Optimize Every Cent in Maker-Taker Routing
Simulate net routing P&L, exchange tier rebates, and adverse selection across Nasdaq, NYSE, Cboe EDGX, and inverted venues under SEC Rule 610.
Order Flow Profile
Monthly Execution P&L
Route via Institutional DMA Brokers
Stop surrendering your maker rebates to retail internalizers. Open a Tiered DMA account to capture full SEC Rule 610 exchange liquidity credits.
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US Equity Exchange Fee & Rebate Table (Per Share)
Current active published rates under SEC Rule 610 tiering criteria.
| Exchange Venue | Fee Model | Adding Liquidity (Maker) | Removing Liquidity (Taker) | Net Spread Delta |
|---|---|---|---|---|
| Nasdaq (Tier 1) | Standard Maker-Taker | +$0.00305 Rebate | -$0.00300 Fee | +$0.00005 |
| Cboe EDGX (Top Tier) | Standard Maker-Taker | +$0.00280 Rebate | -$0.00300 Fee | -$0.00020 |
| MEMX | Standard Maker-Taker | +$0.00290 Rebate | -$0.00285 Fee | +$0.00005 |
| Cboe BYX (Inverted) | Inverted (Taker-Maker) | -$0.00160 Fee | +$0.00150 Rebate | -$0.00010 |
| IEX (Investors Exchange) | Flat Neutral (Speed Bump) | $0.00000 (No Rebate) | -$0.00090 Fee | -$0.00090 |
Understanding Order Routing Economics
SEC Rule 610 (Access Fees)
Under SEC Rule 610 of Regulation NMS, national securities exchanges cannot charge access fees exceeding $0.0030 (30 cents per 100 shares) for quotes priced $1.00 or more. Exchanges distribute a portion of this fee back to liquidity providers as a maker rebate.
Inverted Venues (Taker-Maker)
Venues like Cboe BYX flip the traditional paradigm: they charge makers to post resting orders and pay rebates to takers. Smart order routers (SORs) hit inverted venues first when prioritizing fill probability and immediate urgency over price improvement.
Adverse Selection Trade-off
Posting liquidity on high-rebate venues increases adverse selection risk—orders are more likely to get picked off right before adverse price shifts. Quantitative desks model the rebate against markouts to calculate true venue quality.
Retail "Zero-Commission" vs. Institutional Tiered DMA
Why "free" trading costs active traders thousands in hidden adverse spread fill execution.
| Execution Dimension | Retail "Zero-Commission" (PFOF) | Institutional Tiered DMA (rebate.dev) | Financial Impact |
|---|---|---|---|
| Maker Rebates Pass-Through | ✗ $0.00 (Pocketed by Broker) | ✓ Up to +$0.00305 / share | Turns transaction fees into revenue |
| Order Destination | Internalized Wholesalers (Citadel, Two Sigma) | Direct Public Exchanges (Nasdaq, EDGX, IEX) | Direct liquidity book participation |
| Fill Speed & Control | Broker chooses execution route | Sub-millisecond FIX Protocol & Custom SOR | Zero latency front-running or quote fade |
| Net Annual Value (250k ADV) | -$56,700 in indirect spread drag | +$77,800 Net Cash Rebates Captured | +$134,500 total alpha spread difference |
Exchange Liquidity & Fee Economics
Answers to institutional order flow, Rule 610 fee tiering, and maker-taker rebates.
Under SEC Rule 610 of Regulation NMS, national securities exchanges cap access fees at $0.0030 per share for stocks priced $1.00 or more. Exchanges distribute a portion of this fee (up to $0.00305 per share) back to traders who post resting limit orders that add liquidity to the public order book.
An inverted venue (like Cboe BYX) flips standard economics: it charges liquidity makers a small fee to post resting orders and pays liquidity takers a rebate to cross the spread. Smart Order Routers (SORs) prioritize inverted venues for aggressive market orders when speed and fill probability are paramount, getting paid to take liquidity.
Retail brokers offering "zero-commission" trading monetize via Payment for Order Flow (PFOF). Instead of routing your orders to public exchanges, they sell your orders to market-making wholesalers who internalize the flow. The broker keeps the payment, and you receive $0 in maker rebates.
Top-tier exchange rebates (such as Nasdaq Tier 1 or Cboe EDGX Mega Tier) typically require adding liquidity equal to 0.50% to 1.00% of Total Consolidated Volume (TCV). However, retail traders can access direct pass-through rebate pricing on day one through Direct Market Access (DMA) brokers using tiered commission structures.