Market making

Any Totalis account can make markets. You need a maker account opened from your Totalis wallet, USDC in its maker vault to back what you fill, a little HYPE for gas, a key for the maker, and a bot that holds the maker channel open. You see every RFQ, quote the ones you want, and earn the difference between what you quote and what the outcomes are worth.

An RFQ arrives, the maker quotes a payout, signs a confirm when the taker accepts, backs the position, and the position settles

How it works

Receive RFQs

Subscribe to the maker channel. The snapshot holds every open RFQ, and RFQ_CREATED adds each new one: its legs, stake and taker. The RFQ carries no price. Price each leg from your own Hyperliquid market data.

Quote

Create a quote with the payout you will pay if every leg wins. It is unsigned and reserves nothing. Quote again to replace it, or cancel it.

Confirm the fill

When a taker accepts, you get QUOTE_ACCEPTED with the exact terms and a deadline seconds away. Sign the terms and confirm, or decline. Totalis puts the trade on-chain. A missed deadline fills nothing.

Back the position

The taker’s net stake moves into your maker vault and the position’s worst case locks. Totalis settles it when the markets resolve: you keep the stake, or pay the winnings.

Endpoints

Step	Endpoint or event
Check your capital	`GET /v1/makers/{maker_id}/capital`
Receive RFQs	`RFQ_CREATED` on the maker channel
Read fees and the signing domain	`GET /v1/deployment`
Quote, or replace your quote	`POST /v1/rfqs/{rfq_id}/quotes`
Pull a quote	`DELETE /v1/quotes/{quote_id}`
Receive acceptances	`QUOTE_ACCEPTED` on the maker channel. Nothing is filled until you confirm.
Confirm or decline	`POST /v1/quotes/{quote_id}/confirm`
Reconcile after a restart	`GET /v1/makers/{maker_id}/acceptances`
Read the positions you back	`GET /v1/me/positions` with your maker key
Lower your collateral	`POST /v1/makers/{maker_id}/collateral-reductions`

Set up

At hip4.totalis.trade/mm:

Under Your wallet, add a little HYPE for gas and the USDC you will quote with.
Choose Create maker account: one transaction from your wallet. Your maker_id is assigned then. A wallet opens one maker.
Choose Fund vault to move USDC into the maker vault.
Create a key for the maker with the maker scopes.
Run your bot with that key, your maker_id and your wallet key.

Makers are never sponsored. Your wallet pays the gas for every maker vault call, in HYPE.

Quote

curl https://hip4-api.totalis.trade/v1/rfqs/$RFQ_ID/quotes \
  -H "Authorization: Bearer $TOTALIS_MAKER_KEY" \
  -H "Idempotency-Key: 01a0df4e-5f11-7a2b-9c3d-4e5f6a7b8c9d" \
  -H "Content-Type: application/json" \
  -d '{
    "quote_id": "0x5e5e...5e5e",
    "entry": {
      "maker_id": "7",
      "legs": [{ "outcome_id": "1209", "side": "YES" }],
      "stake": "25000000",
      "payout": "98500000",
      "fee_bps": 100,
      "taker_fee_bps": 150,
      "taker": "0x1111111111111111111111111111111111111111",
      "expiry": "1790452875",
      "salt": "48151623429108"
    }
  }'

{ "quote_id": "0x5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e" }

Field	Rule
`legs`, `stake`, `taker`	Copied from the RFQ.
`payout`	What you pay if every leg wins, gross of the profit fee.
`fee_bps`, `taker_fee_bps`	The current values in Get deployment.
`expiry`	Unix seconds.
`salt`	A random uint256.
`quote_id`	The EIP-712 digest of `entry` as `Quote` (Signing). It becomes the `position_id`.

Quoting rules

Price the net stake. The taker fee comes off stake before it reaches you, so you risk payout - net stake.
Your newest quote on an RFQ replaces your last one. The taker sees QUOTE_REMOVED for the old one.
A quote leaves the RFQ at its expiry, and the RFQ closes at expires_at. Neither sends an event. The windows, and how close to expiry a quote stops being shown, are on Limits.
A quote reserves no collateral. Capacity is checked when you confirm, so quote only what free_after_pending covers (When collateral is checked).
A 409 with RFQ_NOT_OPEN or RFQ_GENERATION_STALE means the RFQ moved on. Drop it, or re-read it and quote again.

Cancel a quote

curl -X DELETE https://hip4-api.totalis.trade/v1/quotes/$QUOTE_ID \
  -H "Authorization: Bearer $TOTALIS_MAKER_KEY"

{ "status": "CANCELLED" }

CANCELLED or REPLACED means it is off the RFQ. 409 with ACCEPTED means a taker already accepted it: answer the acceptance.

