MicrostructureKilled

Maker rebate capture on HYPE: post both sides, collect the spread

0.49 bps

the typical gap between buy and sell prices, too thin to earn the rebate

bps = basis points = a hundredth of a percent (100 bps = 1%).

In plain English

HYPE’s buy/sell gap is too thin to earn the rebate for posting both orders, the spread disappears before both can fill.

What was claimed

The exchange pays you for orders that add liquidity, so post both sides of HYPE and collect the payments.

The bar it had to clear

a spread wide enough to clear a ~1.5 bps rebate

What the data said

0.49 bps median spread

Why it's dead

HYPE's BBO spread (the gap between the best bid and the best offer) is too tight to post both sides and capture a reliable rebate (the small payment exchanges make for resting orders that add liquidity). The market is efficient enough that the spread collapses before both legs can fill.

The detail

Full BBO history analysed. Median spread: 0.49 bps. At a 0.49 bps median spread and a maker rebate of ~1.5 bps, there is no room to systematically post and capture.

Kill date: 2026-03-18
Sample: full BBO history
Method: Documented kill
Verdict: structural kill, spread too small