Outcome Liquidity Rewards

Outcome and Monarch designed this liquidity program to reward useful two-sided liquidity and trading across Outcome's HIP-4 markets.

This technical reference explains which market types can receive incentives, how each market is funded, how activity is scored and how rewards are paid. The exact eligible markets, incentive windows, reward amounts and settlement rules are published before each market begins scoring.

Core Philosophy

The program rewards liquidity that is genuinely useful to traders: sustained depth close to fair value, balanced quoting on both sides of the book and fills that demonstrate real usage.

Three principles apply across every eligible market:

• Near fair value: Only orders inside the published scored band earn rewards, and orders closer to the Hyperliquid mid earn more.
• Two-sided: Bid and ask liquidity both score, with more weight for a balanced book.
• Useful: Quote rewards pay for displayed liquidity, maker-fill rewards pay for executed resting liquidity and taker-fill rewards support trading and price discovery.

Market Categories

Eligible markets are grouped by the type of question each market answers.

Market type	Simple example	How outcome surface is treated
Moneyline / 1X2	Participant A wins / draw / Participant B wins	Mutually exclusive outcomes share one fixed market reward under the published allocation method.
To advance / winner	YES = Participant A / NO = Participant B	One YES/NO order book represents the full market and receives one fixed reward pool.
Scheduled decision	Which published decision outcome occurs?	Complete published outcome set forms one market. Long-dated markets may use daily probability-weighted allocations.
Binary price threshold	Will an underlying finish above a published threshold?	YES and NO form one probability surface and receive one market reward, not two.
Multi-range price	Which published price range contains the settlement price?	Complete set of ranges forms one market. Published allocations apply across eligible ranges.

Only eligible markets receive rewards.

Shared Concepts

One Market, One Fixed Reward

Each eligible market receives one fixed reward for its complete incentive window:

market_reward_amount =
    published_24_hour_rate
    * estimated_total_incentive_hours
    / 24

quote_reward_pool = 40% * market_reward_amount
maker_fill_reward_pool = 30% * market_reward_amount
taker_fill_reward_pool = 30% * market_reward_amount
payout_method = pro-rata by score

A complete set of mutually exclusive outcomes is one market. Complementary YES and NO books do not receive duplicate reward pools.

Score multipliers change a participant's share of the fixed reward. They never increase the market's total budget.

Reward Split

The same split applies within every market reward:

Component	Share	What it rewards
Quote rewards	40%	Sustained displayed depth near fair value
Maker-fill rewards	30%	Resting liquidity that gets executed
Taker-fill rewards	30%	Trading activity and price discovery

Rewards are distributed pro rata within each pool according to eligible score.

Price Convention

An outcome token settles at 1.00 if the outcome occurs and 0.00 if it does not. A price between 0 and 1 represents the market's implied probability.

The Hyperliquid mid is the midpoint of the eligible market's live order book. It is used to measure quote distance and determine whether a market is inside the scored probability range. Price markets also use the published underlying reference and settlement-price rules for final resolution.

What Is Published Before Scoring Starts

For every eligible market, Outcome and Monarch publish:

• market name and settlement rule;
• scored outcomes or binary probability surface;
• incentive start and end time, or end rule;
• fixed market reward;
• outcome-allocation method;
• maximum scored spread and per-side distance cutoff;
• scheduled event or decision time, where applicable;
• live-state source where a live phase applies;
• reference price, threshold or range and settlement source for price markets; and
• eligible venue and order-attribution requirements.

Reward Eligibility

To qualify for rewards, participants must:

• approve the Outcome builder address from their main wallet; and
• include the Outcome builder code on every campaign order.

builder_code = 0xab5dbc057628bc18523c4cdfc0e1e2ebdbecb704

With the builder fee field set to 0, no fee is taken when the order is filled. Eligibility depends on using the correct builder code, not on paying a builder fee.

Orders placed without the Outcome builder code are not eligible for quote, maker-fill or taker-fill rewards.

