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 market PDA (underlying, quote, expiry and put/call), shared by all its strikes.
• Maker — per-account position count, notional exposure, and deposited premium balance.

A breach detected at quote-validation produces QuoteRejected with reason: { "cap_exceeded": <CapError> }. 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. A market is keyed by its on-chain PDA — one budget per (underlying, quote, expiry, put/call). All strikes of an expiry share that one budget; there is no per-strike capacity.

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. A configured platform budget of 0 is the opposite — zero capacity, everything rejected. (Maker-level limits use the reverse convention: 0 there means unlimited.)

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 quotes consume capacity

Capacity is a concurrent-risk budget, not a lifetime quota — and a live quote holds capacity the moment it is accepted by the venue, not on fill:

• Submitting a quote atomically reserves the full quantity/premium against every applicable dimension (platform OI and notional, your position count, your notional and committed premium) for the quote's validity window.
• The reservation is released when the quote is cancelled, replaced (a replacement only needs headroom for the delta), expires, or is rejected — and converts into position exposure when it fills.
• Your own polled numbers (GetTokenCaps, GetMyCaps) include your live reservations: quoting many RFQs concurrently visibly consumes your position-count and notional ceilings even with zero fills. Size max_open_positions and notional limits for your intended quoting breadth, not just expected inventory.
• Competing quotes on one RFQ each reserve full size while the auction runs. Near a platform cap this crowds out later quoters; expect token_oi_cap_exceeded rejections close to the cap even when your own exposure is small.

How caps affect quoting

QuoteRejected carries the machine-readable detail inside the reason: reason is { "cap_exceeded": <CapError> }, where the CapError is keyed by the exact code from the table below and carries the failing dimension's current/limit amounts. RfqSkipped carries the same structure as cap_detail. Parse those, not the prose message.

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 and is not clamped: values above 1.0 are a real over-budget state (limits can be tightened below live usage). A zero platform limit reports saturated utilization 1.0, not spare capacity. Many makers stop submitting new quotes once utilization exceeds 0.9, leaving headroom for in-flight quotes.

PositionUpdated carries caps_snapshot only for update_type: "funded"; fills and settlements do not push it. Poll GetMyCaps (or refetch on ChainEvent notifications) to track capacity freed by settlement.

caps_unavailable rejections mean the venue's risk projection is catching up (typically after a fill, for well under a second, or during listener incidents). They are retryable venue state: back off briefly and requote. They do not mean your balance or limits changed.

Freeing capacity

Reserved capacity returns when a quote is cancelled, replaced, expires, or is rejected. Position exposure returns when the position settles. Deposited premium not backing an open position or live quote 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.