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This page is reference material for anyone quoting, hedging, or building tools on top of Fairground. For the trader-facing fee and rebate walkthrough, see Fees and Rebates. For deeper protocol behavior, check the links under Related protocol topics at the end. Fairground gives market makers a way to provide liquidity without a time-based fee for traders. Makers provide two-sided depth with no-rush orders, receive the impact fee from the standard orders they fill against, and collect rebates on the open interest those orders create. The impact fee is designed to offset the adverse selection that comes with filling at a single oracle price.

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No-rush orders

Market makers provide liquidity by designating orders as no-rush orders. That designation changes matching and fee treatment; it does not change the fill price. All fills still execute at the current . No-rush orders:
  • Have no (unrestricted, always eligible at the current oracle price)
  • Do not trigger matching when placed, so posting them does not start a matching cycle
  • Fill only after other orders in the cycle (the residual stage)
  • Never fill against other no-rush orders
Size that fills from no-rush orders is tagged as eligible open interest. That tagged size is what rebates accrue to.
No-rush orders are an advanced order type. With no price threshold, they fill at whatever the oracle price is when matching runs, and the maker doesn’t control when that happens. Size and hedge positions accordingly.

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Impact fee

The impact fee is the Fairground equivalent of spread on a CLOB. It is paid by (market and limit orders alike) and received by no-rush orders:
  • Standard–no-rush match: the standard order pays, the no-rush order receives
  • Standard–standard match: both orders pay the impact fee
The impact fee rate is determined dynamically from external order-book depth: the cost of buying or selling on major venues at the same timestamp as the oracle price. It is quoted for the total standard size filled on each side in a matching cycle. Because fills still happen at a single oracle price, the impact fee is what stops a standard order from capturing that price for free when external markets are offering a worse bid or ask. A well calibrated impact fee addresses the adverse-selection problem of filling at one oracle price. Impact is assessed at fill and scales with size. Splitting an order does not reset depth. Later same-side size pays as if it walked further into the external book.

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Trade fee and no-rush volume discounts

Every position change pays a trade fee on notional changed. The rate is set per market and recalculated every 24 hours: it starts at the market’s maximum and falls toward its minimum as eligible OI grows. Trade fees on no-rush fills are further discounted based on the wallet’s no-rush volume in that market during the previous epoch. See Fees and Rebates for the details and example rates. Each matched side pays the trade fee. After a match, collected fees are allocated to:
  • Rebates on eligible open interest
  • The insurance fund
  • A protocol remainder
Impact fees are separate from this split. They transfer from taker orders to no-rush orders when those orders match.

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Rebates

Order side still matters for matching. It does not drive rebate accounting. Rebates accrue only to eligible size. The protocol keeps a single cumulative rebate index. After each matching cycle, the index increases by that cycle’s fee pool divided across all open interest on both sides. Positions earn that increase on their eligible size and realize it on reduce or close. Because the pool is divided across all open interest, eligible positions receive only their share. The portion attributable to non-eligible open interest goes to the insurance fund and protocol. Size that did not come from a no-rush fill does not accrue rebates.
A close does not receive accrual from the same cycle that closes it. New no-rush size that fills in that cycle snapshots the pre-update index and does pick up the increase.

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How makers typically quote

A typical maker strategy on Fairground:
  • Post large long and short no-rush orders and hold the resulting two-sided open interest to collect rebates
  • Rely on the impact fee when standard orders fill against that liquidity
  • Close when volatility is high or when the resulting exposure cannot be hedged
Standard orders, market and limit alike, pay the impact fee, much as a taker pays spread and slippage on a CLOB. Market orders still fill promptly most of the time.

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Matching implications

Matching still builds a long queue and a short queue by order side (opens and closes that buy vs sell). Within each queue, liquidations, then reduce orders, then increase orders fill first. Remaining opposing standard flow can then fill against no-rush orders, with no-rush reduce orders filling before no-rush increase orders. Leftover no-rush size on both sides stays unfilled. Placing a no-rush order does not start a matching cycle. No-rush orders become eligible the next time matching runs for that market. Matching runs when a standard order is placed, or when a matching transaction is sent. See Order matching.
Last modified on October 23, 2026