Trading Rebates and Fees Get Minor Overhaul
Published Date: 11/21/2025
Notice
Summary
MIAX Pearl is updating its fee schedule for trading stocks priced $1 or more. They’re changing rebates and fees for adding or removing liquidity, tweaking volume thresholds, and updating some special rebate programs. These changes take effect right away and could impact traders’ costs and earnings on the exchange.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Maker rebate cut for displayed orders
If you trade on MIAX Pearl or run a trading firm that adds displayed liquidity, the standard rebate for executions in stocks priced $1.00 or more is reduced from ($0.0018) to ($0.0016) per share effective October 1, 2025. That lowers the amount you earn per share when your displayed orders add liquidity on the exchange.
NBBO Program tiers: higher bars, lower rebates
If you participate in MIAX Pearl's NBBO Setter Plus Program, the Exchange increases several volume thresholds (e.g., Method 1 Tier boundaries move so Tier 1 is <0.04%, Tier 2 is 0.04%-0.06%, Tier 3 is 0.06%-0.10%, Tier 4 is 0.10%-0.20% of TCV) and lowers many base and enhanced rebates for Tiers 1–5 (for example, Level A Tier 1 becomes ($0.00160), Level A Tier 2 ($0.00245), up through Level C Tier 5 ($0.00325)). These changes take effect October 1, 2025. The result is that it becomes harder to reach some tiers and the rebates you receive at those tiers are reduced.
Midpoint ADAV alt-path tightened for top rebate
If you relied on the alternate method to qualify for Tier 5, Level C of the NBBO Program, the minimum Midpoint ADAV requirement for that alternative path increases from 2,500,000 shares to 7,000,000 shares effective October 1, 2025. The other two alternative conditions (Displayed ADAV ≥ 10,000,000 and Percent Time at NBBO ≥ 50% in 200+ MQ symbols) remain required.
Rebate trimmed for hidden (non-displayed) orders
If you add non-displayed (hidden) liquidity on MIAX Pearl in stocks priced $1.00 or more, the standard rebate is reduced from ($0.00205) to ($0.00200) per share starting October 1, 2025. That reduces the per-share incentive paid for non-displayed orders that add liquidity.
Taker fee slightly increased
If your orders remove liquidity on MIAX Pearl in stocks priced $1.00 or more, the standard fee increases from $0.00295 to $0.00300 per share effective October 1, 2025. That raises the per-share cost when your orders take liquidity from the exchange.
Small boost to NBBO setter additive rebate
If your orders set the national best bid or offer (NBB/NBO) on MIAX Pearl, the NBBO Setter Additive Rebate increases from ($0.0003) to ($0.00035) per share for qualifying Added Displayed Volume starting October 1, 2025. You still must meet the 0.015% NBBO Set Volume-as-a-percent-of-TCV threshold each month to qualify.
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Key Dates
Department and Agencies
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