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Great news for all Option Market Makers — we're thrilled to announce that we've extended the

 to Aug 31, 2023! You now have 1 more month to take home a share of the

Additionally, if you're a Market Maker on Paradigm, here's an additional benefit — you can take advantage of no quoting obligations for blocktrading, meaning you have the freedom to reserve assets without the requirement to provide active quotes. What's more, the volume of assets you block during this period will still contribute to your market share within the total Maker volume.

The rules remain exactly the same — here's how you can grab your share:

The maximum spreads allowed for BTC, ETH and SOL are 15 bps, 20 bps and 30 bps respectively.

Cover at least 60% of delta 0.1 – 0.6 strikes across at least two expiries daily for any underlying asset. Only quotes within the maximum allowed spread will count.

Snapshots will be taken every minute to check for your coverage. Here's how your total daily coverage is calculated:

If your coverage for T is 60% and 40% for T+1, the total coverage for the day is (60% + 40%)/2 = 50%. This does not meet the minimum delta coverage of 60%.

If your coverage for T is 70% and 50% for T+1, the total coverage for the day is (70% + 50%)/2 = 60%. This meets the minimum delta coverage of 60%.

The monthly prize pool will be split into smaller, daily prize pools, where 90% will be allocated to weekdays, and the remaining 10% to weekends. Thus, your rewards will be calculated on a daily and pro-rata basis, depending on the eligibility of your trades. Here's how the daily prize pools are calculated:

For example, there are 22 weekdays and eight (8) weekends in November. Therefore, the total amount of rewards to be earned on a weekday and weekend day in November are as follows:

To be eligible for the daily prize pool, your Maker volume should be above 10% of the total Maker volume for the day. For Market Makers on Paradigm, there are no quoting obligations for blocktrading, and the blocktrading Maker volume will count toward the market share of the total Maker volume.

Please contact your Account Manager or our Institutional Services team via institutional_services@bybit.com if you have any questions.

Great news for all Option Market Makers — we're thrilled to announce that we've extended the Merry Market Maker Program to Aug 31, 2023!

Paradigm x Bybit:  Share 1,000,000 USDT Prize Pool and Enjoy No Quoting Obligations for Blocktrading

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