fbpx

Member Categories

Fees are applied to participants based upon the following 4 categories.

Category 1 Description
Direct Individual or Firm 2 A Direct Individual or Firm is a non-professional person or firm who signs up directly with Cboe Digital.
Intermediary An Intermediary is a firm processing orders with clients where the firm is either trading as principal or routing client orders to Cboe Digital.
Professional Trading Firm A Professional Trading Firm is an entity that certifies they have substantial trading and exchange connectivity management experience.
Market Maker 3 A Market Maker is a Professional Trading Firm that has entered into a market making agreement with Cboe Digital and meets specific metrics on a monthly basis.

1 All categories of members are required to enter into agreements with Cboe Digital and are required to accept certain risks and disclosures. Cboe Digital reserves the right to modify the content of this Rate Card.

2 Members trading in their IRA account will be charged different fees (See below).

3 An approved Market Maker is required to maintain defined KPIs, including a passive order fill ratio of greater than 50%. Market Makers who fail to meet the defined KPIs may be moved to the Professional Trading Firm category.

Exchange and Clearing Fees

Members 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 Trading Date March 4th 2023.
Note: Cboe Digital does not currently charge fees for the USDC/USD pair.

Spot Fees
Member Category
Maker
Taker
IRA Accounts & Charitable Trusts
50 bps
50 bps
Direct Individual or Firm
10 bps
20 bps
Intermediary
1 bps
10 bps
Professional Trading Firm
1 bps
7 bps
Market Maker
0 bps
3 bps

Maker, Taker

Maker

An order that does not immediately trade but rests in the order book. The order may later filled by a taker order being entered by another member.

Taker

An order that upon entry immediately matches with the current orders resting in the order book.

Settlement Service Fees

Settlement service allows eligible members to settle OTC activity on Cboe Clear Digital and remove counterparty risk.

Member Category Settlement Fee Charged in USD
All members 1 bps

Block Trading Fees

Participants will be charged spot block trading fees in accordance with the table below. Please refer Rule 1206 in the Exchange Rulebook for spot block trading requirements.

Member Category Fee
All members 1 bps