finance
MIAX Pearl lifts some options fees to $1.20
Priority Customer rebates rise to $1.06 a contract, but taker fees also move up in non-Penny classes. The exchange says the new pricing took effect as soon as it was filed.
MIAX PEARL changed how some non-Penny options trades are priced, with higher rebates on the make side and higher fees on the take side. The update is already in force, so traders routing those orders are operating under the new schedule now.
- MIAX Pearl changed its options fee schedule immediately.
- Priority Customer maker rebates rise to $1.06 a contract.
- Taker fees in non-Penny classes increase to $1.20.
- The new pricing affects order-routing economics for options traders.
- In a Federal Register notice published June 17, 2026, MIAX PEARL, LLC said it is changing the prices attached to some options trades in non-Penny classes, the contracts quoted in wider increments than penny-by-penny stocks
In a Federal Register notice published June 17, 2026, MIAX PEARL, LLC said it is changing the prices attached to some options trades in non-Penny classes, the contracts quoted in wider increments than penny-by-penny stocks. The filing was immediately effective, which means the new fee schedule took hold as soon as it was made public.
The biggest shift is between the orders that add liquidity and the orders that take it away. Priority Customer orders get a larger maker rebate, rising to $1.06 per contract. Market maker rebates increase in tiers 1 and 2, and professional-origin orders get higher maker rebates in the lower tiers as well. At the same time, taker fees rise across the schedule to $1.20 per contract.
Why the split matters
For traders, makers and takers are not just exchange jargon. A maker is the order resting on the book, helping create liquidity. A taker is the order that removes it. When an exchange changes those numbers, it changes the economics of where brokers send orders and how they price the cost of getting a trade done.
That can matter most in options, where small fee changes can add up quickly. The exchange is nudging participants toward one side of the market while making the other side costlier, and those incentives are now part of the trading math on MIAX Pearl.