Rebates

The rebates program allows users to be able to receive back a portion of the premium when purchasing options on our platforms.

(Currently set at 20%)

Contract Details

Contract address: (?) Audit result: (?)

How it works

Our system keeps track of all transactions done and once a user's option purchase has been confirmed on chain, we allocate the rebate amounts to the user. We craft a merkle root on a 3-day basis to designate all user's rebates for the entire 3 days. All merkle roots are stored on chain in our rebates contract for claim verification purposes. A user must claim separately for purchases that are on a different 3 day interval.

Assuming our rebates system starts on Sept 1st, the first 3-day cycle would include Sept 1,2 and 3. Rebates are eligible to be claimed one hour after the merkle root is pushed on chain.

E.g User purchased options twice on different day Sept 1 and Sept 2. User needs to wait until the merkle root of Sept 1-3 is added on chain. We craft the merkle root and push it on chain on Sept 4 00:00 AM. User can claim the rebates in a single transaction for the purchasing done separately on Sept 1 and 2 after Sept 4 01:00 AM.

E.g User purchase options twice on different days Sept 1 and Sept 4 User needs to wait until the merkle root of Sept 1-3 is added on chain. We craft the merkle root and push it on chain on Sept 4 00:00 AM. User can claim the rebates for Sept 1 purchase after Sept 4 01:00 AM. The next set of merkle root will be pushed on Sept 7th 00:00AM User then can claim the rebates for Sept 4 purchase after Sept 7th 01:00 AM

Rebates Calculation

All rebates will be in units of AVAX . The amount is calculated based on AVAX real time spot price when purchase is successfully executed on chain. E.g User purchased an option with a premium of $100. user will be eligible to receive $20 (0.20 * $100) in rebates. At the moment when the purchase is successfully executed on chain, AVAX price is $20. user will be eligible to the rebates reward of 1 AVAX ($20 / $20 = 1) When user claims the rebate, AVAX price has increased to $30, user is still eligible to claim the full 1 AVAX that was designated.

Please be aware that we will only rebate a fixed 20%, so once we are low on rebates, we will not grant rebates to orders in which we cannot rebate the full 20%. You can refer to the banner at the homepage to see how much AVAX is left for reference. E.g Assuming at the time we have 1 AVAX left for rebates with a value of $20 per AVAX. If user purchases an option with a premium of $200, the eligible rebate would be $40 ($200 * 0.20). This is equivalent to 2 AVAX ( $40 / $20 ). Unfortunately we only have 1 AVAX left so we will not grant rebate in this case. If user purchases an option with a premium of $50, the eligible rebate would be $10 ($50 * 0.20). This is equivalent to 0.5 AVAX ($10 / $20). This is below the 1 AVAX we have left, so we will grant the rebate to the user.

How to claim

On the portfolio page, you will be able to find the rebates section, we've made it easy for you guys to claim the rebates in a single button click for a single 3 day timeframe!