Maker Credit Program

Post resting orders and earn cash credits back when they're filled: a Base Maker Credit on every qualifying trade, plus a Performance Maker Credit on in-game fills in Leagues where you enroll and meet Novig’s Qualifying Order Standards.

*Current rates are shown in the table above. Novig may change these rates within the ranges set in the Program terms it has filed with the Commodity Futures Trading Commission, on at least 48 hours’ Notice.

Base Maker Credit. Available to all Eligible Members. For each qualifying trade in which your Maker Order supplies liquidity, you receive a Base Maker Credit equal to the Base Rate in effect at the time of the trade multiplied by the Taker fee actually collected on that trade. The Base Rate for each type of market is shown in the table above and may change as described in Section 9. In Live Markets, your Maker Order must execute during the Event Period (in-game). Base Maker Credits are credited to your account as cash at the time of the qualifying trade.

Performance Maker Credit. Available on Live Markets to Eligible Members that enroll in a League and meet the Qualifying Order Standards in every Contract Type of that League during a Measurement Period. For each Qualifying League, you receive a Performance Maker Credit on each Event Period Fill equal to the Performance Rate in effect at the time of the trade multiplied by the Taker fee actually collected on that trade. The Performance Rate for each League is shown in the table above and may change as described in Section 9. The Performance Maker Credit is in addition to the Base Maker Credit and is credited to your account as cash within seven (7) calendar days after the end of each Measurement Period.

Enrollment. To enroll in the Performance Maker Credit, or to request the Qualifying Order Standards, email [email protected]. The Performance Maker Credit is designed for Members able to commit substantial funds to resting Orders. Please review Section 5 before requesting the standards.

Filled trades only. The time at which you place your order does not matter, and placing an order, by itself, never earns a Maker Credit. If a trade is cancelled or adjusted, or the associated Taker fee is waived, refunded, or otherwise not collected, no Maker Credit accrues.

Welcome to Novig's Maker Credit Program (the "Program"), through which Eligible Members may earn cash credits ("Maker Credits") for supplying liquidity on qualifying trades in Live Markets and Eligible Futures Markets. The Program pays two credits, each calculated as a percentage of the Taker fee actually collected on a qualifying trade: a Base Maker Credit, available to all Eligible Members, and a Performance Maker Credit, available on Live Markets to Participating Members that meet the Qualifying Order Standards. The Program is offered by Ludlow Exchange, LLC, d/b/a Novig ("Novig" or the "Exchange"), a Commodity Futures Trading Commission-designated contract market, located at 169 Madison Avenue #2199, New York, NY 10016. The terms "you" or "your" mean the Member participating in the Program. Participation in the Program is expressly conditioned upon acceptance of and compliance with these Terms and Conditions, the Ludlow Rulebook (the "Rulebook"), and the Ludlow Member Agreement (the "Member Agreement"). The Maker Credit Program terms Novig has filed with the Commodity Futures Trading Commission are referred to as the "Maker Credit Program Incentive Filing." The current Base Rates and Performance Rates are shown in the How It Works table at the top of these Terms and Conditions. Capitalized terms used but not defined in these Terms and Conditions have the meanings given to them in the Rulebook and the Member Agreement. ANY DISPUTE RELATING TO THIS PROGRAM WILL BE RESOLVED IN ACCORDANCE WITH SECTION 10 BELOW, AND PARTICIPANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT.

The Program will begin at 6:00 AM Eastern Time (“ET”) on October 22, 2026 (the “Effective Time”), as announced by Notice on the Novig website and in-app, and will expire at 11:59 PM ET on October 21, 2027, unless terminated earlier as described in Section 9 (the “Program Period”). The Program applies only to trades executed at or after the Effective Time. Any extension will be submitted as a new rule certification. Trades executed before the Effective Time remain subject to the prior Maker Credit Program terms, and Novig will pay credits earned under those terms.

