Volume-based pricing

The model is standard across trading venues because volume has network value: deep markets attract more participants, tighter spreads, and more volume in turn. Pricing curves reward the users who contribute most to that depth, and published tier tables make the curve explicit.

The design has a known distributional quirk — it concentrates savings on the largest traders. Base-tier retail users, the overwhelming majority by count, pay the highest rates while generating the least individually. Alternative levers exist for them (token discounts, promotions), but the structural discount curve is simply not aimed at their volume range.

Rebate programs flatten that curve from below. Because a payback is a fixed share of fees regardless of volume, its relative benefit is identical at every account size — the 50–67% return reaches the base-tier trader whom volume pricing structurally bypasses. For most retail accounts, that makes the rebate the binding discount and tier-chasing an afterthought.