Market Types

Moneyline / 1X2

A moneyline or 1X2 market asks for the result of a scheduled event. It may have two outcomes, such as Participant A or Participant B, or three outcomes, such as Participant A, draw or Participant B.

One fixed market reward is divided equally across all scored outcomes:

scored_outcome_count = number of scored outcomes
outcome_reward_amount = market_reward_amount / scored_outcome_count

outcome_quote_reward_pool = 40% * outcome_reward_amount
outcome_maker_fill_reward_pool = 30% * outcome_reward_amount
outcome_taker_fill_reward_pool = 30% * outcome_reward_amount

Equal allocation is the default and buys liquidity across the complete result surface instead of concentrating rewards only in the current favourite. If the published market config selects probability-weighted allocation, the grouped outcomes instead use the synchronized same-epoch calculation described under Scheduled Decision.

To Advance / Winner

A to-advance or winner market asks which participant wins a contest, series, round or qualification event under the published settlement rule.

It uses one binary order book: YES represents Participant A and NO represents Participant B. YES and NO are complementary sides of the same probability surface, not separately funded outcomes.

winner_market_reward_amount = market_reward_amount

outcome_quote_reward_pool = 40% * winner_market_reward_amount
outcome_maker_fill_reward_pool = 30% * winner_market_reward_amount
outcome_taker_fill_reward_pool = 30% * winner_market_reward_amount

A to-advance market and a moneyline market may both be eligible when they ask different questions and have separate published settlement rules. Each is treated as its own complete market.

Scheduled Decision

A scheduled decision market covers a defined external announcement. All published decision outcomes together form one market.

When a grouped market is designated for probability-weighted allocation, each daily reward uses that same completed scoring epoch's reliable Hyperliquid midpoint history. Allocation is based on elapsed time, not the number of observed blocks.

daily_market_budget =
    published_24_hour_rate
    * eligible_hours_in_UTC_day
    / 24

daily_mean_hyperliquid_mid =
    sum(reliable_midpoint * elapsed_time)
    / sum(reliable_elapsed_time)
    for the outcome during the same completed scoring epoch

outcome_is_eligible =
    daily_mean_hyperliquid_mid >= published_minimum_average

normalization_total =
    sum(daily_mean_hyperliquid_mid across outcomes that pass the minimum)

outcome_allocation_weight =
    0 for an ineligible outcome
    daily_mean_hyperliquid_mid / normalization_total otherwise

daily_outcome_reward =
    daily_market_budget * outcome_allocation_weight

outcome_quote_reward_pool = 40% * daily_outcome_reward
outcome_maker_fill_reward_pool = 30% * daily_outcome_reward
outcome_taker_fill_reward_pool = 30% * daily_outcome_reward

The published config may set a minimum average probability, such as 5%. The comparison is inclusive, so an outcome averaging exactly 5% remains eligible; a lower outcome receives zero, and the full fixed reward is redistributed in proportion to the eligible averages.

Every configured outcome must have reliable midpoint coverage for the complete same epoch and every aligned five-minute bucket, even if it later falls below the cutoff. If any child lacks that synchronized coverage, or no eligible outcome has a positive average, reward calculation stops until the evidence is complete. It does not fall back to equal weights. Observation counts remain audit information and do not affect the average.

Daily outcome calculations allocate the market's fixed reward. They do not create extra reward epochs or increase the market budget.

Binary Price Threshold

A binary price market asks whether a published underlying satisfies a price condition at a defined expiry.

YES and NO are complementary views of one scored probability surface:

binary_market_reward_amount = market_reward_amount

binary_quote_reward_pool = 40% * binary_market_reward_amount
binary_maker_fill_reward_pool = 30% * binary_market_reward_amount
binary_taker_fill_reward_pool = 30% * binary_market_reward_amount

outcome_quote_reward_pool = binary_quote_reward_pool
outcome_maker_fill_reward_pool = binary_maker_fill_reward_pool
outcome_taker_fill_reward_pool = binary_taker_fill_reward_pool

Fixed reward is not divided between complementary YES and NO books, and the same probability surface is not paid twice.

