Polymarket US's public fee schedule shows four taker tiers, not the eight it reported to the CFTC

QCX LLC, which trades as Polymarket US, a CFTC-registered designated contract market, filed a weekly notification with the CFTC on 10 November (PMX-2026-63). The letter said an amendment to the Polymarket US Fee Schedule “took effect on November 6, 2026” and “is reflected in the public Fee Schedule.” It replaced a flat taker coefficient of +0.0695 with eight tiers, from +0.1170 for notional taker volume below $10,000 to +0.0650 at $50,000,000 and above.

The public Fee Schedule, checked at 06:30 GMT on 13 November, instead shows four taker-fee tiers, with coefficients from 0.095 below $10,000 to 0.0695 at $250,000 or more. The letter’s tiers above $250,000 do not appear on the page. We have not found a later CFTC filing that adopts the four-tier schedule. The CFTC posts filings on its website after they are submitted, so a later filing may not yet be public.

What the public fee schedule now shows

The public fee page carries a note that reads: “Effective exchange-wide from 1:00 PM ET, Wednesday, November 11, 2026.” That is 18:00 GMT on 11 November.

On standard trades, taker fees and maker rebates use the formula:

Fee = Θ × C × p × (1 − p)

where C is the number of contracts, p is the trade price, from $0.01 to $0.99, and Θ (theta) is the fee coefficient. Fees and rebates are rounded to the nearest cent using banker’s rounding (round half to even).

The taker coefficient is set daily from taker volume over the preceding 30 completed Eastern Time calendar days, excluding the current day, in four tiers:

• Tier 1, below $10,000: 0.095
• Tier 2, $10,000 to less than $50,000: 0.085
• Tier 3, $50,000 to less than $250,000: 0.075
• Tier 4, $250,000 or more: 0.0695

The page’s worked examples use the Tier 4 coefficient. For a 100-contract standard fill at $0.50, a Tier 4 taker pays $1.74. A new-account onboarding window sets the taker coefficient at 0.0695 for the first seven days after an account’s first fill, regardless of volume. During November, existing accounts “receive the better of their trailing 30-day tier or the tier based on October volume.”

Maker rebates on standard trades are credited at the fill. They use a separate four-tier scale set by qualifying maker volume: no rebate below $10 million; then coefficients of −0.0035, −0.0070 and −0.0104 from $10 million, $50 million and $200 million respectively. The page’s Tier 4 example credits the maker $0.26 on that same 100-contract fill at $0.50.

Who pays, and how volume is measured

Taker fees are deducted from the trader’s balance when the trade executes. Maker rebates on standard trades are credited at the fill. Cancelled, expired or rejected orders are not charged. The fee coefficient is set when an order is inserted, and an order placed during the onboarding window keeps that coefficient if it fills later.

The fee page defines the volume that sets these tiers as “the amount you paid for the position you received, not the face value of the contracts.” A buy of C contracts at price p counts as C × p; a sell counts as C × (1 − p). The page’s own example is that a purchase of 1,000 contracts at $0.10 counts as $100 of volume, not $1,000. That is not notional at $1 face value. Voided fills are excluded.

Taker rebates, paid weekly as a percentage of taker fees actually paid, use a separate six-tier scale, from no rebate below $250,000 of qualifying taker volume to a 30 per cent rebate at $50 million or more.

What the CFTC notification says

On 10 November, Megan McGrath, chief compliance officer of Polymarket US, filed the weekly notification under CFTC Regulation 40.6(d) (PMX-2026-63). An identical copy is posted as an exchange notice. It reports an amendment “made effective during the preceding week” and says that amendment “took effect on November 6, 2026” and “is reflected in the public Fee Schedule.”

That filing replaces a flat taker coefficient of +0.0695 with eight tiers “set daily, based on notional taker volume over the preceding 30 days, each running from 12:00 a.m. to 11:59 p.m. Eastern Time”:

• $0–$9,999: +0.1170
• $10,000–$49,999: +0.1100
• $50,000–$249,999: +0.1000
• $250,000–$999,999: +0.0700
• $1,000,000–$9,999,999: +0.0695
• $10,000,000–$24,999,999: +0.0690
• $25,000,000–$49,999,999: +0.0675
• $50,000,000+: +0.0650

A new participant pays +0.0695 for the first seven days after their first trade. The filing says all other terms of the fee schedule are unchanged.

Those eight coefficients are not the four coefficients now shown on the public fee page, and the letter’s tiers above $250,000 do not appear there. A 40.6(d) weekly notification reports a rule amendment that has already been made effective; it is not, by itself, a later amendment of the schedule. We have not found a subsequent CFTC filing that adopts the four-tier schedule.

Why it matters

• The published schedule and the CFTC notification are not the same document. The 10 November weekly notification describes an eight-tier taker schedule, which it said “took effect on November 6, 2026” and “is reflected in the public Fee Schedule.” The public page, checked on 13 November, shows four tiers, from 0.095 to 0.0695, with fewer volume thresholds. Until a later filing or notice is found that reconciles them, participants should not treat one as a restatement of the other.
• The fee page defines tier volume as the amount paid, not notional at $1 face value. On the fee page, a purchase of 1,000 contracts at $0.10 counts as $100 of volume, not $1,000. That is the measure that sets a trader’s taker coefficient on the published schedule.
• On the fee page, smaller taker accounts are charged a higher coefficient. Under the published four-tier schedule, accounts with less than $10,000 of trailing 30-day taker volume use 0.095, against 0.0695 at $250,000 or more. The CFTC notification’s lowest tier, 0.1170, is higher still. On the fee page, standard makers are paid a rebate rather than charged a maker fee, except that accounts below the maker-rebate thresholds receive no rebate.

What we are watching

• Whether a subsequent CFTC filing or exchange notice adopts the four-tier schedule now shown on the public fee page.
• Further edits to docs.polymarket.us/fees.

Sources

All checked on 13 November 2026 at 06:30 GMT (06:30 London time).

• Polymarket US, Fee Schedule, checked 13 Nov 2026.
• QCX LLC d/b/a Polymarket US, Weekly Notification of Rule Amendments (PMX-2026-63), filed with the CFTC on 10 Nov 2026; identical exchange notice.