Users can unlock negative maker fees by committing at least 300,000 SWTH in Switcheo Chest and maintaining a 30-day trading volume of at least 100,000 USD.
Event period: 19th February 2020 to 30th June 2020
The negative fee will be credited as a rebate in SWTH and can be traded or withdrawn after 6 months. Users can track their accrued rebates in their Switcheo Portfolio.
How to unlock negative fees:
Step 1: Login and deposit SWTH into your contract balance
Step 2: Lock up SWTH in Switcheo Chest (if event is currently available)
Step 3: Place maker orders as per normal! Hodl more SWTH and trade more to progress to higher tiers for better rewards.
Here is a breakdown of our fee structure after applying the fee rebate:
Note that taker fees are not reflected as the Tiered Trading Fee Discount Program is independent of the Negative Fees Program.
In order to prevent abuse and wash trading, maker orders will attract rebates only after being open for 15 seconds and will accrue evenly on a per-second basis over 45 seconds. This means that the full rebate will be earned only if the order is filled after 60 seconds from the time it was successfully placed.
Maker is a user who qualifies for Tier 3.
Maker is a user who qualifies for Tier 5.
Maker is a user who qualifies for Tier 8
- To be eligible for negative fees, you will have to deposit (or purchase) at least 300,000 SWTH into your contract balance and lock up in Switcheo Chest (if available).
- You will need to create a Switcheo Portfolio or Switcheo Account to receive and view your negative fee rebates.
- Negative fees are currently only applicable to the following 5 markets: ETH/DAI, LINK/ETH, CEL/ETH, SNX/ETH, MKR/ETH.
- At 00:00 UTC every day, Switcheo will evaluate your total trading volume over the past 30-day period and your current SWTH balance in the Switcheo Chest. If you meet both conditions required to be eligible for a specific Tier, your Tier level and corresponding negative Maker fees will be updated within one hour, by 01:00 UTC each day.
- Your Tier level and corresponding trading fees will be in effect for 24 hours and automatically renewed daily.
- SWTH tokens committed into Switcheo Chest cannot be unlocked or used until the stipulated event end time. Tokens that are locked are still eligible for any other campaigns by Switcheo.
- Fee rebates will be locked up for 6 months and can be traded or withdrawn after 6 months.
- Fee rebates will be denominated in USD and credited in SWTH at market rate when unlocked.
- The Negative Fee program will be run from 19th Feb 2020 to 30th Jun 2020 or until the total exchange volume reaches 100,000,000 USD. Note that the program will continue to run after the end date of the Switcheo Chest campaign(s).
- If there is no Switcheo Chest campaign for SWTH running at any point in time, the available SWTH amount in users’ contract balance will be used in place of the “Locked Amount in Switcheo Chest”.
- If any other form of staking of SWTH begins before the stipulated end date of the Negative Fee program, the program will be discontinued unless otherwise stated.
- Switcheo is running this program on a goodwill basis and reserves the right to disqualify users that we have deemed to be manipulating (or attempting to manipulate) the markets on Switcheo, exploiting or gaming (or attempting to exploit or game) the Negative Fee program, or otherwise acting against the spirit and/or intent of the Negative Fee program, from receiving any fee rebates.
Learn more about negative trading fees here.