Rest before you fill
Maker economics apply when an order adds liquidity rather than immediately taking from the book. Post-only controls help make that intent explicit.
MONACO / FEE ECONOMICS
LIQUIDITY HAS
AN ECONOMY.
Monaco combines maker rebates with trader and builder attribution. For an automated trading platform, fees are not an afterthought — they are part of expected value, routing and product economics.
MAKER LIQUIDITY
Providing liquidity can earn, not only cost.
Monaco publicly describes maker rebates as an incentive for limit orders that deepen the order book. A negative maker fee changes the economics of market making, but it does not make a bad quote profitable.
Rebate is one component
Spread capture, adverse selection, inventory risk, latency and the applicable fee or rebate all belong in the same decision model.
Markout still matters
A fill can earn a rebate and still lose money if the market moves through the quote. Post-fill markout is more informative than fill count alone.
TRADERCODES / REFERRALS
Trading relationships can travel with the trader.
Monaco's TraderCodes are designed as a network-level referral layer across Monaco-connected applications. Monaco's current public material advertises revenue sharing of up to 50%, with exact economics subject to the live programme terms.
REFERRED TRADERtrades through Monaco
→PROTOCOL FEESactivity is attributed
→TRADERCODEeligible revenue share
Metanyx implication
A distributed Metanyx client could attach the appropriate Monaco attribution to eligible routed activity, creating a recurring revenue surface without taking custody of customer assets. Implementation must follow Monaco's current API and programme rules.
BUILDERCODES / APPLICATION ECONOMICS
The interface can participate in the flow it creates.
Monaco describes BuilderCodes as USDC revenue share on trades routed by an integration, and says builders can keep 100% of fees they add. That creates a distinct economic layer for trading software and frontends.
Identify routed volume
Builder attribution lets venue activity be associated with the application that originated it.
Align product and volume
Revenue share can tie the economics of an integration to the trading activity it helps generate.
Make fees visible
Any app-level fee should be explicit to the trader and modelled in the same net execution cost used by strategy logic.
/ FEE-AWARE EXECUTION
Optimise the trade after fees, not before them.
The Monaco bot's market-making architecture already separates fee economics, spread P&L and markout concepts. The direction for Metanyx is to make quoting and routing decisions on net expected value.
NET EXPECTED VALUEedge + maker rebate − fees − slippage − adverse selection − latency riskConceptual decision model — not a profitability guarantee.
Earn the spread carefully
Normal market-making paths remain passive and can withdraw threatened quotes when external venues lead Monaco.
Cross only when justified
A dislocation-taker path should require executable depth and enough post-fee edge to survive slippage and latency haircuts.
Never hard-code economics
Venue fee tiers and referral programmes can change. Production systems should query or configure the current schedule.
Programme descriptions reflect Monaco public material available in October 2026 and may change. Verify current Monaco terms before relying on any rate or revenue-share figure.
BUILD FOR WHAT
MOVES NEXT.
Talk with Metanyx about fee-aware execution, quantitative research and strategy infrastructure.
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