Market making

Quote in batches

POST /order/batch-signed carries up to — actions under one signature. Cancels apply first, then each place on its own, so one request can move a whole ladder. Each place can be Limit, Post Only, IOC or FOK. The answer lists every action as accepted, refused or will_be_refused with its code.

Use Post Only for quotes: an order that would trade at once is refused instead of taking liquidity.

Arm the dead-man switch

Arm POST /schedule-cancel with a time a few tens of seconds ahead, and move it forward from your quoting loop. If your process stops, the chain cancels every order and TWAP of the account at that time and refuses new orders until you arm it again. Refresh it every couple of seconds at most — the chain accepts one move a second.

Set Market Maker Protection

POST /account/mmp sets a window and limits: a number of fills, a filled value and a net size. Reaching one inside the window cancels the account's orders and freezes new ones for as long as you chose. It protects against a burst of fills against stale quotes.

Follow the book on the feeds

Subscribe to book, trades, orders and fills on the market-maker feeds (wss://rpc.vordium.com/feeds). Every subscription starts with a snapshot and every message names the one before it; when one is missing, resubscribe (WebSocket). The Python SDK's vordium.feeds.Feeds does this for you.

Limits and the rebate

The market-maker tier, which raises the open-order cap and the allowance and carries the rebate, is assigned by Vordium to registered market makers. GET /markets/account/{address} shows an account's tier, allowance used, open orders against its cap and rebates earned.