Pearl Tweaks Fees for Non-Penny Options Trades
Published Date: 7/16/2026
Notice
Summary
MIAX Pearl is updating its fee schedule for options trading in non-penny classes, meaning some fees will go up while rebates for certain traders will increase. These changes affect all traders using the exchange and take effect immediately, aiming to balance costs and rewards. If you trade options on MIAX Pearl, expect to see new fees and rebates starting now.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
Priority Customer Maker Rebate Rise
If you trade options on MIAX Pearl as a Priority Customer, the maker rebate paid when your resting orders are executed in non-Penny Classes increases from ($1.06) to ($1.19) per contract in all tiers, effective July 1, 2026. The Exchange is not changing the Priority Customer volume thresholds or the Priority Customer taker fee.
Market Maker Rebates Up, Taker Fees Up
If you operate as a Market Maker on MIAX Pearl, maker rebates for non-Penny Classes will be set to ($0.80) per contract for tiers 1–5 and reduced from ($0.85) to ($0.80) in tier 6; at the same time, taker fees for Market Maker origin orders in non-Penny Classes rise from $1.20 to $1.21 per contract. These changes take effect July 1, 2026.
Professional Origin Rebates and Fees Change
If you trade on MIAX Pearl in a Professional origin (Non-Priority Customer, Firm, BD, or Non-MIAX Pearl Market Maker), maker rebates in non-Penny Classes increase to ($0.80) per contract for tiers 1–5 and decrease from ($0.85) to ($0.80) in tier 6, while taker fees increase from $1.20 to $1.21 per contract. These updates are effective July 1, 2026.
All MIAX Pearl Traders: Fees and Rebates Revised
All traders using MIAX Pearl for non-Penny Classes should expect revised per-contract fees and rebates effective July 1, 2026: some maker rebates increase (e.g., Priority Customer to ($1.19) per contract; many maker rebates for Market Maker and Professional origins set to ($0.80) per contract) while certain taker fees rise (e.g., to $1.21 per contract for Market Maker and Professional origins). The Exchange says these changes aim to balance costs and incentives.
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Next: 2026-14271 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Extend the Temporary Discount Program for Historical Requests of Certain Open-Close Report Data Until December 31, 2026
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