> ## Documentation Index
> Fetch the complete documentation index at: https://docs.calibri.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Maker Rebates

> Makers pay no fee and earn a share of the taker fee on every fill of a resting order — fee-curve weighted, so the rebate peaks at 50/50 prices and fades toward the extremes.

Providing liquidity pays. When someone trades against **your resting order**,
you pay **no fee** and earn a **rebate** — a share of the taker fee that the
other side paid on that fill.

The rebate is **fee-curve weighted**: it is a percentage of the taker fee, and
the taker fee itself follows the `P × (1 − P)` curve. So the rebate is largest
where quoting is hardest — around `0.50`, where the outcome is genuinely
uncertain — and smallest at lopsided prices where a quote carries little risk.

<Note>
  Calibri's rebate schedule mirrors Polymarket's — the same fee curve, the same per-category rebate rates. If you already run a maker strategy there, the economics carry across unchanged.
</Note>

## What qualifies

You earn a rebate when **your order was already resting on the book and someone
else crossed into it**. That is the only condition.

| Your order | Rebate |
| - | - |
| Rests on the book, then gets filled | **Earns** — you are the maker |
| Crosses the book to fill someone else | **None** — you are the taker, and you pay the fee |
| Rests and is never filled | None — the rebate is paid on fills, not on quoting |
| `post_only` | Always a maker when it fills — it can never cross |

Each **fill** earns its own rebate. A large resting order that fills in five
pieces accrues five rebates, one per contract created.

## How the rebate is calculated

The taker fee on a fill is:

```
fee = takerRate × C × P × (1 − P)
```

where **C** is the number of contracts filled, **P** is the trade price (0–1),
and **takerRate** is the category's taker rate. Your rebate is a fixed share of
that fee:

```
rebate = rebateRate × fee
       = rebateRate × takerRate × C × P × (1 − P)
```

Both rates are set per **market category** — see the table below. The rebate is
computed on **each fill**, from the fee actually charged on that fill.

<Note>
  Because every maker's rebate is proportional to the fee their own fills generated, this is the same distribution as a per-market pool split pro-rata by fee-equivalent — expressed directly, per fill, so you can compute what a quote earns before you place it.
</Note>

### Why the curve

`P × (1 − P)` is a bell curve: `0` at the edges, maximum `0.25` at `0.50`, and
symmetric about the midpoint. Holding rate and size fixed, the rebate on a fill
relative to its maximum:

| Fill price P | `P × (1 − P)` | Rebate vs. the 50/50 maximum |
| - | - | - |
| `0.05` / `0.95` | `0.0475` | 19% |
| `0.10` / `0.90` | `0.09` | 36% |
| `0.25` / `0.75` | `0.1875` | 75% |
| `0.50` | `0.25` | 100% (highest) |

The practical read for a maker: **quoting the uncertain middle of the book pays
several times what quoting the tails pays**, for the same size filled. A fill at
`0.30` and a fill at `0.70` pay identically — the curve is symmetric, so neither
side of the book is favoured.

## Rebate rates by category

The rebate rate is the **share of the taker fee** paid to the maker. It is
resolved from the market's category; a category with no rate of its own falls
back to **25%**.

| Category | Taker rate | Maker rebate | Maker earns per 100 contracts filled at `0.50` |
| - | - | - | - |
| Crypto | 7.00% | **20%** | 0.350 USDC |
| Economics | 5.00% | **25%** | 0.313 USDC |
| Culture | 5.00% | **25%** | 0.313 USDC |
| Science | 5.00% | **25%** | 0.313 USDC |
| Weather | 5.00% | **25%** | 0.313 USDC |
| Other | 5.00% | **25%** | 0.313 USDC |
| Sports | 5.00% | **15%** | 0.188 USDC |
| Finance | 4.00% | **25%** | 0.250 USDC |
| Mentions | 4.00% | **25%** | 0.250 USDC |
| Politics | 4.00% | **25%** | 0.250 USDC |
| Tech | 4.00% | **25%** | 0.250 USDC |
| Geopolitics | 0.00% | — | 0.000 USDC |
| World | 0.00% | — | 0.000 USDC |

<Warning>
  A rebate is a fraction **of a fee**. Fee-free categories (`0.00%` taker rate) generate no fee and therefore **no rebate** — quoting them costs nothing and earns nothing.
</Warning>

The last column is the maximum, at the top of the curve. Away from `0.50`, scale
it by the curve: the same 100 contracts filled at `0.80` earn `0.16 / 0.25` =
64% of it.

### Worked example

You rest a **Crypto** offer and it is filled for **100 contracts at `0.60`**:

```
P × (1 − P) = 0.60 × 0.40 = 0.24
taker fee   = 0.07 × 100 × 0.24 = 1.68 USDC   (paid by the taker, not you)
your rebate = 0.20 × 1.68        = 0.336 USDC
```

You paid **nothing** on that fill and earned **0.336 USDC** on top of the
position.

## Rounding

* Rebates are denominated in **USDC** (6 decimals — one base unit is
  `0.000001 USDC`).
* The rebate is computed from the fee and **rounded down** to the base unit. A
  rebate below one base unit rounds to zero and never becomes a payable — this
  only bites on dust-sized fills at extreme prices.

## When you get paid

<Steps>
  <Step title="Accrues at the fill">
    The moment your resting order fills, the rebate is recorded as **pending**.
    No money moves for it at that point — only the taker's fee moves.
  </Step>

  <Step title="Visible live">
    Pending rebates are readable in near-real-time, separated from referral
    earnings:

    ```json theme={null}
    { "currency": "usdc", "total": "12.35", "maker": "10.00", "referral": "2.35" }
    ```
  </Step>

  <Step title="Paid daily, to your Safe">
    A **daily sweep** pays pending rebates on-chain to your Safe — whether or
    not the market has resolved. You do not wait for settlement to be paid for
    quoting.
  </Step>
</Steps>

There is **no arbitrary payout threshold**. The only floor is economic: an
amount below the network gas cost of sending it stays pending and rolls into the
next sweep rather than being written off.

## Voided markets

If a market is **voided**, every share pays 0.50 and the taker fee is refunded
(see [Voids and postponements](/non-custodial/resolution#voids-and-postponements)). Rebates still **pending** for that market are removed along with the fee
that funded them; rebates already **paid** are **not** clawed back.

## In short

> Rest an order, get filled, earn a share of the taker's fee — **15%, 20% or
> 25%** depending on the category, on top of paying no fee yourself. The rebate
> rides the same `P × (1 − P)` curve as the fee, so the uncertain middle of the
> book pays most. Rebates accrue per fill and are paid **daily** to your Safe.

## Related

<CardGroup cols={2}>
  <Card title="Fees" href="/concepts/fees">
    The taker fee that funds every rebate, and the curve it follows.
  </Card>

  <Card title="Rewards" href="/concepts/rewards">
    Payout mechanics shared by both reward programmes.
  </Card>

  <Card title="Referral program" href="/rewards-referral-program">
    The other way to earn a share of the taker fee.
  </Card>

  <Card title="Signed orders" href="/non-custodial/signed-orders">
    Placing the resting orders that earn rebates.
  </Card>
</CardGroup>


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.