Tread: looping volume with the market-maker bot

The essentials

This content is general information, not investment advice. A bot removes neither market risk nor liquidation risk.

Our link: open Tread with the AddictCrypto link. It's a referral link: it costs you nothing and supports the site.

What Tread does

Tread presents itself as an execution terminal for retail and institutional traders. It doesn't replace the exchange: orders go out on your own account, on the platform you've connected. It offers algorithmic orders (TWAP, VWAP…), a market-maker bot, a delta-neutral bot and funding analysis tools.

Among the Perp DEXs supported as of September 29, 2026: Hyperliquid, Extended, Pacifica, Paradex, Aster and Nado, among others, plus several centralized exchanges (Binance, OKX…). Lighter, Variational and Entropy aren't on the list of documented connections.

What $100,000 of volume costs

Tread charges a commission on volume traded on some Perp DEXs (Extended, Hyperliquid, Nado, Ondo, Pacifica, Perpl and RiseX). It's 0.025% below $1M of volume, then decreases in tiers down to 0.01% above $100M. No commission is charged on centralized exchanges. The platform's maker fees come on top.

On Pacifica, Tread's commission is a flat 0.02%, on top of Pacifica's fees. TREAD token holders get a discount from 10% (from 1,000 TREAD) to 100% (from 1,000,000 TREAD).

These amounts include neither funding nor the bot's gains or losses on price: that second item is often what makes the difference (see the risks).

Step 1: create your account and connect a DEX

1. Sign up on tread.fi with an email or by connecting your wallet.
2. Open key management and connect the platform you want to farm. For Hyperliquid, connect the same EVM wallet as your Hyperliquid account, which must hold at least 5 USDC. You can also choose a sub-account.
3. For a centralized exchange, create an API key without withdrawal permission: Tread only needs to trade.

Step 2: set up the market-maker bot

The bot splits the margin you allocate equally between buys and sells, then places its orders around the market price with enough spread to stay competitive. The settings that matter:

• The pair: start with a very liquid pair (BTC or ETH). The spread is tight and sudden moves are rarer.
• Margin and leverage: more margin and more leverage mean more volume, but also more liquidation risk. Start small, with low leverage.
• Duration: the bot executes via TWAP over the chosen duration, so as not to weigh on the price.
• Maximum loss: a stop that cancels the bot when the net loss reaches the set amount. Always set it.
• Reference price mode: Mid, Grid, Reverse Grid, Dynamic Grid, Blend or Signal. Mid mode is the simplest to start with.

Step 3: monitor and stop

Track the volume generated, the PnL and the net exposure. If the price moves too fast, the bot pauses to avoid being stuck with a very unbalanced position. At the end, check that no open order or residual position is left on the platform.

Which Perp DEX to farm with Tread

• Extended: the best cost-to-volume ratio, thanks to 0% maker fees. No token yet: it's our No. 1 pick for Tread.
• Hyperliquid: HYPE has already been distributed. Mostly useful if a HIP-3 deployer rewards volume, but Tread's support for HIP-3 markets isn't documented.
• Pacifica: supported, but the points program has been running since September 2025. It's the least attractive in our selection for farming today.

Check our current ranking before launching a bot: the right DEX changes from one month to the next.

What about Tread points?

Tread points Season 1 ended on May 18, 2026. Every week, 100,000 points were shared among users with more than $100,000 of adjusted volume. The documentation states there's no official information on future seasons. So today, Tread is a tool for farming other platforms, not a farming target in itself.

Referrals

The referrer earns 0.004% of their referees' volume on Extended, Hyperliquid, Nado and Pacifica, capped at $1,000 per referee. The documentation mentions no benefit for the referee.

The risks

• Inventory risk: when the price rises or falls sharply, orders on only one side get filled and the bot builds up a position the wrong way. That's the hidden cost of market making.
• Liquidation: high leverage multiplies volume, but also the risk of being liquidated on a violent move.
• Volume that doesn't count: some programs filter or weight repetitive volume. Check that the DEX really rewards volume before running a bot on it.
• Security: an API key or wallet connection gives access to your account. Never grant withdrawal permission.

Sources

• Tread Docs — Market Maker Bot
• Tread Docs — Fees Schedule
• Tread Docs — Connecting Hyperliquid
• Tread Docs — Delta Neutral Bot
• Tread Docs — Points Program
• Tread Docs — Referral Program
• Extended Docs — Trading fees