Maker Credit Program

Earn cash credits back on qualifying trades where your make order gets matched in-game.

How It Works:

Terms and Conditions

1. Description of Program

Welcome to Novig’s Maker Credit Program (the “Program”), through which eligible Members may earn a cash credit (a “Maker Credit”) for supplying liquidity on qualifying trades in markets that carry a Live Trading fee. The Program is offered by Ludlow Exchange, LLC, d/b/a Novig (“Novig” or the “Exchange”), a Commodity Futures Trading Commission-designated contract market, located at 169 Madison Avenue #2199, New York, NY 10016. The terms “you” or “your” mean the Member participating in the Program. Participation in the Program is expressly conditioned upon acceptance of and compliance with these Terms and Conditions (these “Terms”), the Ludlow Rulebook (the “Rulebook”), and the Ludlow Member Agreement (the “Member Agreement”). Capitalized terms used but not defined in these Terms have the meanings given to them in the Rulebook and the Member Agreement. ANY DISPUTE RELATING TO THIS PROGRAM WILL BE RESOLVED IN ACCORDANCE WITH SECTION 9 BELOW, AND PARTICIPANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT.

2. Eligible Markets and Scope

The Program applies to each market for which Novig assesses a Live Trading fee (each, an “Eligible Market”). In these Terms, “market” refers to a Contract, as defined in the Rulebook, that is available for trading on the Exchange. A market is an Eligible Market for as long as it carries a Live Trading fee under Novig’s live trading fee schedule (as posted on the Novig website pursuant to Rule 3.6 of the Rulebook); a market that does not carry a Live Trading fee is not an Eligible Market and does not generate Live Trading Maker Credits.

For purposes of the Program, “Live Trading” means trading in an Eligible Market while the underlying event is in progress (“in-game”), as reflected in Novig’s live trading fee schedule. Trading fees assessed at any other time — including before the event begins — are not Live Trading fees and do not generate Maker Credits.

A "qualifying trade" is a trade in an Eligible Market in which your Maker order, quote, or other Maker-side interest is matched (filled) while the underlying event is in progress (in-game), such that a Live Trading Taker Fee is assessed and collected on the counterparty's Taker order. The time at which you placed your order does not affect whether a trade is a qualifying trade; an order placed before the event begins may result in a qualifying trade if it is matched while the event is in-game.

For each Eligible Market, Novig will specify by notice on the Novig website (a “Notice”) the applicable Maker Credit percentage, the effective period, the crediting frequency, and whether trades resulting from Novig’s request-for-quote (“RFQ”) process under Rule 5.2 of the Rulebook are eligible for Maker Credits. These terms may vary between Eligible Markets and between different periods for the same Eligible Market, provided they are posted by Notice and applied consistently to similarly situated Members.

The Program does not apply to Combination Contracts (including any multi-leg or "parlay" Contracts). No Maker Credit accrues on any trade in a Combination Contract, regardless of whether that Contract otherwise carries a Live Trading fee or is matched while the underlying event is in-game.

3. Eligible Members

All Members are eligible to participate in the Program, except: (i) Affiliates of the Exchange; and (ii) any Member that has executed a Market Maker Agreement with the Exchange under Chapter 4 of the Rulebook. Eligibility is determined at the time of the applicable trade.

4. How Maker Credits Are Calculated

For each qualifying trade in an Eligible Market, if your order, quote, or other Maker-side interest supplies liquidity, you receive a Maker Credit calculated as 50% of the Live Trading fee actually collected by Novig from the other side of the trade (the “Taker fee”):

Maker Credit = 50% × Taker Fee

Novig posts the applicable Maker Credit percentage for each Eligible Market by Notice and may adjust it from time to time by Notice, consistent with the Program’s filed terms; in no case will a Maker Credit exceed the Taker fee actually collected by Novig on that trade.

A Maker Credit is calculated only on Taker fees actually collected and retained by Novig — not on fees merely assessed. If a Taker fee is reduced, waived, refunded, or rebated under any other program or arrangement, your Maker Credit reflects only the amount Novig actually collects and retains after that reduction, waiver, refund, or rebate. For purposes of the Program, “fees” means Novig’s trading fees, and does not include clearing, banking, or payment processing fees.

Because an Eligible Market is, by definition, a market that carries a Live Trading fee, only Taker fees generated through live trading on the Exchange are eligible for Live Trading Maker Credits; fees generated through any other Novig product, mode, or offering are not.

Under Novig’s live trading fee schedule, the Taker fee for a trade is calculated as:

Taker Fee = 0.03 × P × (1 − P) × Contracts

where “P” is the price of the Contract, expressed as a value between $0.00 and $1.00, and “Contracts” is the number of Contracts in the trade. Applying the current 50% Maker Credit percentage, this means:

Maker Credit = 0.015 × P × (1 − P) × Contracts

This formula, and the live trading fee schedule generally, may be updated from time to time and is available here.

5. Crediting and Adjustments

Novig will credit Maker Credits to your account, as cash, within seven (7) calendar days of the qualifying trade, unless Novig posts a different crediting frequency for a specific Eligible Market by Notice. Such cash, once credited, is subject to the withdrawal terms set forth in the Rulebook and the Member Agreement. If a trade is cancelled or adjusted (including under Rule 5.8 of the Rulebook), or if the associated Taker fee is waived, reversed, refunded, returned, or otherwise not collected for any reason, no Maker Credit accrues with respect to that trade, and Novig will reverse or reclaim any Maker Credit already credited for that trade.

6. Anti-Abuse and Compliance

You may not enter into wash trades, prearranged trades, self-matching orders, or any other trade or course of conduct designed to generate Maker Credits without bona fide market risk. The Rulebook’s prohibitions on abusive trading, including Rule 5.11, apply in full to activity under this Program, and violations are subject to discipline under Chapter 9 of the Rulebook. If Novig’s Chief Regulatory Officer determines that your participation is abusive or inconsistent with the purpose of the Program, Novig may withhold, reverse, or reclaim any Maker Credit and may suspend or terminate your participation in the Program.

7. Program Term

The effective period of the Program will be announced by Notice on the Novig website. The Program will begin at 12:00 AM Eastern Time (“ET”) on August 4, 2026 (the “Implementation Date”) and will expire one year from the Implementation Date, unless extended by Novig by Notice.

8. Monitoring, Modification, and Termination

Novig will monitor participation and trading activity under the Program and maintain records of its operation. Novig may modify, suspend, or terminate the Program, or any Member’s participation in the Program, at any time by Notice.

9. Dispute Resolution

Any dispute relating to this Program is a "Dispute" governed by the informal dispute resolution, mandatory arbitration, and class action waiver provisions of the Member Agreement (Sections 22–25) and Chapters 10–11 of the Rulebook, including the opt-out rights and carve-outs set forth therein.

10. Additional Terms

Administration: Novig expressly reserves the right to amend, suspend, or terminate this Program at any time without prior notice or consent, and administration of this Program is at Novig’s sole discretion. Questions relating to eligibility, these Terms, or any other aspect of this Program will be resolved at Novig’s sole discretion, and its decisions will be final and binding.

Release: By participating in this Program, you agree to release, defend, indemnify, and hold harmless the Exchange and its directors, officers, and employees, consistent with Rule 12.3 of the Rulebook.