Ranking Periods

The Liquidity League maintains three concurrent ranking periods, each providing a different perspective on participant performance. Rankings are computed independently for each period, so a participant’s relative position can differ across time windows.

Time Windows

7-Day Rolling

The 7-day rolling period includes all fills from the last 7 calendar days (168 hours). This window captures short-term competitive dynamics and is the most responsive to changes in trading activity.

Use case: Identifying the most active participants this week.
Volatility: Rankings can shift significantly day-to-day as old fills age out and new fills come in.
Sensitivity: A single large fill can meaningfully move a participant’s rank in this window.

30-Day Rolling

The 30-day rolling period includes all fills from the last 30 calendar days (720 hours). This window smooths out short-term fluctuations and rewards sustained activity.

Use case: Evaluating consistent participation over the past month.
Stability: Rankings are more stable than the 7-day window, requiring sustained changes in behavior to shift position.
Balance: Captures enough history to be meaningful, but is recent enough to reflect current activity levels.

All-Time

The all-time period includes every fill since the protocol launched. This is the lifetime leaderboard.

Use case: Recognizing the most significant cumulative contributors to the protocol.
Inertia: Established participants with large historical volume are difficult to displace.
Newcomer challenge: New participants must accumulate significant volume to break into the top ranks.

All three ranking periods are computed in parallel. The UI allows toggling between periods to see how rankings differ across time horizons.

Aggregation

Within each ranking period, the league score is computed by aggregating all fills that fall within the time window:


score = sum(fillNotional_i) * (1 + volumeWeightedAvgImprovement / divisor) * reliabilityFactor * privacyFactor

The aggregation is performed as follows:

Collect fills — Gather all confirmed settlement transactions for the address within the time window.
Sum notional — Add up the USD notional value of each fill.
Compute volume-weighted average improvement — Weight each fill’s improvement by its notional to compute the period average.
Compute reliability factor (makers only) — Calculate the cancel rate over the period and apply the reliability formula.
Compute privacy factor — Determine the share of private fill volume and apply the privacy bonus.
Combine — Multiply all components to produce the final league score.

Fills that span a period boundary (e.g., a fill from 8 days ago in the 7-day window) are excluded from that period’s calculation. The settlement timestamp determines which period a fill belongs to.

Refresh Timing

Rankings are refreshed on a near-real-time basis:

Event	Refresh Behavior
New fill confirmed	Scores for both maker and taker are recalculated within seconds
Period boundary crossed	Fills that age out of the 7-day or 30-day window are excluded on the next refresh cycle
Quote cancellation	Maker reliability factor is recalculated on the next refresh

The refresh cycle runs continuously. There is no fixed “snapshot time” or daily reset. Rankings are always based on the latest available data.

Because rolling windows are continuous, a fill from exactly 7 days ago will age out of the 7-day ranking during the current day. Your 7-day score can decrease even without any new activity, simply because older fills are rolling off the window.

Minimum Volume Thresholds

Each ranking period enforces a minimum filled notional threshold to appear on the leaderboard:

Period	Minimum Notional
7-day	Minimum threshold applies
30-day	Minimum threshold applies
All-time	Minimum threshold applies

Participants below the threshold for a given period are excluded from that period’s ranking but may still appear in other periods where they meet the threshold.

Period Overlap

Since all three periods are computed simultaneously, interesting patterns can emerge:

A maker who was very active last month but has been quiet this week may rank highly on the 30-day leaderboard but not appear on the 7-day leaderboard.
A new participant who just started trading this week may rank highly on the 7-day leaderboard but be far down the all-time rankings.
A consistently active participant will tend to rank similarly across all three periods.

League Overview — Introduction to the Liquidity League
Maker Scoring — Maker league score formula
Taker Scoring — Taker league score formula
Activity Feed — Per-address fill history