Confirm

QUOTE_ACCEPTED carries the exact terms, named by kind. Check them against what you quoted, then sign them (entry as Quote, sell_back as SellBack, transfer as CashoutTransfer) and answer with no Idempotency-Key:

curl https://hip4-api.totalis.trade/v1/quotes/$QUOTE_ID/confirm \
  -H "Authorization: Bearer $TOTALIS_MAKER_KEY" \
  -H "Content-Type: application/json" \
  -d '{ "decision": "CONFIRM", "maker_signature": "0xcdcd...cd1c" }'

{
  "quote_id": "0x5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e5e",
  "rfq_id": "01a0df4e-5e07-7a3c-8f21-d4e6b7a90c1a",
  "status": "ACCEPTED",
  "deadline": "2026-09-26T20:00:53.352Z",
  "operation_id": "0x9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a9a"
}

`status`	Meaning
`ACCEPTED`	Queued as `operation_id`. `POSITION_OPENED` follows when it lands.
`DECLINED`, `TIMED_OUT`, `CANCELLED`	Nothing filled.

{ "decision": "DECLINE" } needs no signature. Decline when your price or your capital moved.
The confirm deadline is on Limits. It is short, so sign on a hot path: keep the deployment and your signer loaded, and answer before any slow work.
A lost response: resend the same answer. Until you know the outcome, treat the quote as filled.
QUOTE_CAPACITY_EXCEEDED means your capital cannot cover this fill now. Nothing filled.

After a restart

Subscribe from your saved cursor. The maker snapshot’s acceptances holds every acceptance still waiting for you, earliest deadline first, and List acceptances pages the rest. Answer each one before its deadline. Keep the quote_ids you created in durable storage, so a restarted bot confirms only terms it published.

Profit and loss

Outcome	You
Any leg loses	Keep the taker’s net stake
Every leg wins	Pay `payout - net stake`. The profit fee comes out of the taker’s winnings, not your vault.
A leg pays part (a `PARTIAL` result)	Keep the part of the net stake the position does not pay back
You buy it back	Pay the `sell_back` price. The position closes.
Another maker buys it	Nothing. You still back it, for the new owner.

Read the positions you back with List positions and your maker key. settlement_kind and each leg’s result are on Trading.

Collateral

Each fill locks the position’s worst case in your maker vault: payout - net stake. Positions that cannot all win together can share that collateral once you run a collateral reduction. Maker collateral has every capital field, how each step moves it, and how to reduce it.

Cash-outs

A taker can sell an open position before it settles. Totalis opens a cash-out RFQ to every maker: RFQ_CREATED with kind: CASHOUT, the position_id, its owner and the backing maker_id.

You	Quote	You pay from	The position
Back the position	`sell_back` terms, a `price`	Your maker vault	Closes
Do not back it	`transfer` terms, a `price`	Your own vault balance, not the maker vault	Moves to you. Its original maker still backs it.

Price the position at the RFQ’s decision_block and sign its leg_state unchanged. Keep your own vault balance at zero to sell back only. A cash-out quote’s expiry window is on Limits.

Your identity

Name	What it is	Where to read it
`maker_id`	Your maker’s number, a decimal string. It names your maker key’s account and your channel.	The maker page in the app
`owner`	The wallet that opened the maker. It funds, withdraws and approves keys.	Get maker capital
`signer`	The key whose signature confirms your fills. It starts as your wallet.	Get maker capital

To keep your wallet key off the bot, set a signer that holds no funds with setQuoteSigner. The zero address stops all fills at once. See Move maker funds.

Maker collateral

Capital, how fills move it, and collateral reduction.

Real time

Hold the maker channel and resume it without missing a fill.

TypeScript SDK

createMaker: quote, confirm and reduce collateral in a few lines.

Errors

Every code, and which to retry.

To provide liquidity at scale, email founders@totalis.trade.

Get started

Guides

Resources

How it works

Endpoints

Set up

Quote

Quoting rules

Cancel a quote

Confirm

After a restart

Profit and loss

Collateral

Cash-outs

Your identity

Maker collateral

Real time

TypeScript SDK

Errors

​How it works

​Endpoints

​Set up

​Quote

​Quoting rules

​Cancel a quote

​Confirm

​After a restart

​Profit and loss

​Collateral

​Cash-outs

​Your identity

Maker collateral

Real time

TypeScript SDK

Errors

How it works

Endpoints

Set up

Quote

Quoting rules

Cancel a quote

Confirm

After a restart

Profit and loss

Collateral

Cash-outs

Your identity