All Members are eligible for the Base Maker Credit (each, an "Eligible Member"), subject to the exclusions below. Eligibility is determined at the time of each trade.

To be eligible for the Performance Maker Credit, an Eligible Member must also enroll in one or more Leagues as described in Section 5 (each enrolled Member, a "Participating Member"). A Participating Member is eligible for the Performance Maker Credit only in Leagues in which it is enrolled.

The following are not eligible to participate in the Program, even if the requirements above are satisfied: (i) Affiliates of the Exchange (as defined in the Rulebook); (ii) Members that are party to a Market Maker Agreement with the Exchange under Chapter 4 of the Rulebook that is in effect at the time of the trade; and (iii) Members under common ownership or control with a Member described in clause (ii). All Program participants remain subject to the Rulebook. The Program is void where prohibited by law.

A "Live Market" is a market for which Novig assesses a Live Trading fee under its fee schedule (as posted on the Novig website pursuant to Rule 3.6 of the Rulebook). A trade in a Live Market earns a Maker Credit only if it executes during the "Event Period," meaning the period from the start to the end of the underlying event, as determined by Novig's official data source. A trade that executes outside the Event Period, including before the event begins or after it ends, earns no Maker Credit. A qualifying trade in a Live Market is an "Event Period Fill."

A "Futures Market" is a market on a season-long sports outcome, such as the winner of a division, championship, or award, that Novig's fee schedule classifies as a futures market, whether or not the market carries a Futures Trading fee. An "Eligible Futures Market" is a Futures Market for which Novig assesses a Futures Trading fee under its fee schedule posted pursuant to Rule 3.6. Novig determines eligibility based on objective characteristics of each Futures Market, including whether the market is season-long or otherwise longer-dated, as opposed to short-dated and tournament-based. Markets in golf and tennis do not carry a Futures Trading fee and are not Eligible Futures Markets. Futures Markets in all other sports currently offered on Novig carry a Futures Trading fee and are Eligible Futures Markets. Any Futures Market, including one in a sport Novig first lists later, is an Eligible Futures Market only if it carries a Futures Trading fee under Novig’s fee schedule.

A "qualifying trade" is a trade in a Live Market or Eligible Futures Market in which your Maker Order executes against a Taker Order on which Novig assesses, collects, and retains a Taker fee. The "Taker fee" means the Live Trading fee or Futures Trading fee, as applicable, assessed on the Taker Order under Novig's fee schedule, and does not include clearing, banking, or payment processing fees. The time at which you placed your Maker Order does not matter, and placing an order never earns a Maker Credit by itself. A market that carries neither a Live Trading fee nor a Futures Trading fee is not eligible.

To earn the Base Maker Credit, no enrollment is required: place resting Maker Orders on eligible markets during the Program Period.

To enroll in the Performance Maker Credit, notify Novig in writing by email to [email protected]. Your notice must (i) identify you, (ii) identify every Account under your ownership or control, (iii) identify each League in which you are enrolling, and (iv) confirm that you have read and agree to these Terms and Conditions. Enrollment in a League takes effect at 12:00 AM ET on the business day after Novig confirms receipt, and Novig begins measuring you against the Qualifying Order Standards for that League at that time. You may add or withdraw Leagues at any time by the same process; a withdrawal takes effect at the end of the current Measurement Period.

Because Novig’s markets are fully collateralized, meeting the Qualifying Order Standards requires committing substantial funds to resting Orders across many Contracts at the same time. Novig recommends that Members considering enrollment maintain an account balance of at least $250,000. This recommendation is not a condition of eligibility, enrollment, or receiving the Qualifying Order Standards, and maintaining that balance does not ensure that you will meet them.

Novig will provide the Qualifying Order Standards to any Eligible Member on request before enrollment. To request them or learn more about the Program, email [email protected].

