Capacity Limits (Caps)

Caps enforce risk limits on quote submission. They apply at three scopes:

• Platform — global open-interest and notional ceilings per underlying mint and per quote mint.
• Market — open-interest ceilings per individual market (one strike-and-expiry pair).
• Maker — per-account position count, notional exposure, and deposited premium balance.

A breach detected at quote-validation produces QuoteRejected with reason = cap_exceeded. A breach predictable from the maker's current state pre-filters the RFQ before broadcast and produces RfqSkipped instead. GetTokenCaps returns platform token, market, and quote-mint caps; GetMyCaps returns the maker layer.

Platform caps

Token OI cap

Maximum open interest allowed for a given underlying mint across all markets.

Market OI cap

Maximum OI for a single market (specific strike / expiry pair).

Quote notional cap

Maximum notional exposure per quote mint (e.g. USDC).

Querying platform caps

Send GetTokenCaps for platform-level caps. request_id is required. include_markets exists in the wire type, but the backend returns configured token, market, and quote-mint caps regardless of its value.

{ "type": "GetTokenCaps", "data": { "request_id": "uuid" } }

Response TokenCaps:

{
  "type": "TokenCaps",
  "data": {
    "request_id": "uuid",
    "tokens": [
      {
        "underlying_mint": "So11111111111111111111111111111111111111112",
        "symbol": "SOL",
        "current_oi": 500000000000,
        "max_oi": 1000000000000,
        "utilization": 0.5
      }
    ],
    "markets": [
      {
        "market_id": "SOL-20260401-15000-C",
        "current_oi": 100000000000,
        "max_oi": 250000000000,
        "utilization": 0.4
      }
    ],
    "quotes": [
      {
        "quote_mint": "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
        "symbol": "USDC",
        "current_notional": 2000000000,
        "max_notional": 10000000000,
        "utilization": 0.2
      }
    ]
  }
}

markets and quotes are omitted only when the corresponding arrays are empty. Missing token, market, or quote entries mean no budget is configured for that scope; the backend treats that scope as uncapped.

Maker caps

Position count

Maximum number of simultaneously open positions for your maker account.

Notional per underlying

Maximum notional exposure per underlying mint for your maker account.

Balance

Available balance for quoting. Only the available portion can back new quotes.

Querying maker caps

Send GetMyCaps for your maker-specific limits. request_id is required.

{ "type": "GetMyCaps", "data": { "request_id": "uuid" } }

Response MyCaps:

{
  "type": "MyCaps",
  "data": {
    "request_id": "uuid",
    "positions": {
      "current": 12,
      "limit": 50
    },
    "notional": [
      {
        "underlying_mint": "So11111111111111111111111111111111111111112",
        "symbol": "SOL",
        "current": 800000000000,
        "limit": 2000000000000
      }
    ],
    "balances": [
      {
        "mint": "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
        "symbol": "USDC",
        "decimals": 6,
        "deposited": 5000000000,
        "committed": 3200000000,
        "available": 1800000000
      }
    ]
  }
}

How caps affect quoting

When an RFQ is skipped you receive an RfqSkipped notification:

{
  "type": "RfqSkipped",
  "data": {
    "rfq_id": "b3f1a2c4-...",
    "market_id": "SOL-20260401-15000-C",
    "quantity": 1000000000,
    "reason": "token_oi_cap_exceeded"
  }
}

CapError variants

These variants appear in error responses when a cap is breached.

Monitoring caps

GetMyCaps is cheap enough to poll; 60 seconds is a reasonable default. utilization on platform caps is current / max, normalized to [0.0, 1.0]. Many makers stop submitting new quotes once utilization exceeds 0.9, leaving headroom for in-flight quotes.

PositionUpdated carries caps_snapshot after each fill. Use it to update local caps without polling after every trade.

Freeing capacity

Open interest is held by open positions, not by quotes. Cancelled and expired quotes do not consume OI; only fills do. Capacity is released when a position settles. Deposited premium not backing an open position can be retrieved via the on-chain WithdrawPremium instruction.

Reference

• Wire-level request/response framing for GetTokenCaps / GetMyCaps (envelope shape, request_id correlation): Maker API reference.
• RfqSkipped broadcast (sent in place of RfqBroadcast when a cap blocks delivery): Maker API reference.