# Novig vs ProphetX

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Canonical: https://novigapi.com/compare/novig-vs-prophetx
Facts checked: 2026-11-12

Both are CFTC-designated sports exchanges, but they charge differently. Checked 12 Nov 2026, ProphetX charges 2% of net gains per market on most straight contracts, with a maker and taker fee on NHL, while Novig charges takers 0.06 x P x (1 - P) per $1 of payout, and only in-game on game markets. (Source: [ProphetX: Fee Schedule for Straight Contracts (5 Nov 2026)](https://framerusercontent.com/assets/0PR4FR5AUuNv0xMjMRGkbz8GZ0.pdf))

Novig and ProphetX both run order books for sports contracts in the US, both hold a CFTC designation from June 2026, and both price outcomes as probabilities. The fee models are the real difference, and ProphetX changed its straight-contract schedule on 5 Nov 2026.

## Fees

Fees per the platforms' own schedules, checked 12 Nov 2026

| Fees (checked 12 Nov 2026) | Novig | ProphetX |
| --- | --- | --- |
| Straight contracts | Taker pays 0.06 x P x (1 - P) per $1 of payout; makers pay nothing | 2% of net gains per market on all events except NHL |
| NHL events | Same as every other game market | Taker 0.035 x P x (1 - P), maker 0.01 x P x (1 - P), per contract |
| When it applies | Game markets: only while the event is live. NFL, NCAAF, NCAAB, NCAAWB, MLB, NBA, WNBA and NHL futures: always. Golf, tennis, UFC, F1 and NASCAR futures and series winners: never | Commission only where you have net gains; NHL fee on every fill |
| $100 of payout at 50%, a winning trade | $1.50 if matched live; $0 pregame | $1.00 on the $50 net gain (non-NHL) |
| $100 of payout at 50%, a losing trade | $1.50 if matched live; $0 pregame | $0 (non-NHL) |
| Parlays | RFQ taker fee 0.10 x w x k / (w + k) | Separate parlay schedule (12 Oct 2026); not reproduced here |


The two models reward different habits. ProphetX's commission only bites when you win in a market, so a losing trade costs nothing beyond the spread. Novig's fee is charged on the fill, win or lose, but only on in-game fills of game markets; pregame trading there is free. A pregame bettor pays nothing on Novig and 2% of winnings on ProphetX.

## Coverage

Coverage, checked 12 Nov 2026

| Coverage (checked 12 Nov 2026) | Novig | ProphetX |
| --- | --- | --- |
| Sports | Sports only: NFL, NCAAF, NCAAB, NCAAWB, MLB, NBA, WNBA, NHL, PGA, ATP, WTA, UFC, F1, NASCAR among the leagues its fee docs list | Sports; NHL called out separately in the fee schedule |
| Markets | Game lines, player props, futures, series winners; parlays priced through RFQ | Straight contracts and parlays |
| States and regions | All US states except Nevada, Arizona and Michigan, judged by physical location; 21+ | State list not published on the fee pages we read |
| Regulator | Ludlow Exchange, LLC (doing business as Novig), CFTC-designated contract market since 16 Jun 2026 | ProphetX LLC, CFTC-designated contract market since 11 Jun 2026 |


## Data access

Data access, checked 12 Nov 2026

| Data access (checked 12 Nov 2026) | Novig | ProphetX |
| --- | --- | --- |
| Official API | Yes: signed trading API at docs.novig.com; needs an account, KYC and a location check in production | Not published on the pages we read |
| Public data | Free daily CSVs at data.novig.com (trades and markets), no names, around 5 a.m. ET | Not published on the pages we read |
| History | Trades from 3 Aug 2026, market snapshots from 4 Aug 2026, daily only | Not published on the pages we read |
| What novigapi.com adds | No Novig account, player and team names joined, intraday line history, fair prices, line moves, MCP | Nothing: novigapi.com covers Novig only |


Novig is the more open of the two on data. Its docs publish a signed trading API and free anonymized daily CSVs of every trade and every market. For a no-account read with names and intraday line history, use [novigapi.com](https://novigapi.com/novig-api).

## A worked example

Say you buy $100 of payout at 50% before kickoff, on a non-NHL game, and win. On Novig the pregame fill owes no fee, so you keep the full $50 gain. On ProphetX the 2% commission on net gains takes $1.00. Buy the same position in-game instead and Novig charges $1.50 on the fill, win or lose, while ProphetX still charges $1.00 only if you win. That is why the cheaper venue depends on when you trade and how often you win.

## Who should use which

- **Pregame bettors on game lines**: Novig, with no fee on pregame fills of game markets.
- **In-game traders with a low win rate per market**: ProphetX's net-gains commission may cost less, since losing markets are free.
- **NHL traders**: compare ProphetX's 0.035 taker coefficient with Novig's 0.06, charged only in-game.
- **Quants and model builders**: Novig, for the published API and daily files.

## Verdict

Neither is cheaper in every case. Novig wins pregame and on data openness; ProphetX's commission can win for in-game traders who lose more markets than they win, and its NHL taker coefficient is lower. Model both with your real trade mix using the [Novig fee calculator](https://novigapi.com/novig-fee-calculator).

## Questions

### Which is better, ProphetX or Novig?

It depends on how you trade. Pregame, Novig charges nothing on game markets; ProphetX charges 2% of net gains per market outside NHL. In-game, Novig charges 0.06 x P x (1 - P) per $1 of payout on each fill (checked 12 Nov 2026).

### Does ProphetX charge a commission?

Yes. Its straight-contract schedule dated 5 Nov 2026 charges 2% of net gains per market on all events except NHL, which uses a maker and taker fee instead. Parlays follow a separate schedule.

### Is ProphetX regulated?

ProphetX LLC appears on the CFTC's designated contract market list with a designation date of 11 Jun 2026 (checked 12 Nov 2026). Novig's exchange, Ludlow Exchange, was designated on 16 Jun 2026.

## Sources

- [ProphetX: Fee Schedule for Straight Contracts (5 Nov 2026)](https://framerusercontent.com/assets/0PR4FR5AUuNv0xMjMRGkbz8GZ0.pdf)
- [ProphetX: Trading Fees](https://www.prophetx.co/t-c/trading-fees)
- [Novig docs: Trading Fees](https://docs.novig.com/fees.md)
- [Novig docs: Trading fees (game and futures schedules)](https://docs.novig.com/api/concepts/fees.md)
- [CFTC: Designated Contract Markets list](https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?col=Status&dir=DESC&page=1)
- [Novig Help Center: Eligibility & Legality](https://support.novig.com/en/articles/16194031-eligibility-legality)
- [Novig docs: Exchange Data](https://docs.novig.com/public-data/overview.md)

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