> ## 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
> Stream parlay quote requests, submit payout odds, confirm fills within seconds, bid on early cashouts, and size collateral with portfolio netting.
Any account can make markets. You need an API key with the `mm:quote` scope, USDC to back your
quotes, trading enabled once in the app (see [Funding](/solana/guides/funding#enable-trading)), and a bot on two channels: the SSE quote request stream for pricing, and the WebSocket for
fills.
## How it works
Open [`GET /v1/mm/quote-requests/stream`](/solana/api-reference/quote-service-mm/stream). You get a
snapshot of every active request, then updates. Match event names exactly as the
[event table](/solana/api-reference/quote-service-mm/stream#sse-event-types) lists them. Each leg
carries `current_yes_price` and `current_no_price`, the venue prices when the request was
created, as a starting point for your own pricing.
Send `payout_odds` for the exact `version` and `request_hash` you received, with
[`PUT /v1/mm/quote-requests/{id}/quote`](/solana/api-reference/quote-service-mm/submit-quote).
Odds apply to the net stake, `user_stake`, never to `bet_amount`. Quoting off the gross bet
overprices every quote. See [Limits and fees](/solana/limits-and-fees#fees).
When a user commits your quote, you get `quote:accepted` on the `mm:quotes:{mm_id}` channel of
the [WebSocket](/solana/guides/websocket), with the `quote_id` and a `confirmation_deadline` a few
seconds away. Confirm with [`POST /v1/mm/quotes/{quoteId}/confirm`](/solana/api-reference/mm/confirm-quote)
before that timestamp. The SSE stream only says a request closed, so keep the socket open. Confirm with the event's
`quote_id`, not the draft id your submit returned.
After a disconnect or a restart, list [`GET /v1/mm/quotes?status=accepted`](/solana/api-reference/mm/list-quotes)
and confirm anything still open.
## Endpoints
| Step | Endpoint or event |
| - | - |
| Check your balance | [`GET /v1/wallet`](/solana/api-reference/user/get-wallet) |
| Stream quote requests | [`GET /v1/mm/quote-requests/stream`](/solana/api-reference/quote-service-mm/stream) |
| Submit or replace a quote | [`PUT /v1/mm/quote-requests/{id}/quote`](/solana/api-reference/quote-service-mm/submit-quote) |
| Withdraw a quote | [`DELETE /v1/mm/quote-requests/{id}/quote`](/solana/api-reference/quote-service-mm/withdraw-quote) |
| Receive fills | `quote:accepted` and `mm_quote:accepted` on `mm:quotes:{mm_id}` |
| Confirm a fill | [`POST /v1/mm/quotes/{quoteId}/confirm`](/solana/api-reference/mm/confirm-quote) |
| Reconcile | [`GET /v1/mm/quotes`](/solana/api-reference/mm/list-quotes) |
| Bid on an early cashout | [`PUT /v1/mm/cashout-requests/{id}/quote`](/solana/api-reference/quote-service-mm/cashout-quote) |
## Quoting rules
* One live quote per request version. Submitting again replaces it.
* Send only `request_version`, `request_hash`, `payout_odds` and, optionally, `expires_in_ms`. The
server derives every money field from your odds and the net stake.
* A new version invalidates your old quote. Re-price and submit again. There is nothing to withdraw.
* `DELETE` a quote only to stand down on the current version before the user commits.
* Submit and confirm take no `Idempotency-Key`. After a timeout, read
[`GET /v1/mm/quotes?status=accepted`](/solana/api-reference/mm/list-quotes) before you confirm again.
Quote validity, the confirmation window, and the quote service's 300 requests a minute per IP are on
[Limits and fees](/solana/limits-and-fees#timing). Re-quote when a quote is about to lapse or your
price moves, not on a timer.
## Your balance
Quotes are backed by wallet USDC plus your vault's free balance. The submit check
(`insufficient_collateral`) and the confirm check both read that sum.
Your vault is created with your first filled position. Until then keep USDC in the wallet.