Participation in the Performance Maker Credit is voluntary and does not constitute appointment as a market maker or entry into a Market Maker Agreement under Chapter 4 of the Rulebook. You may stop trading or maintaining resting Orders at any time.

For each qualifying trade, the Eligible Member whose Maker Order supplied liquidity receives a Base Maker Credit equal to the Base Rate in effect at the time of the trade multiplied by the Taker fee actually collected on that trade. The Base Rates for Eligible Futures Markets and for Event Period Fills in Live Markets are shown in the How It Works table at the top of these Terms and Conditions and may be adjusted as described in Section 9. Base Maker Credits are credited to your account as cash at the time of the qualifying trade.

The Performance Maker Credit applies only to Event Period Fills in Live Markets. It does not apply to Eligible Futures Markets. The Performance Maker Credit is available in the following Leagues: NFL, CFB, MLB, NBA, NHL, and Soccer.

Novig holds every Participating Member to the same width, depth, coverage, and uptime standards (the "Qualifying Order Standards") for each League and for each category of Live Market Contracts the Qualifying Order Standards list for that League (each, a "Contract Type"). A League is a "Qualifying League" for a Measurement Period only if you meet every applicable Qualifying Order Standard in every Contract Type of that League. A "Measurement Period" is a calendar month, except that your first Measurement Period in a League runs from the later of the Effective Time and the time your enrollment in that League becomes effective to the end of that month, and the last Measurement Period ends when the Program or the Performance Maker Credit expires or terminates. Novig assesses qualification at the end of each Measurement Period, and qualification in one League does not depend on performance in another. For measurement purposes, Novig aggregates all Accounts under common ownership or control, whether or not your enrollment notice identifies them, and treats them as a single Participating Member.

For each Qualifying League, you receive a Performance Maker Credit on each Event Period Fill in that League in which your Maker Order supplied liquidity during the Measurement Period, equal to the Performance Rate in effect at the time of the trade multiplied by the Taker fee actually collected on that trade. The Performance Rate for each League is shown in the How It Works table at the top of these Terms and Conditions and may be adjusted as described in Section 9. The Performance Maker Credit is in addition to the Base Maker Credit, and together the two never exceed the maximum share of the Taker fee set in the Maker Credit Program Incentive Filing. Event Period Fills in a League that is not a Qualifying League earn only the Base Maker Credit.

Within seven (7) calendar days after the end of each Measurement Period, Novig will determine from its books and records whether each League was a Qualifying League for you, credit any Performance Maker Credit to your account as cash, and make available a statement of your measured performance for each League and Contract Type and the Performance Maker Credit calculated. Novig's determination from its books and records governs. You may request review of a determination by email to [email protected] within seven (7) calendar days after the statement is made available.

Where a single Taker Order executes against more than one resting Maker Order, Novig calculates the Taker fee once, using the volume-weighted average price of the Taker's fill as provided in the fee schedule, and allocates each Maker Credit among the matched Maker Orders in proportion to the number of Contracts each contributed.

Once credited, a Maker Credit is treated like any other cash in your account and is subject to the withdrawal terms set forth in the Rulebook and the Member Agreement, and to any adjustment, reversal, or reclaim under Section 7.

Resting Orders counted toward the Qualifying Order Standards must be bona fide, firm, and available to trade. Orders that a Member systematically cancels or reprices to avoid execution, or that fill at a rate materially below what their displayed time and size would imply, do not count toward any Qualifying Order Standard and may be treated as manipulative or disruptive conduct under the Rulebook.

Wash trading is prohibited. Wash trades, prearranged trades, self-matching Orders, accommodation trades, and any trade not entered into at arm's length, including trades against your own resting Orders or those of any Account under common ownership or control, earn no Maker Credit and do not count toward any Qualifying Order Standard. The Rulebook's prohibitions on abusive trading, including Rule 5.11, apply in full to activity under the Program, and violations are subject to discipline under Chapter 9 of the Rulebook.

