# Market making on Novig

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Canonical: https://novigapi.com/guides/novig-market-making
Facts checked: 2026-11-12

Market making on Novig means posting resting limit orders that others take; makers pay no trading fee and can earn a Maker Credit. Since 22 Oct 2026 the credit is 25% of the taker fee on in-game fills in game markets and 50% on fills in eligible futures, paid as cash within seven days. (Source: [Novig docs: Maker Credit Program](https://docs.novig.com/maker-credit-program))

## Make versus take

A make order rests on the book until someone else's order fills it; a take order matches a resting order immediately. On Novig the maker fee is $0 on every trade type. Takers pay a fee only on live straights, futures and parlays. Pre-game straight trades are free for both sides, so making pre-game earns no credit either; the credit exists only where a taker fee is collected.

## How the Maker Credit is calculated

```
Maker Credit = credit rate x 0.06 x P x (1 - P) x contracts
```
The credit rate is 25% on game markets, earned only on in-game fills, and 50% on eligible futures, earned on every fill, effective 22 Oct 2026.

Novig maker credit schedules (Maker Credit Program terms, checked 12 Nov 2026)

| Schedule | Taker coefficient | Credit until 22 Oct 2026 | Credit from 22 Oct 2026 | When earned |
| --- | --- | --- | --- | --- |
| Game markets, live | 0.06 | 50% | 25% | Only when filled in-game |
| Eligible futures | 0.06 | 70% | 50% | On every fill |
| Pre-game straights | No fee | None | None | Not eligible |
| Parlays and combinations | 0.10, in quote | None | None | Excluded |


At a price of 50% the taker pays $0.015 per $1 contract; a live maker earns $0.00375 and a futures maker $0.0075. On 100 such contracts that is a $1.50 taker fee, a $0.375 live credit or a $0.75 futures credit. Watch the units in the trading API: there a contract pays 1 cent, so the same $100 position is 10,000 API contracts, and Novig's API example of 10,000 contracts at 0.50 costs the same $1.50. Eligible futures are those in NFL, NCAAF, NCAAB, NCAAWB, MLB, NBA, WNBA and NHL; futures in PGA, ATP, WTA, UFC, F1 and NASCAR and all series winner markets are not eligible.

## Program terms worth knowing

- All Members can join except affiliates of the exchange and Members with an executed Market Maker Agreement.
- Credits are paid as cash within seven calendar days and reversed if a trade is cancelled, adjusted or its fee is waived.
- Credits are calculated on fees actually collected, never more than the taker fee on that trade.
- Wash trades, prearranged trades and self-matching to farm credits are prohibited under the rulebook, including Rule 5.11.
- The program began on 4 Aug 2026 and runs one year unless extended; Novig can change rates by notice.

## The risks of resting orders

Novig's API docs warn that every go-live event voids every resting order, and that the live window can open more than once. A maker who wants to stay on the book in-game must repost after go-live. Whether a fill counts as live is decided at match time, so fills on the live side of a go-live are charged as live. Resting orders also carry adverse selection: when news breaks, the first takers to act fill stale quotes. The credit is compensation for that risk, not free money.

## Making markets through the API

Novig's official trading API needs an account, signed requests using Ed25519 or P-256 keys, and a valid location: an API key inherits the newest device geolocation of its account and stops placing orders when that pass expires. Each subaccount has its own balance and trading key. Parlay makers register a subaccount and quote requests for quote over a websocket, with a 1-second last look and a 99% confirm-rate requirement during the beta. Ludlow Exchange also filed a separate Liquidity Provider Program with the CFTC on 6 July 2026; this guide does not cover its terms.

## Read rates from the market, not from this page

Each market carries its fee object, with the coefficient, the maker credit and when it is charged. Novig's docs say not to hardcode a rate. Use the [fee calculator](https://novigapi.com/novig-fee-calculator) to see taker fees and credits at any price.

If you work with this data in code, Novig has an official trading API and free daily CSVs. [The Novig data API](https://novigapi.com/novig-api) is an independent, read-only layer on top: no Novig account, names resolved, intraday line history, fair prices and alerts.

## Questions

### What is take and make on Novig?

A make order rests on the book and supplies liquidity; a take order fills a resting order immediately. Makers never pay a fee on Novig; takers pay one on live, futures and parlay trades.

### Do makers pay fees on Novig?

No. The maker fee is $0 across all trade types under the schedule checked 12 Nov 2026.

### When are Novig maker credits paid?

As cash within seven calendar days of the qualifying trade, unless Novig posts a different crediting frequency for a market.

### Can I make markets on Novig through the API?

Yes. Novig's official trading API supports resting orders and RFQ quoting for parlays. It requires an account, signed requests and a valid device location.

## Sources

- [Novig docs: Maker Credit Program](https://docs.novig.com/maker-credit-program)
- [Novig API docs: Trading fees](https://docs.novig.com/api/concepts/fees)
- [Novig Help Center: Fees on Novig](https://support.novig.com/en/articles/16195057-fees-on-novig)
- [Novig API docs: RFQ overview](https://docs.novig.com/api/rfq/overview)
- [Novig API docs: Get the geolocation status](https://docs.novig.com/api-reference/accounts/get-the-geolocation-status)
- [CFTC filing: Ludlow Liquidity Provider Program (6 Jul 2026)](https://www.cftc.gov/filings/orgrules/rules0706268908.pdf)

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