Marina Liquidity Module
Marina is the liquidity incentive layer for Hyperliquid spot and HIP-3 perp markets.
Projects fund a campaign, define market goals, and reward market makers based on quoted depth, spread quality, and filled volume. Rewards are calculated per epoch and distributed on-chain.
Marina complements institutional DMMs. A DMM can provide the base layer of depth while Marina rewards a wider group of community makers for tighter top-of-book liquidity.
How a Campaign Works
- Project funds a campaign - budget, duration, target market, and liquidity goals are set upfront.
- Configure reward scoring formula - Monarch works with projects to tune Quote Score, Fill Score, spread tiers, depth floors, scoring weights, and eligibility checks around the campaign's goals.
- Market makers quote the market - eligible makers compete to provide tight, two-sided liquidity.
- Marina scores performance - quoted depth, spread quality, and filled volume determine each maker's reward share.
- Rewards distribute on-chain - makers claim rewards on-chain after the epoch ends.
Proven Results
Marina has run on both Hyperliquid spot and HIP-3 perp markets.
ZAMA/USDC spot
| Metric | Result |
|---|---|
| Volume | +1,322% |
| Spreads | -47% |
| Trades | +1,385% |
| Fills via Marina MMs | 75% |
| Unique makers | +400% |
Paragon BTC.D, TOTAL2, OTHERS HIP-3 perps
| Metric | Result |
|---|---|
| Average spreads | Tightened up to 90% |
| Depth at 1% | +7% to +20% across all three markets |
| Hours with spread above 50 bps | 20 to 0 |
| Hours with depth at 1% below $200K | 49 to 5 |
| Community market makers in whitelist | 66 |
| Maker fill share, BTC.D / OTHERS / TOTAL2 | 28% / 48% / 24.5% |