Fees are applied to participants based upon the following 4 categories.
|Direct Individual or Firm||A Direct Individual or Firm is a non-professional person or firm who signs up directly with ErisX. Direct Individuals or Firms are required to maintain a minimum account balance of $10,000 USD on a daily basis.|
|Executing Broker / Guaranteed Direct Member||An Executing Broker is a firm processing orders with clients where the firm is trading as principal. A Guaranteed Direct Member is a member whose trading activity is guaranteed by another member.|
|Professional Trading Firm||A Professional Trading Firm is an entity that certifies they have substantial trading and exchange connectivity management experience.|
|Market Maker||A Market Maker is a Professional Trading Firm that has entered into market making agreement with ErisX and meets specific metrics on a monthly basis.|
* All categories of users are required to enter into user agreements with ErisX and are required to accept certain risks and disclosures. ErisX reserves the right to modify the content of this Rate Card.
Participants pay fees on each transaction executed on the exchange based upon the rates below for each category. These fees are charged in basis points (bps) of notional amount in USD or BTC. Fees and incentives are effective from April 1st, 2019.
|Participant Category||Aug - Oct '19||Nov '19 Onward|
|Direct Individual or Firm||20||30|
|Executing Broker / Guaranteed Direct Member||11||15|
|Professional Trading Firm||7||12|
|Market Maker (P*/A**)||2/2||TBD|
* Market Makers are eligible for rebates on PASSIVE order flow.
** All Market Makers are charged AGGRESSOR rate at time of trade.
All participants will be charged a rate of 10 bps for Block trades. Please reference our Block Policy HERE
All participants are eligible for a basis points (bps) rebate based upon notional volume traded for a calendar month with rebates paid the following month.
|Monthly Notional Volume||Aug - Oct '19||Nov '19 Onward|
|$ 3,000,000 USD||1||1|
|$ 8,000,000 USD||2||2.5|
|$ 20,000,000 USD||3||4|
Liquidity Providers that have signed the ErisX Liquidity Provider Agreement are eligible for rebates according to their score at the end of the calendar month. Metrics are based upon a set of requirements per contract.
On a monthly basis the total amount of time a Market Maker had a quote working equal or greater than the minimum size will be captured. A valid quote will be one where a bid and an offer are working and both have a size of at least the minimum quote size specified above.
For all eligible quotes a market maker enters into the market, the average spread of the tightest qualifying quote in bps will be computed. From this average spread a multiplier will be applied to metric 1 based upon the table below.
|<= 4 bps|
|<= 7 bps|
|<= 10 bps|
|<= 20 bps|
|<= 25 bps|
|<= 30 bps|
|<= 35 bps|
|<= 45 bps|
|<= 50 bps|
|<= 55 bps|
|<= 60 bps|
The total quoting time will be multiplied using the value in the spread table to calculate the total eligible rebate due to a market maker.
ErisX does not charge fees for processing deposits of digital assets, but blockchain fees charged by the relevant network may reduce the amount of digital assets received in your account at ErisX when you make a deposit.
Through October 2019, ErisX will pay all blockchain fees charged by the relevant network.
ErisX only accepts wire transfers. ErisX charges $15.00 to process a wire transfer. Executing Brokers and Market Makers are not charged any fees to process wire transfers.
ErisX offers same day movement of assets when the request is received between the following hours.* All other requests will be performed on a best effort or trade date plus one basis.
|Asset Type||Start Time||End Time|
|United States Dollars||7:00||15:30|
* All above hours are based on CT Monday through Friday