ActaDocs

How the maker works

The maker buys the option. It quotes and signs a premium, then pays it when the seller accepts and the position opens. If the option expires in the money, the maker supplies the settlement asset and receives the seller's collateral.

Account and signing key

For /maker, register a maker account and deposit funds to pay premiums. The account owner and quote-signing key may differ. Authenticate with the registered signing key. Premiums are paid from the maker account.

Use /maker for quotes and /maker/data for account and order reads. The Maker quickstart includes authentication and subscriptions.

From RFQ to fill

  1. Subscribe to markets and RFQs.
  2. On RfqBroadcast, validate the market PDA, pair, expiry, quantity and available strikes.
  3. Choose the premium and validity window. Build the canonical order, derive order_id and sign its hash with the quote key.
  4. Submit Quote or a batch.
  5. Track selected and executing orders until they resolve.
  6. Fund in-the-money positions before settlement.

Premium units, the order preimage and signature checks are specified in Quote flow.

Repricing and disconnects

Use ReplaceQuote to reprice atomically. Cancel-then-quote leaves a gap.

With cancel_on_disconnect enabled, a disconnect removes that connection's active and retained non-winning quotes. Selected and executing orders remain. Without this feature, resting quotes can still be filled while the client is offline.

After reconnecting, re-read quotes, orders and positions, and call GetOrderStatus for pending orders.

Settlement funding

An unfunded in-the-money position cannot settle normally. A permissionless liquidator pays the taker and takes the collateral instead. Disconnecting does not close positions.

Outcomes are in Options and settlement. Recovery reads are in the Maker API reference.

Build an integration

The Rust maker SDK handles sessions and reconnects. For raw WebSocket messages, use the Maker quickstart and Maker wire examples.

A vault buys options as a vault maker: its active primary delegate signs quotes, and premiums come from vault custody instead of a maker premium account. See Managing a vault.