What is an LP?
“Liquidity Provider” (LP) is what we call an account with API access. That’s the whole distinction. API access to Novig is available through the LP program, and we onboard both individuals and entities (LLCs, corporations, etc.). As an LP, you’ll receive a dedicated Novig account—separate from any existing account you may have—with direct API access.There are no obligations attached to LP status. No uptime requirement, no SLA, no minimum quoting time, no two-sided quoting requirement, no minimum spread or size, no market-making agreement, and no volume commitment. You are not a designated market maker. Connect when you want, quote what you want, go dark whenever you like.
Everyone pays the same fees
How you connect to Novig has no bearing on what you pay. LPs trading over the API, retail users on the mobile app, and everyone in between trade against the same order book on the same published fee schedule:- Takers pay
P × (1 − P) × 0.03 × Contracts, on straight contracts matched while the event is live. - Makers pay nothing.
- Everyone is eligible for the Live Trading Maker Credit rebate — API and app alike, with no opt-in, no application, and no contract. If your make order is matched in-game, you earn back 50% of the taker fee collected on that trade, as cash, within seven calendar days.
Fee Structure
P is the execution price of the fill (between $0.00 and $1.00) and Contracts counts $1.00-payout contracts.
Example. A taker fill of 10 contracts (
qty 1,000) at a price of 0.4, matched in-game:
0.4 × 0.6 × 0.015 × 10 = 0.036 — credited as cash within seven calendar days.
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.
What isn’t charged
- Fills matched outside live play. Straight-contract fees apply only while the event’s status is
OPEN_INGAME, evaluated at match time. A resting order placed pre-game that fills in the second quarter is charged; a fill during a suspension is not. Non-live fills also generate no Maker Credit. - Orders that don’t trade. Placing, resting, amending, and cancelling are free.
RFQ trades
RFQ executions are combination contracts and price on their own schedule: taker coefficient 0.10, assessed on execution regardless of liveness. The maker (the LP pricing the RFQ) pays no fee but earns no Maker Credit — combination contracts are excluded from the Program. Receiving RFQs is opt-in; registering a pricer is a separate step and is not required to trade the order book.The coefficients above are the current schedule, posted pursuant to Rule 3.6 of the Ludlow Rulebook. Read them from Trading Fees rather than hardcoding a rate you can’t update.
Onboarding Process
1
Reach out to us
Email developers@novig.com and tell us whether you’re onboarding as an individual or an entity. We’ll reply with what we need to open the account — tax information (W-9), and for entities the legal name and EIN.
2
QA Environment Access
Once we have your details, we’ll grant you access to our QA environment where you can begin testing against the API. Expect QA access within 2 business days.
3
Initial Deposit
Before going live, we generally require a minimum deposit of $30,000 to your API account.
4
Production Access
You’ll be fully onboarded with production API access, trading on the standard fee schedule above.
There is no application form, no market-making contract to negotiate, and no opt-in step for Maker Credits. Your account is governed by the Ludlow Member Agreement and the Rulebook, the same as any other Member.
Get Started
Email developers@novig.com
Tell us whether you’re onboarding as an individual or an entity, and we’ll send you what we need to open your API account.