We are pleased to announce that negative trading fees will return this Wednesday, 19th Feb, 2020 at 4PM SGT.
Our negative fee rebate program now rewards you with a withdrawable rebate! The more you hodl and the more you trade, the more you are rewarded. This time, rebates are rewarded in our favourite token, SWTH, and you stand to earn even more than before!
What exactly is a Negative Fee?
Switcheo will be offering negative maker fees, meaning that traders will earn money for the execution of each maker trade on the platform. In essence, traders will receive a fee rebate in SWTH, which will be credited to a separate vault and can be traded or withdrawn after 6 months. For a start, negative maker fees will be available on specific markets. The list of trading pairs can be found in the program rules below.
You can view your fee rebates under your Switcheo Portfolio. Here is a step-by-step guide on how to create a portfolio if you’re new to Switcheo. Under this Negative Fee program, users can unlock negative maker fees starting from Tier 1 with at least 300,000 SWTH locked up in Switcheo Chest and a 30-day trading volume of at least 10,000 USD.
Here is a breakdown of our fee structure after applying the fee rebate:
Note that taker fees are not reflected as the Tiered Trading Fee Discount Program is independent of the Negative Fees Program.
This program will be run from 19th February 2020 to 30th June 2020 or until the total exchange volume reaches 100,000,000 USD during the event period.
How to unlock Negative Fees:
Step 1: Login and deposit SWTH into your contract balance
Step 2: Lock up SWTH in Switcheo Chest
Step 3: Make trades as usual! Hodl more and trade more to progress to higher tiers for more rewards.
- To be eligible for negative fees, you will have to deposit (or purchase) at least 300,000 SWTH into your contract balance and lock up in Switcheo Chest (if available).
- You will need to create a Switcheo Portfolio or Switcheo Account to receive and view your negative fee rebates.
- Negative fees are currently only applicable to the following 5 markets: ETH/DAI, LINK/ETH, CEL/ETH, SNX/ETH, MKR/ETH.
- At 00:00 UTC every day, Switcheo will evaluate your total trading volume over the past 30-day period and your current SWTH balance in the Switcheo Chest. If you meet both conditions required to be eligible for a specific Tier, your Tier level and corresponding negative Maker fees will be updated within one hour, by 01:00 UTC each day.
- Your Tier level and corresponding trading fees will be in effect for 24 hours and automatically renewed daily.
- SWTH tokens committed into Switcheo Chest cannot be unlocked or used until the stipulated event end time. Tokens that are locked are still eligible for any other campaigns by Switcheo.
- Fee rebates will be locked up for 6 months and can be traded or withdrawn after 6 months.
- Fee rebates will be denominated in USD and credited in SWTH at market rate when unlocked.
- The Negative Fee program will be run from 19th Feb 2020 to 30th Jun 2020 or until the total exchange volume reaches 100,000,000 USD. Note that the program will continue to run after the end date of the Switcheo Chest campaign(s).
- If there is no Switcheo Chest campaign for SWTH running at any point in time, the available SWTH amount in users’ contract balance will be used in place of the “Locked Amount in Switcheo Chest”.
- If any other form of staking of SWTH begins before the stipulated end date of the Negative Fee program, the program will be discontinued unless otherwise stated.
- Switcheo is running this program on a goodwill basis and reserves the right to disqualify users that we have deemed to be manipulating (or attempting to manipulate) the markets on Switcheo, exploiting or gaming (or attempting to exploit or game) the Negative Fee program, or otherwise acting against the spirit and/or intent of the Negative Fee program, from receiving any fee rebates.
To view Switcheo’s terms and conditions, go here.