Underlying, threshold, reference-price rule, settlement-price rule and any averaging window are published before scoring begins.

Multi-Range Price

A multi-range market asks which one of several published price bands contains the settlement price. All ranges for the same underlying and expiry form one market.

Published outcome allocations apply across eligible ranges. A probability-weighted multi-range market uses the same synchronized, elapsed-time midpoint calculation as a scheduled decision market for each completed scoring epoch.

Illustrative 24-Hour Rewards Rates

The following reference illustrates how reward rates may vary across market categories.

High-level category	Illustrative market types	Illustrative 24-hour reward
Sports matches	Eligible football and esports match markets	$250–$300
Sports props and futures	Props and tournament-winner markets	$300–$400
Economics and scheduled decisions	Central-bank decisions and similar scheduled announcements	$200
Price markets	Crypto, single-equity, index and commodity markets	$200–$250

These are 24-hour reference rates, subject to change. A market's final fixed reward is scaled to its published incentive-window duration, and the exact eligible market and reward rate are published before scoring begins.

Incentive Window

Each selected market has one continuous incentive window and one fixed market reward:

incentive_window_start = published start time
incentive_window_end = published end time or end rule

market_reward_amount =
    published_24_hour_rate
    * estimated_total_incentive_hours
    / 24

Orders and trades score only inside the published incentive window.

Event-Time Multiplier

Markets with a defined external event time use one cubic curve. It starts at 0.25x when the incentive window opens and reaches 1.00x at the scheduled event time:

progress =
    time_elapsed_since_incentive_window_start
    / total_time_from_incentive_window_start_to_scheduled_event

progress = min(1, max(0, progress))

event_time_multiplier = 0.25 + 0.75 * progress ^ 3

Multiplier is calculated in five-minute buckets using each bucket's midpoint. At the scheduled event time, it reaches 1.00x and remains there until scoring ends.

Share of pre-event window elapsed	Event-time multiplier
0%	0.250x
25%	0.262x
50%	0.344x
75%	0.566x
100%	1.000x

Markets without a separate external event use a flat 1.00x event-time multiplier throughout the incentive window.

If a scheduled event time changes, the curve re-anchors beginning with the next five-minute bucket. Previously scored buckets keep their recorded multipliers.

Market Scoring Conditions

Quote depth, maker fills and taker fills score only when:

market and outcome or probability surface are published as eligible
block or fill is inside the published incentive window
market is active and unresolved
scored outcome remains possible
hyperliquid_mid is available and reliable
current_hyperliquid_mid >= 2.00%
current_hyperliquid_mid <= 98.00%

Scoring pauses whenever a condition is not met and resumes only if the market becomes eligible again. Scoring stops permanently when the market resolves or the scored outcome becomes impossible.

Live Event Multiplier

Eligible markets with a genuine live phase receive additional score weight during confirmed live play:

if event_is_live:
    live_multiplier = 3
else:
    live_multiplier = 0

Live period begins when the published event source marks the event as started and ends at official completion of the scored market.

Live weighting does not apply before the event starts, after completion, while the market is paused or halted, or when normal live trading is not supported.

Volatility Multiplier

Marina gives additional score weight to makers who maintain tight liquidity after a meaningful price move.

For each scored outcome or probability surface:

reference_mid_60s = average midpoint over the previous 60 seconds
price_displacement = abs(current_mid - reference_mid_60s)
trigger = 2 * normal_average_spread

if price_displacement <= trigger:
    volatility_multiplier = 1
else:
    volatility_multiplier = min(
        5,
        1 + price_displacement / trigger
    )

normal_average_spread uses a lagged calibration maintained separately for pre-live, live and non-live price trading.

