 0.02% | - - The maximum effective fee rate is **0.44%** at 50% probability. Fees decrease symmetrically toward both extremes. - - +For detailed fee tables for each market category, see the [Fees](/trading/fees) page. ### Fee Precision @@ -159,48 +113,43 @@ Fees are rounded to 4 decimal places. The smallest fee charged is 0.0001 USDC. A *** -## Which Markets Are Eligible? +## Which Markets Are Eligible -The following market types have taker fees enabled and are eligible for maker rebates: +The following market categories have taker fees enabled and are eligible for maker rebates: Crypto, Sports, Finance, Politics, Economics, Culture, Weather, Tech, Mentions, and Other / General. -* **15-minute crypto markets** -* **5-minute crypto markets** -* **NCAAB (college basketball) markets** (starting February 18, 2026 for new markets) -* **Serie A markets** (starting February 18, 2026 for new markets) - -All other markets remain fee-free. + + Fees apply only to markets deployed on or after the activation date. Pre-existing markets are unaffected. Markets with fees enabled have `feesEnabled` set to `true` on the market object. + *** ## FAQ - + Place orders that add liquidity to the book and get filled (i.e., your liquidity is taken by another trader). - Daily, in USDC. + Daily, in USDC. - + Rebates are proportional to your share of executed maker liquidity in each eligible market. Totals are calculated per market, so you only compete with other makers in the same market. - + Taker fees collected in eligible markets are allocated to the maker rebate pool and distributed daily. - - 15-minute crypto markets, 5-minute crypto markets, and starting February 18, - 2026, NCAAB and Serie A markets. + + Crypto, Sports, Finance, Politics, Economics, Culture, Weather, Tech, Mentions, and Other / General markets. Fees only apply to markets deployed on or after the activation date. - - No. Fees apply only to 15-minute crypto, 5-minute crypto, NCAAB, and Serie A - markets. All other markets remain fee-free. + + Fees apply to markets in fee-enabled categories. Markets with fees enabled have `feesEnabled` set to `true` on the market object. @@ -217,3 +166,6 @@ All other markets remain fee-free. Start placing orders on Polymarket. + + +Built with [Mintlify](https://mintlify.com). \ No newline at end of file diff --git a/docs/trading/fees.md b/docs/trading/fees.md index 544926e..72d3257 100644 --- a/docs/trading/fees.md +++ b/docs/trading/fees.md @@ -6,56 +6,35 @@ > Understanding trading fees on Polymarket -Polymarket does not charge fees on most markets. However, certain markets have taker fees enabled to fund the [Maker Rebates Program](/market-makers/maker-rebates). +Polymarket charges a small taker fee on certain markets. These fees fund the [Maker Rebates Program](/market-makers/maker-rebates), which redistributes fees daily to market makers to incentivize deeper liquidity and tighter spreads. + +**Geopolitical and world events markets are fee-free.** Polymarket does not charge fees or profit from trading activity on these markets. There are also no Polymarket fees to deposit or withdraw USDC (though intermediaries like Coinbase or MoonPay may charge their own fees). + + + Fees apply only to markets deployed on or after the activation date. Pre-existing markets are unaffected. Markets with fees enabled have `feesEnabled` set to `true` on the market object. + *** -## Fee-Free Markets +## Current Fee Structure -The vast majority of Polymarket markets have **no trading fees**: +The following fee parameters are currently live. **New fee parameters will take effect on March 30, 2026** — see [Upcoming Fee Structure](#upcoming-fee-structure) below. -* No fees to deposit or withdraw USDC (though intermediaries like Coinbase or MoonPay may charge their own fees) -* No fees to trade shares +Currently, only **Crypto** and **Sports** markets have taker fees enabled. -*** - -## Markets With Fees - -The following market types charge a small taker fee on each trade. These fees are collected and redistributed daily to market makers as rebates, incentivizing deeper liquidity and tighter spreads. - -* **15-minute crypto markets** -* **5-minute crypto markets** -* **NCAAB (college basketball) markets** (starting February 18, 2026 for new markets) -* **Serie A markets** (starting February 18, 2026 for new markets) - -### Fee Structure - -Fees are calculated using the following formula: - -```text theme={null} -fee = C × p × feeRate × (p × (1 - p))^exponent -``` - -Where **C** = number of shares traded and **p** = price of the shares. The fee parameters differ by market type: - -| Parameter | Sports (NCAAB, Serie A) | 5-Min & 15-Min Crypto | -| -------------- | ----------------------- | --------------------- | -| Fee Rate | 0.0175 | 0.25 | -| Exponent | 1 | 2 | -| Maker Rebate % | 25% | 20% | - -Taker fees are calculated in USDC and vary based on the share price. However, fees are collected in shares on buy orders and USDC on sell orders. The effective rate **peaks at 50%** probability and decreases symmetrically toward the extremes. +| Category | Fee Rate | Exponent | Maker Rebate | Peak Effective Rate | +| -------- | -------- | -------- | ------------ | ------------------- | +| Crypto | 0.25 | 2 | 20% | 1.56% | +| Sports | 0.0175 | 1 | 25% | 0.44% |
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