[`POST /v1/vault/deposit`](/solana/api-reference/funds/vault-deposit) returns `404` before the vault exists,
and is optional after.
Live quotes do not reserve collateral. Each quote is checked on its own when you submit it, so if
several fill at once, a confirm can fail for lack of funds. A missed confirmation loses the fill, and
the bettor can leave you out of that request.
## Profit and loss
| Outcome | You |
| - | - |
| Any leg loses | Receive the user's `user_stake`, minus the profit fee on it |
| Every leg wins | Pay `mm_risk` |
| A leg is voided | Get your collateral back. Nothing else moves |
There is no maker P\&L endpoint yet. Record `user_stake` and `mm_risk` when you confirm, and settle
them against `mm_result` on the maker `position.settled` webhook.
## Collateral and the ILP
You do not lock each position's full `mm_risk` on its own. Totalis locks your worst-case loss across
your whole book of open positions. It finds that number exactly by solving an integer linear program
(ILP) over every way your markets can resolve, so positions that cannot all pay out at once share
collateral.
In the picture, two parlays cannot both win. Locked one by one they need 20,000 USDC. As a book they
need 12,000, the larger of the two.
| When | What locks |
| - | - |
| Your first open position | Its full `mm_risk` |
| Each new position | Only the rise in your book's worst-case loss, from 0 up to that position's `mm_risk`. This is `mm_collateral_locked` on the position |
| A position settles, is cancelled, or is bought back | Your worst case is recomputed, and collateral no longer needed returns to your vault free balance |
Netting lowers what stays locked, not what you need to quote. Submitting a quote and confirming a
fill both require wallet plus vault free balance to cover the quote's full `mm_risk`, plus the
`mm_risk` of any fills not yet on chain.
The solver treats these as linked, and everything else as independent:
* The legs of one position. It pays only if every leg hits.
* Markets in one event where only one can resolve yes, such as the winner of a game.
* Kalshi strike ladders on the same underlier or game, such as BTC above 100k and above 90k, or a
game's totals and spreads.
* A team's total over a line and the game's total over the same line.
* Markets that have resolved but not yet settled. They are fixed to their result.
Treating two markets as independent can only overstate your worst case, never understate it. If a
solve runs out of time you are locked a safe upper bound, never more than the plain sum of your
`mm_risk`.
In Totalis backtests the saving was 10% to 30% for generalist books, 20% to 40% for books on a single
league, and over 70% for books of long-tail parlays with four or more legs.
## Early cashouts
A user can leave a live position before it settles. Totalis broadcasts a short auction to every
maker as a [`cashout_request`](/solana/api-reference/quote-service-mm/stream#cashout_request) event on the
stream you already read. Reply with one all-in `price_micro`, the amount the user receives in
microUSDC, through
[`PUT /v1/mm/cashout-requests/{id}/quote`](/solana/api-reference/quote-service-mm/cashout-quote). The
highest live bid wins, and ties go to the earliest. To pass, submit nothing.
If you back the position, a win closes it, and the profit fee comes out of whichever side profits.
If you do not, a win acquires it: the position moves to your account as the bettor side, and shows
in `GET /v1/rfqs`. [Cashout auctions](/solana/guides/cashout-auctions) has the rules, payload and errors.
## Your identity
Your `mm_id` is your `user_id`, a Privy DID (`did:privy:...`). `auth:success` on the WebSocket and
the [`connected`](/solana/api-reference/quote-service-mm/stream#connected) event on the SSE stream both
return it, and it names your `mm:quotes:{mm_id}` channel.
`counterparty_mm_id` is not your id and not the bidder's id. It names the maker who already backs a
position. See the [Glossary](/solana/glossary#identifiers).
## Get set up
A key with the four read scopes and `mm:quote`.
Bid on parlay exits and know which outcome you are in.
Every rejection reason, and which to alert on.
Every maker endpoint and event.
To provide liquidity at scale, email [founders@totalis.trade](mailto:founders@totalis.trade).
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