Volatility multiplier applies to quote and maker-fill scores, but not to taker-fill scores.

Illustrative 10-Cent Market Move

Assume a market has a 2¢ normal average spread and its midpoint jumps by 10¢, then remains stable at the new level. Trigger is twice normal average spread:

normal_average_spread = 2¢
trigger = 2 * 2¢ = 4¢
initial_price_displacement = 10¢

initial_volatility_multiplier =
    min(5, 1 + 10¢ / 4¢)
    = 3.5x

As the 60-second rolling reference catches up to the new midpoint:

price_displacement(t) =
    10¢ * max(0, 1 - t / 60)

Seconds after move	Price displacement	Volatility multiplier
0s	10¢	3.5x
12s	8¢	3.0x
24s	6¢	2.5x
36s	4¢	1.0x
60s	0¢	1.0x

Under the threshold rule, multiplier returns to 1x as soon as price displacement reaches or falls below the 4¢ trigger.

Live and Volatility Combination

Live and volatility multipliers are additive:

quote_and_maker_fill_multiplier =
    min(8, volatility_multiplier + live_multiplier)

if event_is_live:
    taker_fill_multiplier = 3
else:
    taker_fill_multiplier = 1

For markets without a live phase:

quote_and_maker_fill_multiplier = volatility_multiplier
taker_fill_multiplier = 1

Event-time multiplier is applied multiplicatively after live and volatility weighting.

Distance Multiplier

Maximum scored total bid/ask spread is published separately for each market. Per-side distance cutoff is half of that total spread.

Markets	Maximum scored total spread	Per-side cutoff
HYPE, BTC, Gold, WTI Oil / CL	4¢	2¢
S&P 500 / SPY, XYZ100	6¢	3¢
ZEC, Silver	10¢	5¢
SNDK, SPCX, SK Hynix, DRAM, NBIS	14¢	7¢

For each order:

maximum_scored_total_spread_cents = published per market
distance_cutoff_cents = maximum_scored_total_spread_cents / 2
maximum_distance_multiplier = 5.00

distance_cents =
    abs(order_price - hyperliquid_mid) * 100

distance_multiplier =
    maximum_distance_multiplier
    * max(0, 1 - distance_cents / distance_cutoff_cents) ^ 2

An order at the Hyperliquid mid receives a 5x multiplier. Multiplier falls quadratically to zero at the published cutoff. Orders at or beyond the cutoff do not score.

For an illustrative market with a 2¢ maximum scored total spread, per-side cutoff is 1¢. An order at the mid receives 5x; an order 0.5¢ from the mid, equivalent to a 1¢ symmetric total spread, receives 1.25x; and an order 1¢ from the mid receives 0x.

Quote Depth Score

Marina scores bid and ask liquidity separately and weights displayed depth by the time it remains available:

raw_bid_notional_usd =
    sum(bid_order_notional_usd inside the scored band)

raw_ask_notional_usd =
    sum(ask_order_notional_usd inside the scored band)

raw_in_band_notional_usd =
    raw_bid_notional_usd + raw_ask_notional_usd

bid_side_score =
    sum(
        bid_order_notional_usd
        * distance_multiplier
        * block_duration_seconds
    )

ask_side_score =
    sum(
        ask_order_notional_usd
        * distance_multiplier
        * block_duration_seconds
    )

depth_score = bid_side_score + ask_side_score

Two-Sided Multiplier

if max(bid_side_score, ask_side_score) > 0:
    balance_ratio =
        min(bid_side_score, ask_side_score)
        / max(bid_side_score, ask_side_score)
else:
    balance_ratio = 0

two_sided_multiplier = 1 + 2 * balance_ratio

if raw_in_band_notional_usd >= 50:
    base_quote_score = depth_score * two_sided_multiplier
else:
    base_quote_score = 0

Two-sided multiplier ranges from 1x for one-sided liquidity to 3x for equally balanced bid and ask scores. Minimum depth requirement uses raw bid-plus-ask notional before distance, balance, event-time, live and volatility weighting.

