CoinFlex -First Physically Delivered Cryptocurrency Futures Exchange

Flip MM

CoinFLEX announces designated market making programme that pays out USD250-500k for upto 10 qualifying market making firms. Please see high level details below and in the attached programme details.

Up to 10 eligible trading firms will be able to participate in CoinFLEX’s “Flippening” Market Maker (MM) Program.

Futures Requirements:

Spread Requirement Size Time in Market*
0.10% 5 XBT 60%
0.25% 10 XBT 60%

This is in the front month, XBT/USDT Futures contract only. At the wednesday prior to expiry (the “Roll Day”) the MM firm may switch the requirement to the next month instead.

*Time in market defined on a daily basis.

Spot Requirements:

Spread Requirement Size Time in Market*
0.15% 2 XBT 60%

Fixed Stipend Incentive:

The first 10 firms to quote this spread requirement in live will receive $20,000 USDT per month. The 3 top firms by volume will receive an extra $16,666 per month. Totalling $250,000.

$500M Average Daily Volume (ADV) Incentive:

When CoinFLEX’s front month XBT/USDT contract trades over $500M per day on average in a calendar month, then an extra $250K will be awarded in payments to the 10 firms. The top 3 by volume firms will receive $16,666 each, totalling $50K. $200K extra will be split between the ten firms based on pro rata volume share measured each day, averaged over the month.

BitMEX Flippening Incentive:

Each of the 10 firms qualifying during October, November AND December will qualify for the “BitMEX Flippening Incentive”. In the month of December, if the average of CoinFLEX’s daily volume in front month XBT futures surpass the average of BitMEX’s daily volumes in perpetual swaps, each of the ten trading firms to qualify will receive $1 Million USD worth of crypto (USDT or USDC) to be paid no later than January 5th, 2020.

OKEX Flippening Incentive:

Each of the 10 firms qualifying during January, February AND March will qualify for the “OKEX Flippening Incentive”. In the month of March, if CoinFLEX’s total futures volumes across all futures products (except for stablecoin to stablecoin futures products) surpass OKEX’s volumes in Weekly Futures, Biweekly Futures, Quarterly Futures and Perpetual Swaps, each of the ten trading firms to qualify will receive $1 Million USD worth of crypto (USDT or USDC) to be paid no later than April 5th, 2020.

Fees

0% Maker and 0.02% Taker Fees (0.01% Taker Fee after reduction, if 100 FLEX Coins are redeemed every day).

FLEX Coins

MM’s are eligible for mining FLEX Coins on any taker volumes. For more on this go here: https://coinflex.com/wp-content/uploads/whitepaper-en.pdf

Daily Email Performance Summary

Everyday, CoinFLEX will email each market maker a summary of their specific performance in terms of quoting uptime as well as their volume ranking compared to the other market makers. All comparisons will of course be anonymised so no information leaks to competitor market making firms.

Disqualification out

If firms fail to meet their MM requirements, the bottom 3 as measured by requirements uptime in any month will be eligible for replacement by new entrants after that calendar month has ended.

Minimum ADV Qualification

The flippening bonus for both the December and March trigger events are both contingent on an average daily ADV of $2 Billion as measured on CoinFLEX XBT front month futures for the payout month in question.

Maximum Payout

A firm may only get a maximum of $1m in each of the flippening events.

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Prohibited Countries: American citizens and residents of the United States of America, Cuba, Iran, Syria, Sudan, North Korea, Afghanistan and any other Countries that are restricted from trading on our platform are prohibited from holding positions or entering contracts at CoinFLEX. If it is determined that any CoinFLEX trading participant has given false representations as to their location or place of residence, CoinFLEX reserves the right to close any of their accounts and to liquidate any open positions.