Maker Scoring

The maker league score rewards liquidity providers who combine high fill volume with competitive pricing, reliable quoting, and privacy-enhancing behavior. The formula captures all four dimensions in a single score.

Formula

score = filledNotional * (1 + avgImprovementBps / 100) * reliabilityFactor * privacyFactor

Where:

Component Details

Filled Notional

The sum of USD notional values for all fills where this maker’s signed quote was executed on-chain during the ranking period. Only confirmed settlements count. Reverted transactions, expired quotes, and cancelled quotes are excluded.

Average Improvement (bps)

The volume-weighted average of price improvement across all fills in the period. Price improvement is measured against the best available benchmark from alternative venues at the time of each fill.

avgImprovementBps = sum(improvementBps_i * notional_i) / sum(notional_i)

A maker who consistently provides better-than-benchmark pricing will have a positive avgImprovementBps, boosting their score. A maker whose prices are worse than benchmarks will have a negative average, reducing their score.

Reliability Factor

The reliability factor reflects the maker’s quoting consistency:

reliabilityFactor = clamp(1.1 - cancelRate * 1.5, 0.50, 1.10)

Where cancelRate is the fraction of quotes that were cancelled (nonce incremented) before the taker could execute them.

Privacy Factor

privacyFactor = 1.00 + (privateFillNotional / totalFillNotional) * 0.10

The privacy factor ranges from 1.00 (no private fills) to 1.10 (all fills are private). It is proportional to the share of the maker’s volume that came from private RFQ routing. Only fills with notional >= $50,000 qualify as private for this calculation.

Worked Examples

Example 1: High-Volume Competitive Maker

A maker fills $2,000,000 in notional over a 30-day period with an average improvement of +8 bps, 3% cancel rate, and 40% private volume.

filledNotional     = 2,000,000
avgImprovementBps  = 8
reliabilityFactor  = clamp(1.1 - 0.03 * 1.5, 0.50, 1.10) = clamp(1.055, 0.50, 1.10) = 1.055
privacyFactor      = 1.00 + 0.40 * 0.10 = 1.04

score = 2,000,000 * (1 + 8/100) * 1.055 * 1.04
      = 2,000,000 * 1.08 * 1.055 * 1.04
      = 2,000,000 * 1.185
      = 2,370,240

Example 2: Small but Reliable Maker

A maker fills $200,000 in notional over a 30-day period with +15 bps average improvement, 0% cancel rate, and no private fills.

filledNotional     = 200,000
avgImprovementBps  = 15
reliabilityFactor  = clamp(1.1 - 0 * 1.5, 0.50, 1.10) = 1.10
privacyFactor      = 1.00

score = 200,000 * (1 + 15/100) * 1.10 * 1.00
      = 200,000 * 1.15 * 1.10
      = 253,000

Example 3: High-Volume Unreliable Maker

A maker fills $3,000,000 but cancels 30% of quotes and has -5 bps average improvement.

filledNotional     = 3,000,000
avgImprovementBps  = -5
reliabilityFactor  = clamp(1.1 - 0.30 * 1.5, 0.50, 1.10) = clamp(0.65, 0.50, 1.10) = 0.65
privacyFactor      = 1.00

score = 3,000,000 * (1 + (-5)/100) * 0.65 * 1.00
      = 3,000,000 * 0.95 * 0.65
      = 1,852,500

Despite having 50% more volume than Example 1, this maker scores lower due to poor reliability and negative price improvement.

Score Interpretation

The league score is denominated in “adjusted notional” units. A score of 2,370,240 means that the maker’s activity is equivalent to $2.37M of fills at perfectly benchmark-matching prices with perfect reliability and no privacy contribution. The multipliers adjust the raw notional up or down based on quality factors.

Related Pages

• League Overview — Introduction to the Liquidity League
• Taker Scoring — Taker league score formula
• Ranking Periods — Time window details
• Maker Overview — General maker documentation