For Market Makers
As a market maker, you can earn rewards for providing liquidity to any Marina incentivised market.
Monarch's Marina module allows deployers to add incentives to reward tight, top-of-book liquidity.
How you're rewarded
At the end of each reward epoch (e.g. every week), the total incentive pool is distributed to all eligible MMs pro-rata based on your Unified Performance Score:
| Component | What it measures |
|---|---|
| Quoting Score | Average quoted depth per epoch with multiplier for tighter quotes |
| Fill Score | Your total filled volume per epoch |
The tighter you quote and the more you get filled, the larger your share of the pool.
See Reward Mechanics for the full formula.
Multiplier for tigher quotes
Each campaign offers multipliers for tigher quotes. Tighter quotes earn higher reward multipliers.
Risk
Market making involves risk. Your capital is deployed as live orders on the Hyperliquid order book. Prices can move against your positions. Marina rewards offset this risk, but do not eliminate it.
1st Campaign results
In the first liquidity campaign, Marina MMs:
- Captured 75% of all fill volume
- Quoted tighter than institutional DMMs
- Earned $2,152 in net rewards across 105 Makers
View live incentivised markets →
If using tread.fi to MM
- Go to Tread.fi and select a Marina-incentivised market
- Choose a quoting slot (spread tier and deposit amount)
- Tread.fi runs a market making bot on your behalf
- Earn rewards based on your performance
What you need
- 50/50 of USDC and base token (ie HYPE) on Hyperliquid
- A Tread.fi account
- Minimum deposit as specified by the campaign (e.g. 2,000 USDC)