MEMX Lowers Rebates in Penny Options Fee Shakeup
Published Date: 8/8/2025
Notice
Summary
MEMX is changing its options trading fees starting August 1, 2025. They’re lowering rebates for certain trades in penny-priced options and adding a new tiered rebate system for professional traders. This affects traders using MEMX’s platform and could change how much money they earn back on trades.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Rebate Cut for Penny Options
Starting August 1, 2025, MEMX will reduce the per-contract rebate for executions that add liquidity in Penny options from $0.42 to $0.40 for orders executed in the Professional, Firm, Away Market Maker, or Broker-Dealer capacities. This change affects Members who receive rebates on MEMX options trades in those capacities.
New Volume Tier Pays Higher Rebate
Also effective August 1, 2025, MEMX will add a Volume Tier (Volume Tier 1) that pays an enhanced rebate of $0.47 per contract for executions of Added Professional Penny Volume for Members that qualify. To qualify in a month, a Member must achieve an ADAV (average daily added volume) across Customer, Professional, Firm, Away Market Maker, and/or Broker-Dealer capacities in Penny symbols equal to or greater than 0.125% of the equity and ETF option TCV (total consolidated volume); ADAV is calculated monthly.
Tier Qualification Exclusions for Disruptions
MEMX will exclude from ADAV and TCV calculations any trading day in a month when the Exchange experiences a system disruption lasting more than 60 minutes during regular trading hours and any day with a scheduled early market close. This change is part of the new Fee Schedule notes and affects how Members qualify for the Volume Tier beginning August 1, 2025.
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