Extended Extension Announcement: Grab Your Share of 600,000 USDT in the Merry Market Maker Program (Options Edition)

Great news for all Option Market Makers! We're excited to share that we're extending the Merry Market Maker Program once again, giving you even more time to participate and earn rewards.

The program will now run from September 1 to December 31 2023, providing you with additional four months to seize the opportunity and secure your portion of the impressive 150,000 USDT monthly prize pool.

Additional Benefit for Market Makers on Paradigm: No Quoting Obligations for Blocktrading

As a Market Maker on Paradigm, we have an extra treat for you. During this extended period, you'll enjoy the advantage of no quoting obligations for blocktrading. This means you can reserve assets without the requirement to provide active quotes. Plus, any assets you blocktrade during this period will contribute to your market share within the total Maker volume. This added flexibility empowers you to optimize your trading strategy and make the most of this opportunity.

🗓 Event Period: Sep 1, 2023 – Dec 31, 2023

Here's how you can secure your slice of the prize pool:

1. Meet the Spread Requirements

The maximum spreads allowed for BTC and ETH are 15 bps and 20 bps.

2. Cover Enough Strikes

Cover at least 60% of delta 0.1 – 0.6 strikes across a minimum of one expiry daily for any underlying asset. Only quotes within the maximum allowed spread will be counted.

Snapshots will continue to be taken every minute to verify your coverage. Your total daily coverage is calculated as follows:

❌ Scenario 1: Coverage does not meet the required amount**

If your coverage for T is 60% and 40% for T+1, the total coverage for the day is (60% + 40%)/2 = 50%. This falls short of the minimum delta coverage of 60%.

✅ Scenario 2: Coverage meets the required amount**

If your coverage for T is 70% and 50% for T+1, the total coverage for the day is (70% + 50%)/2 = 60%. This satisfies the minimum delta coverage of 60%.

How Are Rewards Calculated?

The monthly prize pool remains divided into smaller daily prize pools, with 90% allocated to weekdays and the remaining 10% to weekends. Your rewards will continue to be calculated on a daily and pro-rata basis, depending on the eligibility of your trades. The formula for the daily prize pools remains unchanged:

• Weekday Rewards: 90% × 150,000/(No. of weekdays in calendar month)
• Weekend Rewards: 10% × 150,000/(No. of weekends in calendar month)

For example, there are 23 weekdays and eight (8) weekends in August 2023. Therefore, the total amount of rewards to be earned on a weekday and weekend day in August are as follows:

• Weekday Reward: 90% × 150,000/23 = 5,870 USDT per weekday in August
• Weekday Reward: 10% × 150,000/8 = 1,875 USDT per weekend day in August

To qualify for the daily prize pool, ensure your Maker volume exceeds 6% of the total Maker volume for the day.

Further Reading: Merry Market Makers Program (Options Edition): Grab a Share of the 1,500,000 USDT Prize Pool!

Ready to trade Options?

If you have any questions, don't hesitate to reach out to your Account Manager or our Institutional Services team via institutional_services@bybit.com.

Terms and Conditions:

1. Rewards will only be distributed if the total Options trading volume on Bybit is at least 30,000,000 USDC per day on average during each calendar month.
2. Market Makers who have won a share of the prize pool will be notified within three (3) business days. Rewards will be distributed within the first two (2) weeks of each calendar month.
3. This event is open to all Bybit Options Market Makers.
4. Subaccounts will not be considered as individual participants. The trading volume of Subaccounts will be combined with the Master account's trading volume in the final calculation.
5. All participating users must strictly abide by the Bybit Terms of Service.
6. Bybit reserves the right to permanently disqualify dishonest participants and withhold reward distribution should they conduct dishonest and artificial trading activities to boost their trading volume. Examples of artificial trading activity include and are not limited to: buying large amounts of Out-of-the-Money Options with abnormally low premiums; wash trading between two accounts; and trading against oneself in the same account.
7. Bybit reserves the right to final interpretation of the Terms and Conditions.