The cryptocurrency exchange landscape is evolving rapidly, and with it, the requirements for market makers to maintain healthy liquidity. In early 2023, Huobi announced significant updates to its spot market maker evaluation framework—introducing a new dimension focused on liquidity depth. This change, effective April 1, 2023, aims to enhance trading efficiency, improve order book robustness, and ensure high-quality market-making across key trading pairs.
While the original announcement was technical and dense, this guide breaks down the changes in clear, actionable terms for current and prospective market makers. We'll explore the updated考核 (assessment) criteria, explain how weighted depth is calculated, and highlight strategic implications—all while integrating core SEO keywords such as market maker liquidity, spot trading depth, crypto market making, liquidity考核, Huobi market maker rules, and order book depth optimization.
Understanding the New Liquidity考核 Framework
Starting April 1, 2023, Huobi incorporated "Monthly Weighted Depth Ranking" as a formal考核 metric for spot market makers. This addition complements existing volume-based benchmarks and reflects a growing industry emphasis on meaningful liquidity—not just trade frequency.
The revised考核 system allows market makers to qualify under any one of three performance dimensions:
✅ Three Pathways to Qualification
Monthly Weighted Maker Volume Rank
- S-Level: Top 30% by volume
- Level 1: 30%–70% range
- Level 2: 70%–100% range
Maker Volume Share of Platform’s Total One-Sided Volume
- S-Level: ≥1% share
- Level 1: 0.5% to <1%
- Level 2: Not applicable
Monthly Weighted Depth Rank (New Metric)
- S-Level: Top 5% by depth
- Level 1: 5%–30% range
- Level 2: 30%–100% range
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This multi-path approach ensures flexibility while pushing market makers toward higher-quality participation. The system automatically selects the best-performing category for each participant, encouraging optimization across all dimensions.
Avoiding Disqualification: Minimum Thresholds
Even if a maker meets one of the above criteria, they must still surpass minimum thresholds to retain eligibility:
- Monthly weighted Maker turnover < $1,000,000 USDT
- AND monthly average depth < $1,000,000 USDT
If both fall below this threshold within a考核 cycle (UTC+8), the maker risks losing their status.
This dual safeguard prevents low-activity participants from maintaining privileges without contributing meaningful liquidity—a common issue in fragmented markets.
Key Calculation: How Weighted Depth Is Measured
To understand your standing, you must grasp how Huobi calculates weighted cumulative depth.
Formula Overview
Daily Weighted Average Depth = (Daily Cumulative Order Amount × Pair Weight × Spread Weight) / Daily Tick Count
Monthly Average Depth = Sum of Daily Weighted Depths ÷ Number of Days in Month
Where:
- Pair Weight: Reflects the strategic importance of each trading pair
- Spread Weight: Adjusts value based on how tight your bid-ask spread is (tighter = better)
- Tick Count: Normalizes data across varying market conditions
This formula rewards consistent, tight-spread quoting on high-priority pairs—not just large but distant orders that don’t facilitate real trading.
Updated Trading Pair Weights (Spot Market)
Huobi has adjusted weights for major USDT-denominated pairs effective April 2023. These influence how much credit you earn per dollar of depth provided.
| Trading Pair | Pair Weight | 0.1% Spread Weight | 0.5% Spread Weight | 1% Spread Weight |
|---|---|---|---|---|
| BTC/USDT | 1.0 | 1.98 | 3.47 | 2.90 |
| ETH/USDT | 1.0 | 1.98 | 2.64 | 2.15 |
| TRX/USDT | 6.6 | 1.06 | 0.77 | 0.66 |
| HT/USDT | 6.6 | 1.85 | 1.34 | 1.15 |
| ADA/USDT | 4.5 | 6.49 | 8.67 | 6.02 |
| AVAX/USDT | 4.5 | 6.93 | 8.44 | 6.51 |
| SOL/USDT | 4.5 | 2.92 | 8.62 | 4.67 |
| MATIC/USDT | 4.5 | 3.87 | 6.45 | 4.76 |
| Stablecoin Pairs | 1.0 | 1.00 | 1.00 | 1.00 |
Notably:
- High-growth altcoins like AVAX and ADA receive elevated spread weights at wider spreads (e.g., 8.67 for ADA at 0.5%), incentivizing deeper books even with moderate slippage.
- TRX and HT pairs have very high pair weights (6.6), indicating strategic focus.
- Stablecoin pairs use neutral multipliers—ideal for low-risk depth provision.
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Derivatives Market Coefficients (Perpetual & Futures)
For U-margined and coin-margined derivatives, Huobi uses standardized coefficients:
| Asset | Pair Weight | 0.1% Spread | 0.3% Spread | 0.5% Spread |
|---|---|---|---|---|
| BTC | 1.00 | 1.60 | 2.78 | 2.33 |
| ETH | 1.00 | 1.62 | 2.72 | 2.55 |
| AVAX | 2.08 | 4.03 | 3.57 | 3.35 |
| MATIC | 2.08 | 5.28 | 3.03 | 2.41 |
| SOL | 2.08 | 2.64 | 1.50 | 1.31 |
These coefficients reflect volatility and trading activity levels, with more dynamic assets like MATIC receiving higher rewards for tight quoting.
Operational Timeline & Support
- Monthly考核 Period: From the 1st to the last second of each month (UTC+8)
- Fee Adjustment Date: Maker rates updated on the 16th of each month (adjusted for holidays)
- Daily Performance Reports: Available via Huobi Open Platform > Dashboard
- Negative Maker Fees: Applied instantly upon trade execution
Market makers are advised to monitor their dashboard regularly to track progress toward S-level or Level 1 status.
Important Notes & Policy Reminders
- Huobi reserves the right to update rules, add/remove trading pairs, or adjust weights without prior notice.
- Self-trading activity (wash trading) will be detected and excluded from Maker volume calculations.
- Rules may evolve based on overall exchange liquidity health and market demand.
Transparency remains critical: while these guidelines offer clarity today, ongoing vigilance is required in fast-moving crypto markets.
Frequently Asked Questions (FAQ)
Q: What does "weighted depth" actually mean for my strategy?
A: It means not all order book depth is valued equally. You earn more考核 points by placing tighter spreads on higher-priority pairs like AVAX/USDT or HT/USDT than on standard pairs.
Q: Can I qualify solely through depth ranking without high volume?
A: Yes! If you're in the top 5% for weighted depth, you meet S-level criteria—even with lower trade volume.
Q: How is "spread" calculated?
A: Spread = (Ask Price – Bid Price) / ((Ask + Bid) / 2). The narrower your gap between buy and sell quotes, the higher your spread weight multiplier.
Q: Are stablecoin pairs still worth quoting?
A: Absolutely—but they’re designed for consistency rather than high reward. With neutral weights, they help maintain baseline performance during volatile periods.
Q: What happens if I fall below $1M in both volume and depth?
A: You risk disqualification from the maker program unless you recover within the same考核 month.
Q: Where can I see my daily performance data?
A: Log into the Huobi Open Platform and navigate to your Workbench for real-time analytics and historical reports.
Strategic Takeaways for Market Makers
To thrive under this new framework:
- Prioritize pairs with high pair weights (e.g., TRX, HT) and favorable spread weights (e.g., ADA, AVAX).
- Focus on maintaining tight spreads (<0.5%) where multipliers are highest.
- Avoid complacency—even S-level status requires sustained effort.
- Use daily reports to fine-tune algorithms and avoid self-trade detection.
This shift signals Huobi's commitment to quality over quantity in market making—a trend mirrored across top-tier exchanges globally.
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