HTX to Update Assessment and Elimination Rules for USDT-M Futures Market Makers

HTX

Dear HTX Market Makers,

To optimize platform liquidity and enhance the robustness and sustainability of our assessment framework, HTX will implement a comprehensive upgrade to the assessment and elimination rules for USDT-M Futures market makers, effective May 31, 2026, at 16:00 (UTC).

This upgrade introduces a Trading Pair Grouping Management System and a Comprehensive Liquidity Score mechanism. These enhancements are designed to more accurately measure liquidity contributions, incentivize market makers to provide deep and stable liquidity, and ensure a fair and transparent partnership ecosystem.

I. Key Updates

1.1 Updated Elimination Rules (USDT-M Futures):

If a Market Maker (MM) fails to meet Tier 2 requirements for any group within a given month, the account will be downgraded to the Market Maker Base Fee Rate.
If the assessment results for all groups within a specific business line fall below Tier 2, the market maker will be removed from that business line.
If the market maker fails to meet the requirements across all three business lines, their Market Maker status will be revoked.

Once revoked, users will be ineligible to re-apply for market maker status for three months. This rule will take effect on May 31, 2026, at 16:00 (UTC) and will be reviewed on a monthly basis.

1.2 Assessment Rule Optimization

Assets are categorized into four independent groups using a “Level-Up” mechanism. Each group has its own tier structure and maker fee schedule. Qualification for a specific tier is achieved by meeting any one of the criteria within that group.

Qualification for a specific tier is achieved by meeting any one of the metrics within that group.

USDT-M Futures

Group	Tier	Level-Up
		Maker Volume Relative to the Platform's Total Maker Volume	Weighted Maker Trading Volume Ranking	Monthly Composite Liquidity Score
Core	Tier S	≥ 3%	/	/
	Tier 1	[1%, 3%)	/	/
	Tier 2	[0.1%, 1%)	/	/
Growth	Tier S	≥5%	[0, 10%]	≥75
	Tier 1	[1%, 5%）	(10%, 40%]	[45, 75)
	Tier 2	[0.2%, 1%）	(40%, 80%]	[15, 45)
Watchlist	Tier S	/	[0, 15%]	≥70
	Tier 1	/	(15%, 45%]	[50, 70)
	Tier 2	/	(45%, 80%]	[20, 50)

Notes:

New listings are trading pairs that have been listed on HTX for less than 30 days and are assigned to the Support Zone. These enjoy the highest maker fee rates (-0.014%) and are exempt from standard assessments.
Trading pair groupings are subject to dynamic market adjustments; any changes will be communicated via official HTX announcements.
For more details on trading pair groups, see the Trading Pair Grouping Announcement.
For details regarding the weight coefficients of each trading pair, please refer to the Trading Pair Weight Coefficient Announcement.
The assessment rules for Spot and Coin-M futures remain unchanged.
Separate assessments will be conducted for Spot, USDT-M Futures, and Coin-M Futures. Meeting any one of the three criteria will qualify you as having passed the assessment.
Level changes occur monthly, based on meeting the criteria of any qualifying metric.

1.3 Maker Fee Rates (Unchanged)

Tier	USDT-M Futures Maker Fee Rate (bps)
Tier S	-1.40
Tier 1	-1.25
Tier 2	-1.00

Notes: 1 bps = 0.01%

Market Makers will receive their negative Maker rebates immediately after each trade is completed. Their Taker fee rate is determined by their Prime level on the HTX platform.

II. Definitions and Formulas

Maker Volume Relative to the Platform's Total Maker Volume = (Maker's Individual Trading Volume / Platform's Total Maker Trading Volume) × 100%
Monthly Weighted Maker Trading Volume = Σ All Trading Pairs {Trading Pair Maker Volume * Trading Pair Weight}
Monthly Composite Liquidity Score =xˉ Average Individual Asset Score within Group × Coverage Coefficient

Final Individual Asset Score within Group = ∑ (Sum of Snapshot Points for a Single Asset in a Month / Theoretical Maximum Points) × 100
Coverage Rate = Number of Traded Assets / Total Assets in Group
Theoretical Max Points = Total Number of Snapshots × Max Points per Asset

Coverage Coefficient Reference Table:

Coverage Rate	Coverage Coefficient
≥80%	1.0
60%-80%	0.9
40%-60%	0.8
20%-40%	0.7
<20%	0.6

Single Snapshot Point Rules (Evaluated independently per group; determine corresponding group maker fee rates)

Growth			Watchlist
Order Price Range	Min. Cum. Pending Orders	Point	Order Price Range	Min. Cum. Pending Orders	Point
0.01%	300	5	0.05%	500	5
0.05%	1,000	3	0.10%	1,000	3
0.10%	2,000	2	0.30%	3,000	2

*Min. Cumulative Pending Orders = (Bid Ask) / 2 within the tier (denominated in USDT).

Calculation Examples

Example 1 (Final Individual Asset Score within Group): Growth Group — XRP

The thresholds for the Growth Group are 300 / 1,000 / 2,000 USDT. Assume that after one month of activity, the market maker’s snapshot data is as follows:

Item	Data	Points per Asset
Total Monthly Snapshots (N)	8,640 (5 min intervals × 30 days)	10
0.01% Tier Successes	2,592 (30% success rate)	5
0.05% Tier Successes	4,320 (50% success rate)	3
0.10% Tier Successes	1,728 (20% success rate)	2

Points Calculation:

Total Snapshot Points for a Single Asset = 2,592 × 5 4,320 × 3 1,728 × 2 = 12,960 12,960 3,456 = 29,376 points

Theoretical Maximum Points = 8,640 × 10 = 86,400 points

Final Score for a Single Asset = 29,376 ÷ 86,400 × 100 = 34

Example 2: Monthly Composite Liquidity Score

There are a total of 6 trading pairs in the Growth Group. The Market Maker (MM) covers 5 of these pairs with exceptionally high quality; each monthly individual asset score is 90 (approaching Tier S standards).

Traded Assets = 5; Total Assets in Group = 6; Coverage Rate = 5/6 = 83.3% → Coverage Coefficient = 1.0

Average Individual Asset Score within Group = (90 90 90 90 90)/5 = 90

Monthly Composite Liquidity Score= 90 × 1.0 = 90. → According to the assessment rules, the Market Maker’s result for this level up is Tier S.

If you have any questions or need assistance regarding the new rules, please reach out to your dedicated account manager on HTX.

We remain committed to enhancing the platform's liquidity ecosystem and collaborating with our market makers to foster a more stable trading environment.

Apply to Become an HTX Market Maker

Send an email to [email protected] or contact your account manager.

Email Subject: Market Maker City Your Title Your HTX UID
Email Content: Please provide a brief description of your background, contact information, and location.

Thank you for your continuous support and trust in HTX.

HTX Team

May 6, 2026

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HTX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and HTX makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on HTX. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.

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