For Projects

Use Marina to improve liquidity and create deeply liquid Hyperliquid spot or HIP-3 perp markets.

When Marina Helps

Marina is useful when your market is live but not tradeable:

• spreads are wide
• depth thins out during quiet or volatile periods
• volume is low
• a single DMM provides depth but not enough tight top-of-book liquidity
• you want measurable liquidity spend instead of a flat retainer

What Marina Does

Marina distributes transparent, on-chain rewards to eligible market makers based on their on-chain liquidity performance.

Monarch works with each project to optimise and configure the reward scoring formula around the campaign's goals. Market makers compete by quoting tight liquidity, maintaining tradeable depth on both sides of the book, and generating genuine filled volume.

What You Get

• Tighter spreads: makers are rewarded for quoting closer to mid.
• More reliable depth: continuous two-sided quoting earns more than short bursts.
• Genuinely tradeable markets: tighter markets attract more taker flow.
• Clear reporting: spreads, depth, maker activity, volume, and fills are tracked by epoch.
• Flexible budgets: campaigns can be funded in USDC or tokens.

How a Campaign Works

1. Review the market - Monarch analyses current spreads, depth, volume, and maker behaviour.
2. Set goals - Define target spread, depth, duration, budget, and eligible wallets.
3. Configure scoring - Optimise Quote Score, Fill Score, spread tiers, depth floors, and eligibility rules around the campaign's goals.
4. Launch the campaign - Your campaign goes live on Marina.
5. Score makers - Marina calculates rewards from measured on-chain Quote Score and Fill Score.
6. Adjust by data - Campaign parameters are optimised between epochs based on results.

Case Studies

ZAMA/USDC spot: week-one volume grew 1,322%, average spreads tightened 47%, and 75% of fills came through Marina makers.

Read the ZAMA case study

Paragon BTC.D / TOTAL2 / OTHERS HIP-3 perps: average spreads tightened up to 90%, spread blowouts above 50 bps went from 20 hours to 0, and 66 community market makers participated.

Read the Paragon case study

Start

DM @TTx0x on Telegram to make your market tradeable today.