> ## Documentation Index
> Fetch the complete documentation index at: https://docs.totalis.trade/llms.txt
> Use this file to discover all available pages before exploring further.
# Market making
> Get started as a market maker on Totalis — stream live parlay quote requests, submit competitive quotes via the Quote Service, and earn the spread.
Market makers on Totalis stream incoming parlay quote requests via SSE, submit competitive prices, and earn the spread when users commit and confirm trades. There is no separate market maker role — any authenticated user with an API key can quote.
## How it works
Open an SSE connection to [`GET /v1/mm/quote-requests/stream`](/api-reference/quote-service-mm/stream) to receive live quote requests in real time. Maintain a [heartbeat](/api-reference/quote-service-mm/heartbeat) every 30 seconds. See the [event summary table](/api-reference/quote-service-mm/stream#sse-event-types) for every event name this stream sends — including a spelling inconsistency worth knowing about up front.
Analyze the legs and submit payout odds via [`PUT /v1/mm/quote-requests/{id}/quote`](/api-reference/quote-service-mm/submit-quote) for the exact `version` and `request_hash` you received. Price `payout_odds` and size collateral against the net stake (`user_stake`), not `bet_amount` — `user_stake` is what the vault applies your odds to when the taker fee is on.
When a user commits your quote, Totalis creates a real accepted RFQ and sends `quote:accepted`. The same `mm:quotes:{mm_id}` subscription may also receive `mm_quote:accepted` with details visible only to the selected MM, such as `user_id`, final quote economics, and exposure legs. Confirm with [`POST /v1/mm/quotes/{quoteId}/confirm`](/api-reference/mm/confirm-quote) before the deadline to lock in the trade. The user's stake and your collateral lock together in on chain Solana vaults.
## Core quoting loop
For most market makers, the integration surface should stay small:
| Step | Endpoint |
| -------------------------------------- | ------------------------------------------------------------------------------------------- |
| Pull market context and current prices | [`GET /markets`](/api-reference/markets/list) |
| Check invalid leg combinations | `GET /markets/exclusion-groups` |
| Stream live quote requests | [`GET /v1/mm/quote-requests/stream`](/api-reference/quote-service-mm/stream) |
| Submit a draft quote | [`PUT /v1/mm/quote-requests/{id}/quote`](/api-reference/quote-service-mm/submit-quote) |
| Withdraw a draft quote | [`DELETE /v1/mm/quote-requests/{id}/quote`](/api-reference/quote-service-mm/withdraw-quote) |
| Send liveness heartbeat | [`POST /v1/mm/heartbeat`](/api-reference/quote-service-mm/heartbeat) |
| Receive committed trades | `quote:accepted` on `mm:quotes:{mm_id}` |
| Receive accepted trade details | `mm_quote:accepted` on `mm:quotes:{mm_id}` |
| Confirm an accepted quote | [`POST /v1/mm/quotes/{quoteId}/confirm`](/api-reference/mm/confirm-quote) |
Use [`GET /v1/wallet`](/api-reference/user/get-wallet) to check available USDC and locked funds before quoting at size.
## Pricing early cashouts
A user can close an active position before settlement by accepting a **buyback** price from you, its counterparty MM. You receive cashout requests on the same SSE stream you already subscribe to (`GET /v1/mm/quote-requests/stream`), as a distinct [`cashout_request`](/api-reference/quote-service-mm/stream#cashout-request) event scoped to you and never broadcast. Respond with one of:
| Action | Endpoint |
| ------------------------------- | ---------------------------------------------------------------------------------------------- |
| Submit / update a buyback quote | [`PUT /v1/mm/cashout-requests/{id}/quote`](/api-reference/quote-service-mm/cashout-quote) |
| Decline (permanent refuse) | [`POST /v1/mm/cashout-requests/{id}/decline`](/api-reference/quote-service-mm/cashout-decline) |
### Fair value
Revalue the position at live odds: `fair_value = fair_win_prob × total_payout`, where `fair_win_prob` is the parlay's current joint win probability. Convert that to a directional quote by shrinking it with a conservative **exit edge** that is MM favorable in both directions — you pay less when the user is up, the user pays more when they're down. A **partial settle** buyback (some legs already resolved and pinned at certainty) uses a wider edge. The user's stake is always refunded separately; your quote is the directional net `amount` on top of it, gross of the profit fee.
### When to refuse
Pricing runs a fixed sequence of gates; the first match wins. There are two kinds of outcome:
* **Permanent decline** — the position can't be priced and won't become priceable on retry. Call the decline endpoint; the user sees an instant `declined`.
* **Transient refuse** — a leg has no trustworthy live price right now (a wide book or a feed blip). Submit nothing and stay silent; the request rides its \~90 s TTL so a later quote can still land.
| Gate | Condition | Outcome |
| ----------------------- | -------------------------------------------------------------------------------------- | ----------------------- |
| Unrecognized resolution | a leg's resolution isn't a known value | permanent decline |
| Worthless | any leg resolved lost or void | permanent decline |
| Already decided | all legs resolved won (settlement pays full value shortly) | permanent decline |
| Malformed | a leg is missing its ticker or side | permanent decline |
| No live price | a leg has no trustworthy live book (spread too wide / stale) | transient — stay silent |
| Near decided | a leg's live price is outside the `[0.05, 0.95]` odds band, so repricing is unreliable | permanent decline |
The no live price gate refuses a leg whose two sided spread exceeds the venue cap (Polymarket 5%, Kalshi 7%) or whose book is stale. A leg already resolved and pinned at certainty is exempt from the odds band check.
## Get set up
Generate an API key from the Totalis Dashboard to authenticate REST and SSE requests.
Learn the full trading flow: versioned quote requests, SSE streaming, commit protection, and rejection codes.
Authenticated clients get 300 req/min across REST endpoints, with `X-RateLimit-*` headers on every response.
Full endpoint reference for the MM side of the Quote Service.
## Provide liquidity at scale
To provide liquidity on Totalis at scale, contact [founders@totalis.trade](mailto:founders@totalis.trade) to discuss onboarding, integration, and partnership terms.