- Grvt’s “Paid Mode, On” pays retail makers a flat −1bps rebate on 100+ RWA perps (equities, commodities, indices) from Sept 21 to Dec 21.
- The rate is ~100x Grvt’s standard entry-tier rebate and unusually generous versus rivals like Hyperliquid and dYdX.
- Real cost still depends on fill rates, spreads, and variable funding.
Grvt kicked off its “Paid Mode, On” campaign on September 21, offering traders payments when a resting limit order on an eligible RWA pair gets filled during the three-month campaign that runs until December 21.
The campaign covers trades on any of the 100+ tokenized equities, commodities, regional ETFs, and private company markets, such as SpaceX, OpenAI, and Anthropic, that Grvt offers.
How does the Grvt rebate campaign work?
While the “−1bps rebate” tagline on Grvt’s campaign immediately appears attractive because of the 100X improvement on the platform’s standard entry-tier rebate, anyone interested in participating needs to note that certain guardrails still apply:
- Scope: The Grvt rebate campaign only applies to RWA trading markets. Crypto perps trading on the platform will continue to run on its standard fee schedule.
- Eligibility: The campaign is open exclusively to retail accounts. The campaign will not even appear in the app interface for users running institutional accounts, VIP accounts, or a negotiated market-maker agreement.
Accounts that are reclassified as institutional or VIP during the campaign period immediately become ineligible for new rebate payments.
Accounts that are already on fee tiers with better rates than the −1bps rebate the campaign offers remain at their current tier. They are never downgraded.
- Traders don’t need to manually claim their payouts. Rewards are credited directly into users’ trading accounts on every eligible fill.
- Every account linked to the same IP, device fingerprint, or showing “coordinated” trading patterns will be treated as a single entity, and all their earned rebates is subject to review.
- Wash trades, self-matched trades, or volume-generating trades flagged by Grvt do not qualify for rebates. Any rebates paid to accounts flagged in non-genuine trading activities could also be clawed back, subject to a review.
Grvt added that it reserves the right to shorten, pause, or end the campaign early “in response to unusual market activity or a system issue,” with notice where possible.
How does Grvt’s rebate payment compare across the industry?
Even before Grvt launched its three-month rebate campaign, the platform’s standard rate is already an exception among trading platforms.
The campaign multiplies Grvt’s Level 1 −0.0001% baseline rebate, which has no volume requirement, by roughly 100x to −0.01%.
In essence, two $100,000 maker fills that would normally earn $0.20 now net $20.
Other venues, on the other hand, only extend negative fee rates to accounts operating at the top of the volume ladder:
- On Hyperliquid, rates only turn negative for accounts that supply over 0.5% of total exchange-wide maker volume across a rolling 14-day window
- dYdX users have to do $100 million in volume over 30 days, with its best rate (−0.011%) reserved for $200 million-plus.
- Aster and Lighter’s standard accounts don’t pay a rebate at all. Their maker fee simply floors at zero.
Grvt is moving to leverage competitive advantage
Grvt’s rebate campaign lands as a play to ride the boom on an asset class that’s reportedly already clearing over $200 billion in monthly volume across the industry. The accompanying RWA order book and maker activity boosts are exactly the kind of usage metrics that enhance a platform’s reputation.
Grvt raised $19M in a Series A led by ZKsync roughly a year ago on a privacy-first pitch aimed at Hyperliquid’s dominance.
The platform’s native GRVT token is trading around $0.188, a few months removed from the late-July all-time high it set at $0.4615. Market cap sits near $21.5M against a $188M fully diluted value, with only about 11% of the 1 billion token supply circulating.
