For Market Makers
Marina rewards market makers for providing liquidity on incentivised Hyperliquid markets.
How You Earn
At the end of each reward epoch, the campaign pool is distributed to eligible market makers based on each maker's Unified Performance Score.
| Component | What it measures |
|---|---|
| Quote Score | Useful depth, adjusted by spread quality |
| Fill Score | Filled volume generated by your quotes |
The tighter and more consistently you quote, the higher your Quote Score. The more maker fills your liquidity earns, the higher your Fill Score.
Spread Multipliers
Each campaign can apply a configurable spread multiplier. Quotes closer to mid improve Quote Score more than wider quotes. Quotes at or beyond the campaign's spread cutoff can contribute little or nothing to Quote Score.
Eligibility
Campaign rules vary, but common requirements include:
- minimum hourly depth
- two-sided quoting
- approved market or wallet scope
- no wash trading or manipulative behaviour
Always check the live campaign parameters before deploying capital.
Risk
Market making involves live trading risk. Prices can move against your inventory, fills can be adverse, and rewards do not guarantee profitability.
Results To Date
ZAMA/USDC spot: Marina makers captured 75% of all fill volume and earned $2,152 in net rewards across 105 makers in week one.
Paragon BTC.D, TOTAL2, OTHERS HIP-3 perps: 66 community market makers shared a $15,000 weekly pool across three markets in epoch one.
Using Tread.fi
Marina participants can use Tread.fi to run market making strategies.
Typical flow:
Choose a Marina-incentivised market.
- Select a quoting slot or strategy.
- Deposit the required assets.
- Monitor performance and claim rewards through Marina.
Requirements vary by market and campaign.