Novig calculates every Maker Credit only on Taker fees it actually collects and retains. Novig may adjust, cancel, or claw back any Maker Credit where:

(i) the trade is cancelled or adjusted, including under Rule 5.8 of the Rulebook;

(ii) the associated Taker fee is waived, reversed, refunded, returned, or otherwise not collected for any reason;

(iii) Novig's Chief Regulatory Officer determines that your activity is abusive or is designed to earn Maker Credits without supplying bona fide liquidity; or

(iv) the Maker Credit was calculated, paid, or based on a qualification determination made in error.

In the circumstances described in clause (iii), Novig may also suspend or terminate your participation in the Program. Novig may recover an overpayment by debiting your account or offsetting it against future Maker Credits, and will credit any underpayment to your account. Novig will notify you of any clawback or correction.

To withdraw from the Performance Maker Credit, withdraw from each League in which you are enrolled by email to [email protected]; each withdrawal takes effect at the end of the current Measurement Period. If you fail to qualify in a League for three consecutive Measurement Periods, Novig may end your enrollment in that League by written notice, and you may re-enroll in that League at any time. Questions about the Program may be sent to [email protected].

Novig conducts ongoing surveillance of activity under the Program pursuant to Chapter 9 of the Rulebook. Novig may adjust the Base Rates and the Performance Rate for one or more Leagues within the ranges set forth in the Maker Credit Program Incentive Filing by publishing a Notice on the Novig website and in-app at least 48 hours before the change takes effect. The Notice will state the credit, the markets or Leagues affected, the new rate, and the effective date and time. An adjusted rate applies to trades executed at or after its effective time. Novig will update the How It Works table in these Terms and Conditions when an adjusted rate takes effect. If a Performance Rate changes during a Measurement Period, each Event Period Fill earns the rate in effect when it was executed, and Novig still assesses qualification over the full Measurement Period. Novig may withdraw or revise a Notice before its effective time by publishing a further Notice; a revised rate takes effect no earlier than 48 hours after the revised Notice is published.

Any change to the Qualifying Order Standards, the criteria for Eligible Futures Markets, the Leagues or Contract Types covered, eligibility, the rate ranges, or any other material term will be submitted as a new rule certification under CFTC Regulation 40.6 and will not take effect before the end of its review period. Listing additional player prop Contracts for trading during the Event Period in a covered League is not such a change.

Novig may terminate the Program, or the Performance Maker Credit alone, by publishing a Notice on the Novig website and in-app at least 48 hours before the termination takes effect. Novig may suspend or terminate the Program immediately where its Chief Regulatory Officer determines that doing so is necessary to preserve fair and orderly markets or to comply with applicable law. On expiration or termination, the final Measurement Period runs from the start of the then-current Measurement Period to the time of expiration or termination, and Novig will assess qualification over that shortened period and pay any Performance Maker Credit earned within seven (7) calendar days, subject to Section 7. During any suspension, no Maker Credit accrues, and the suspension period is excluded from coverage and uptime.

Any dispute relating to this Program is a "Dispute" governed by the informal dispute resolution, mandatory arbitration, and class action waiver provisions of the Member Agreement (Sections 22–25) and Chapters 10–11 of the Rulebook, including the opt-out rights and carve-outs set forth therein.

Indemnification and Limitation of Liability: Your indemnification obligations under Section 18 of the Member Agreement, and the limitation of liability set forth in Rule 12.3 of the Rulebook, apply in full to your participation in this Program.

Relationship to the Maker Credit Program Incentive Filing and Rulebook: These Terms and Conditions describe the Program in plain language and are subject to the Maker Credit Program Incentive Filing, the Rulebook, and the Member Agreement. If these Terms and Conditions conflict with the Maker Credit Program Incentive Filing, the Maker Credit Program Incentive Filing controls. If either conflicts with the Rulebook or the Member Agreement, the Rulebook and the Member Agreement control.