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Novig charges a single trading fee, on one side of a trade. On straight contracts it applies only while the underlying event is live; RFQ trades are priced on their own schedule.

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The Formula

Watch the units. Contracts counts $1.00-payout contracts, but the API’s qty field is denominated in minimal units: 100 qty = 1 contract (qty of 1 is $0.01 of payout). Divide qty by 100 before putting it in the formula, or you will overstate the fee by 100×.
Each fill is priced independently, so a partially filled order accrues a fee per fill rather than one fee on the parent order. Fees are charged exactly, including sub-cent amounts — there is no rounding up to the cent and no minimum fee. The only quantization is the ledger’s own precision, 5 decimal places ($0.00001), applied with standard half-up rounding. A fill small enough to owe a fraction of a cent is charged that fraction. The formula is symmetric around $0.50: P and 1 − P produce the same fee, so a fill at $0.30 costs exactly what a fill at $0.70 costs. The fee peaks at P = 0.50, where 0.03 × 0.25 works out to $0.0075 per contract — 0.75% of payout, or 1.5% of notional at even money — and falls toward zero at both tails.

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Worked Examples

At the current 0.03 coefficient: The last three rows are the sub-cent rule: $3.7125 is charged as $3.7125, not rounded to $3.72, and a one-qty fill owes $0.000075, charged as $0.00008 after the ledger’s 5-decimal quantization. A cent floor on that fill would be a ~125× overcharge, which is why there isn’t one.

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Who Pays

There is no maker fee, and no opt-in or contract is required to collect Maker Credits. The Maker Credit is currently 50% of the taker fee actually collected on the trade, which works out to:
See the Live Trading Maker Credit Program for the full terms, eligibility, and crediting schedule.
Maker Credits are straights only. RFQ makes do not earn a Maker Credit. Quoting an RFQ makes you the maker on a combination contract, and combination contracts are excluded from the Program — see Eligible Markets and Scope. No amount of RFQ volume accrues Maker Credits; only straight-contract makes matched in-game do.

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RFQ Trades

RFQ executions are priced on their own coefficient and their own form of the same quadratic. A combination contract has no single contract price, so the taker fee is expressed in stake form. With wager the taker’s stake and collateral the pricer’s, the implied probability is wager / (wager + collateral), and Coefficient × P × (1 − P) × Pot reduces to:
Two differences from the straight schedule worth calling out. The RFQ taker fee is not gated on event liveness — RFQs execute before the event begins, so the charge applies on execution rather than only during live play, and it is not a Live Trading fee for Maker Credit purposes. And the maker side, the EMM pricing the RFQ, pays no fee but likewise earns no credit.

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When Fees Apply

Straight-contract fees are charged only on fills matched while the underlying event is live — that is, while the event’s status is OPEN_INGAME. A fill matched at any other time is not charged, on either side, and generates no Maker Credit. (RFQ trades are the exception: they are charged on execution, live or not.)Liveness is evaluated at match time, not when the order was placed. A resting order placed hours before kickoff that fills in the second quarter is a live fill and is charged; a live-priced order that fills during a suspension is not.
Because the charge follows the event’s status at the moment of the match, knowing whether an event is live is a fee question, not a cosmetic one. There are two ways to know, and they are covered in detail on the Market Lifecycle Channel page:

WebSocket: the transitions

The lifecycle channel publishes EVENT_GOLIVE when an event enters live play and EVENT_UNLIVE when it leaves. Fees begin on EVENT_GOLIVE and stop on EVENT_UNLIVE.

REST: the snapshot

GET /nbx/v2/emm/events/{eventId} returns the event’s status. OPEN_INGAME is exactly the fee-charged condition. Use it to bootstrap on connect and after any reconnect.
The live window can open more than once. A game that is delayed or suspended mid-play goes OPEN_INGAME → DELAYED → OPEN_INGAME, so fees switch on, off, and on again. Each EVENT_GOLIVE also cancels every order resting across that event’s markets. Track the edges rather than assuming one live window per event — see the repeatability warning.

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Scope and Notes

  • Two schedules. The formula at the top of this page prices straight contracts. Combination contracts (multi-leg or “parlay” contracts, including everything traded via RFQ) are priced by the RFQ schedule and are not eligible for Maker Credits.
  • Trading fees only. “Fees” here means Novig’s trading fees. Clearing, banking, and payment processing fees are not included.
  • The coefficient can change. The coefficient above is the current live trading fee schedule, posted pursuant to Rule 3.6 of the Ludlow Rulebook. Read it from this page rather than hardcoding a rate you can’t update.
  • No cent floor. Charges carry to 5 decimal places ($0.00001), so sub-cent fees are charged as sub-cent amounts.
Liquidity providers (LPs) with USD 200,000 or more deposited can request a dedicated Slack channel with the Novig team.
Questions on fees or the Maker Credit Program: caleb.henry@novig.co.