Earn cash credits back on qualifying trades.
How It Works:
The Program applies to two categories of markets: Live Markets and Eligible Futures Markets.
You may place maker orders on eligible markets at any time, including before the event begins for Live Markets or at any time the market is open for Eligible Futures Markets. The timing of when you place an order does not determine eligibility for a Maker Credit; placing an order, by itself, never earns a Maker Credit.
A Maker Credit is earned only if your maker order is matched (filled) and generates a Taker fee that Novig actually collects:
Live Markets: your maker order must be matched while the event is in-game. You earn a Maker Credit equal to 50% of the Live Taker Fee collected on your counterparty's taker order.
Eligible Futures Markets: your maker order must be matched in an Eligible Futures Market (see "Eligible Markets and Scope" below — not all Futures Markets qualify). You earn a Maker Credit equal to 70% of the Futures Taker Fee collected on your counterparty's taker order. Futures Markets that are not Eligible Futures Markets do not generate a Maker Credit, even if a Futures Taker Fee is charged on the trade.
Maker Credits are credited to your account as cash within seven (7) calendar days of the qualifying trade.
If a trade is cancelled or adjusted, or the associated fee is waived, refunded, or otherwise not collected, no Maker Credit accrues.
Terms and Conditions
Open to all Members except Affiliates of the Exchange and Members with an executed Market Maker Agreement
Applies to markets that carry a Live Trading fee or a Futures Trading fee; markets without either fee are not eligible
Futures Maker Credits apply only to Eligible Futures Markets
Maker Credit is currently 50% of the Live Taker Fee collected on the trade, or 70% of the Futures Taker Fee collected on the trade for an Eligible Futures Market
Novig may modify, suspend, or terminate this Program, or your participation in it, at any time
1. Description of Program
Welcome to Novig’s Maker Credit Program (the “Program”), through which eligible Members may earn a cash credit (a “Maker Credit”) for supplying liquidity on qualifying trades in Live Markets and Eligible Futures Markets. 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 (these “Terms”), the Ludlow Rulebook (the “Rulebook”), and the Ludlow Member Agreement (the “Member Agreement”). Capitalized terms used but not defined in these Terms have the meanings given to them in the Rulebook and the Member Agreement. In the event of any conflict between these Terms, the Rulebook, or the Member Agreement, the Rulebook and the Member Agreement control, in the order of precedence set forth in the Member Agreement. ANY DISPUTE RELATING TO THIS PROGRAM WILL BE RESOLVED IN ACCORDANCE WITH SECTION 9 BELOW, AND PARTICIPANTS WAIVE THE ABILITY TO BRING CLAIMS IN A CLASS ACTION FORMAT, SUBJECT TO THE OPT-OUT RIGHTS SET FORTH THEREIN.
2. Eligible Markets and Scope
The Program applies to two categories of Eligible Markets:
"Live Market" means each market for which Novig assesses a Live Trading fee, under Novig's live trading fee schedule (as posted on the Novig website pursuant to Rule 3.6 of the Rulebook). For purposes of the Program, "Live Trading" means trading in a Live Market while the underlying event is in progress ("in-game"), as reflected in Novig's live trading fee schedule. Trading fees assessed at any other time — including before the event begins — are not Live Trading fees and do not generate Maker Credits under the Live Market provisions of this Program.
"Eligible Futures Market" means each market for which Novig assesses a Futures Trading fee, under Novig's futures trading fee schedule (as posted on the Novig website pursuant to Rule 3.6 of the Rulebook). Novig determines eligibility based on objective, sport-level characteristics of the underlying futures product — including, among other factors, whether the market is season-long or otherwise longer-dated, as opposed to short-dated and tournament-based.
As of September 4, 2026, futures markets in the following sports do not carry a Futures Trading fee, and are therefore not Eligible Futures Markets, because they are structured around short-dated, tournament-based events rather than a season-long format: Golf and Tennis
Futures markets in all other sports currently offered on Novig carry a Futures Trading fee and are Eligible Futures Markets. Novig may change which sports' futures markets carry a Futures Trading fee from time to time by Notice, consistent with the criteria set forth in this paragraph.
In these Terms, "market" refers to a Contract, as defined in the Rulebook, that is available for trading on the Exchange. A market is an Eligible Market for as long as it carries a Live Trading fee or a Futures Trading fee, as applicable, as designated by Novig by Notice pursuant to Rule 3.6. A market that carries neither is not an Eligible Market and does not generate Maker Credits.
A "qualifying trade" is a trade in an Eligible Market in which your Maker order, quote, or other Maker-side interest is matched (filled) such that a Live Taker Fee or Futures Taker Fee, as applicable, is assessed and collected on the counterparty's Taker order. For Live Markets, the match must occur while the underlying event is in progress (in-game). The time at which you placed your order does not affect whether a trade is a qualifying trade; an order placed before the event begins for Live Markets may result in a qualifying trade if it is later matched under the conditions above.