Quote Reward

In the formulas below, outcome means either an eligible outcome or the single scored surface of a binary market.

For each maker and scored outcome:

calculated_quote_score =
    base_quote_score * quote_and_maker_fill_multiplier

final_quote_score =
    calculated_quote_score * event_time_multiplier

maker_outcome_quote_score =
    sum(final_quote_score across eligible block-duration intervals)

maker_outcome_quote_reward =
    outcome_quote_reward_pool
    * maker_outcome_quote_score
    / total_maker_outcome_quote_score

maker_quote_reward =
    sum(maker_outcome_quote_reward across markets and scored outcomes)

Maker Fill Reward

For each eligible maker-side fill:

maker_fill_notional_usd = fill_price * fill_size

calculated_maker_fill_score =
    maker_fill_notional_usd
    * quote_and_maker_fill_multiplier

maker_outcome_fill_score =
    calculated_maker_fill_score
    * event_time_multiplier

maker_outcome_fill_reward =
    outcome_maker_fill_reward_pool
    * maker_outcome_fill_score
    / total_maker_outcome_fill_score

maker_fill_reward =
    sum(maker_outcome_fill_reward across markets and scored outcomes)

Taker Fill Reward

For each eligible taker-side fill:

taker_fill_notional_usd = fill_price * fill_size

calculated_taker_fill_score =
    taker_fill_notional_usd
    * taker_fill_multiplier

taker_outcome_fill_score =
    calculated_taker_fill_score
    * event_time_multiplier

taker_outcome_fill_reward =
    outcome_taker_fill_reward_pool
    * taker_outcome_fill_score
    / total_taker_outcome_fill_score

taker_fill_reward =
    sum(taker_outcome_fill_reward across markets and scored outcomes)

Taker fills do not receive volatility weighting.

Exclusions

The following activity does not score:

• markets or outcomes that were not published as eligible;
• blocks or fills outside the published incentive window;
• markets that are paused, halted, cancelled, stale or resolved;
• blocks without a reliable Hyperliquid mid;
• quote blocks with a mid below 2.00% or above 98.00%;
• orders at or beyond the published distance cutoff;
• eliminated or impossible winner outcomes;
• duplicated YES or NO liquidity already represented in the scored probability surface;
• fills on non-scored outcome books;
• price markets without complete reference and settlement specifications; and
• self-trading, related-wallet churn, wash trading or circular volume.

Payout and Settlement

Rewards are calculated pro rata within the quote, maker-fill and taker-fill pools. For each wallet:

total_reward =
    maker_quote_reward
    + maker_fill_reward
    + taker_fill_reward

The payout asset, payout timing and eligible attribution method are published with the campaign terms.

Quick Reference

Item	Shared rule
Reward unit	One complete market
Market budget	Published 24-hour rate × estimated incentive hours ÷ 24
Reward split	40% quotes / 30% maker fills / 30% taker fills
Moneyline / 1X2 allocation	Equal across scored outcomes
To advance / winner allocation	One YES/NO order book; one unsplit market reward pool
Binary price allocation	One scored YES/NO probability surface
Long-dated multi-outcome allocation	Opt-in same-epoch time-weighted probability; a published minimum can exclude outcomes and incomplete evidence blocks payout
Event-time multiplier	Cubic 0.25x to 1.00x when a defined event time exists; otherwise flat 1.00x
Live multiplier	Additive +3x for quotes and maker fills; 3x for taker fills when applicable
Volatility multiplier	1x to 5x for quotes and maker fills
Combined live and volatility cap	8x
Scored midpoint range	2.00% to 98.00%
Distance multiplier	5x at mid, falling quadratically to 0x at published cutoff
Minimum depth	$50 raw in-band bid-plus-ask notional
Two-sided multiplier	1x to 3x
Payout	Pro rata within each reward pool