An active order is a limit order that is live in the order book, from the moment it is placed until it is either fully filled or canceled by the market maker. | Bid: Minimum of 90% Ask: Minimum of 90% | **Total Uptime % = (Bid Uptime + Ask Uptime) / 2

Bid Uptime** % = (Total time bid orders are active in the order book during the evaluation period) / (Total duration of the evaluation period)

**Ask Uptime** % = (Total time ask orders are active in the order book during the evaluation period) / (Total duration of the evaluation period) | Suppose the evaluation period is from 00:00 to 24:00 (86,400 seconds), and a market maker has the following activity for the BTC/USD pair:

Bid Orders: Order 1: Active from 00:00 to 12:00 (43,200 seconds) Order 2: Active from 06:00 to 18:00 (43,200 seconds) Unique active period: 00:00 to 18:00 (64,800 seconds), as the orders overlap from 06:00 to 12:00. Bid Uptime % = 64,800 / 86,400 = 75%

Ask Orders: Order 1: Active from 00:00 to 15:00 (54,000 seconds) Order 2: Active from 12:00 to 23:00 (39,600 seconds) Unique active period: 00:00 to 23:00 (82,800 seconds), as the orders overlap from 12:00 to 15:00. Ask Uptime % = 82,800 / 86,400 = 95.83%

Total Uptime % = (0.75 + 0.9583) / 2 = 85.42% | | Order Size (Depth) during Uptime | The time-weighted average notional size (in $ value) of limit orders that are active in the order book during their uptime within a specified evaluation period. | Bid: Minimum of $50,000 Ask: Minimum of $50,000 | **Bid Size (uptime)** = Sum(bid limit order size × order duration) / Total bid uptime during the given period **Ask Size (uptime)** = Sum(ask limit order size × order duration) / Total ask uptime during the given period **Total Size (uptime)** = Bid Size during Uptime + Ask Size during Uptime

Where:

• Bid/Ask Limit Order Size: The notional size of each limit order
• Order Duration: The time that each limit order is active in the order book, from placement until it is filled or canceled.
• Total Bid/Ask Uptime: The total time during which at least one bid or ask limit order is active, as defined in the Uptime metric | Suppose the evaluation period is from 00:00 - 24:00 (86,400 seconds), and a market maker has the following activity for the BTC/USD pair:

Bid Orders: Order 1: $50,000 notional size from 00:00 to 12:00 (43,200 seconds) Order 2: $50,000 notional size from 06:00 to 18:00 (43,200 seconds)

Bid uptime: 00:00 to 18:00 (64,800 seconds)

Bid Size (uptime) = (50,000 * 43,200 + 50,000 * 43,200) / 64,800 = $66,666.67

| | Order Distance (Spread) | The average percentage distance between the order price of limit orders and the fair price of the asset at the time each order is placed, weighted by the duration each order remains active in the order book. | Bid: within 8bps (0.08%) of the fair price Ask: within 8bps (0.08%) of the fair price | `Order Distance (Bid) = Sum[(Fair price − Bid price) / Fair price × 100% x order duration] / Total bid order duration

Order Distance (Ask) = Sum[(Ask price − Fair price) / Fair price × 100% x order duration] / Total ask order duration`

Where:

• Order Price: The price at which the limit order is placed in the order book.
• Order Distance: The absolute percentage difference between the order price and the fair price.
• Order Duration: The time each limit order is active in the order book, from placement until it is filled or canceled.
• Total Bid/Ask Order Duration: The sum of the active durations of all bid or ask orders during the evaluation period. Unlike the Uptime metric, which merges overlapping durations to count unique active periods, this metric sums the durations of all orders, as each order’s distance contributes individually. | Suppose the evaluation period is from 00:00 - 24:00 (86,400 seconds), and a market maker has the following activity for the BTC/USD pair:

Bid Orders: Order 1: 2 BTC at $50,000 from 00:00 to 12:00 (43,200 seconds), fair price at placement = $50,050

Distance = (50,050 - 50,000) / 50,050 * 100% = 0.0999% or 9.99 bps

Order 2: 1 BTC at $49,500 from 06:00 to 18:00 (43,200 seconds), fair price at placement = $49,530.

Distance = (49,530 - 49,500) / 49,530 * 100% = 0.0606% or 6.06 bps

Total bid order duration = 43,200 + 43,200 = 86,400 seconds.

Bid Order Distance = (0.0999% * 43,200 + 0.0606%*43,200) / 86,400 = 0.08025% or 8.03 bps | | Capital Utilisation | The percentage of a market maker’s total capital that is deployed as margin for limit orders over the entire duration of a specified evaluation period.

Total capital includes the market maker’s credit line provided by SynFutures (if applicable) plus their self-deployed capital (if applicable).

The margin for a limit order is the collateral required to maintain the order in the order book. | Minimum of 70% of total capital (credit line + self-deployed capital) | The Capital Utilisation metric is calculated as the time-weighted average margin of limit orders (bids and asks) over the entire evaluation period, expressed as a percentage of the market maker’s total capital.

`Time-weighted Margin = (Sum(bid limit order margin × order duration) + Sum(ask limit order margin × order duration)) / Total duration of the given period

Capital Utilisation = Time-weighted Margin / Initial Inventory` | Suppose the evaluation period is from 00:00 - 24:00 (86,400 seconds), the market maker’s total capital is $10,000 (credit line + self-deployed capital). The market maker has the following activity for the BTC/USD pair:

Bid: Order 1: $5,000 margin from 00:00 to 12:00 (43,200 seconds)

Ask Order 1: $4,000 margin from 06:00 to 18:00 (43,200 seconds)

Total Margin = ($5,000 * 43,200 + $4,000 * 43,200) / 86,400 = $4,500

Capital Utilisation = $4,500 / $10,000 = 45% | | Gas Consumption | The total amount of gas consumed by the market maker’s address for all transactions within the evaluation period. | | | | | Address Balance Health | Monitors the current balance of the market maker’s trading address relative to the initial inventory. If balance falls below 90% of initial, the MM must top up within 24 hours. | Balance ≥ 90% of initial inventory | Balance Health % = (Current Balance / Initial Inventory) × 100% Alert triggered if < 90% | |