← Back to the Ledger
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 it needed
a spread wide enough to clear a ~1.5 bps rebate
→
What it got
0.49 bps median spread
Why it's dead
HYPE's BBO spread is too tight to post both sides and capture a reliable rebate. 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
- Pre-registered
- Verdict
- structural kill, spread too small
Pre-registered before the data. Judged on a criterion locked in advance. Published whatever the result.
See all kills →