For each Eligible Market, Novig will specify by notice on the Novig website (a "Notice") the applicable Maker Credit percentage, the effective period, the crediting frequency, and whether trades resulting from Novig's request-for-quote ("RFQ") process under Rule 5.2 of the Rulebook are eligible for Maker Credits. These terms may vary between Eligible Markets, between Live Markets and Eligible Futures Markets, and between different periods for the same Eligible Market, provided they are posted by Notice and applied consistently to similarly situated Members.
The Program does not apply to Combination Contracts (including any multi-leg or "parlay" Contracts). No Maker Credit accrues on any trade in a Combination Contract, regardless of whether that Contract otherwise carries a Live Trading fee or Futures Trading fee, or is matched under the conditions described above.
3. Eligible Members
All Members are eligible to participate in the Program, except: (i) Affiliates of the Exchange; and (ii) any Member that has executed a Market Maker Agreement with the Exchange under Chapter 4 of the Rulebook. Eligibility is determined at the time of the applicable trade.
4. How Maker Credits Are Calculated
4a. Determining "P." "P" in the formulas below means the price of the Contract, expressed as a value between $0.00 and $1.00, at which the qualifying trade occurs. Where a take order matches against a single resting Maker order (i.e., the trade occurs at one price level), "P" is simply that trade price.
Where a single take order matches against multiple resting Maker orders at different prices, the Taker Fee for that trade is calculated once, using the Volume-Weighted-Average-Price ("VWAP") of the taker's fill, rather than separately at each price level. In that case, "P" means the VWAP of the taker's fill, calculated as:
VWAP = Σ(Pᵢ × Contractsᵢ) / Σ Contractsᵢ
across all price levels the take order matched against. The resulting Maker Credit pool is then allocated among the matched Maker orders in proportion to the number of Contracts each Maker order contributed to the trade. This methodology for determining "P" applies to both Live Markets and Eligible Futures Markets.
4b. Live Markets. For each qualifying trade in a Live Market, if your order, quote, or other Maker-side interest supplies liquidity, you receive a Maker Credit calculated as 50% of the Live Taker Fee actually collected by Novig from the other side of the trade (the "Live Taker Fee"):
Maker Credit = 50% × Live Taker Fee
Under Novig's live trading fee schedule, the Live Taker Fee for a trade is calculated as:
Live Taker Fee = 0.03 × P × (1 − P) × Contracts
where "P" is the price of the Contract, expressed as a value between $0.00 and $1.00, and "Contracts" is the number of Contracts in the trade.
4c. Eligible Futures Markets. For each qualifying trade in an Eligible Futures Market, if your order, quote, or other Maker-side interest supplies liquidity, you receive a Maker Credit calculated as 70% of the Futures Taker Fee actually collected by Novig from the other side of the trade (the "Futures Taker Fee"):
Maker Credit = 70% × Futures Taker Fee
Under Novig's futures fee schedule, the Futures Taker Fee for a trade is calculated as:
Futures Taker Fee = 0.06 × P × (1 − P) × Contracts
where "P" is the price of the Contract, expressed as a value between $0.00 and $1.00, and "Contracts" is the number of Contracts in the trade.
5. Crediting and Adjustments
Novig will credit Maker Credits to your account, as cash, within seven (7) calendar days of the qualifying trade, unless Novig posts a different crediting frequency for a specific Eligible Market by Notice. Such cash, once credited, is subject to the withdrawal terms set forth in the Rulebook and the Member Agreement. If a trade is cancelled or adjusted (including under Rule 5.8 of the Rulebook), or if the associated Taker fee is waived, reversed, refunded, returned, or otherwise not collected for any reason, no Maker Credit accrues with respect to that trade, and Novig will reverse or reclaim any Maker Credit already credited for that trade.
6. Anti-Abuse and Compliance
You may not enter into wash trades, prearranged trades, self-matching orders, or any other trade or course of conduct designed to generate Maker Credits without bona fide market risk. The Rulebook’s prohibitions on abusive trading, including Rule 5.11, apply in full to activity under this Program, and violations are subject to discipline under Chapter 9 of the Rulebook. If Novig’s Chief Regulatory Officer determines that your participation is abusive or inconsistent with the purpose of the Program, Novig may withhold, reverse, or reclaim any Maker Credit and may suspend or terminate your participation in the Program.
7. Program Term
The effective period of the Program will be announced by Notice on the Novig website. The Program will begin at 12:00 AM Eastern Time (“ET”) on September 10, 2026 (the “Implementation Date”) and will expire one year from the Implementation Date, unless extended by Novig by Notice.
8. Monitoring, Modification, and Termination
Novig will monitor participation and trading activity under the Program and maintain records of its operation. Novig may modify, suspend, or terminate the Program, or any Member’s participation in the Program, at any time by Notice.
9. Dispute Resolution
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.
10. Additional Terms
Questions relating to eligibility, these Terms, or any other aspect of this Program will be resolved by Novig, subject to the Dispute Resolution provisions above.
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.