Market and governance

Instructions for creating markets, parameter proposals, referrals and protocol administration.

Updated Sep 25, 2026

Creating a market, operator and optional-manager bundles with full notice, referral revenue sharing, and the protocol-level administration only the futarchy authority can call. See Launch a market and Market operators.

`initialize_market`

Create a market for a base and quote pair with its configuration, vaults and parameter hash, paying the creation fee.

The creator's mint order defines the market. The SDK builds the LP mints, transfer-hook state and canonical Metaplex metadata into the same versioned transaction, using an address lookup table when needed.

Caller: The market creator
In the app: Launch a market
Discriminator: 2323bdc19b30aacb
Emits: MarketCreated

Arguments

args: InitializeMarketArgs

Field	Type	Notes
params_hash	[u8; 32]	sha256 of namespace, label and mints; part of the market address.
config	MarketConfig	The complete market configuration: fees, curve, EMAs, borrow limits, IRM.
operator_interest_share_bps	u16	Operator share of base interest; protocol markup is global and additive.
oracle	Option<OraclePolicy>	Initial oracle policy, installed atomically with the market. None uses native pricing. First liquidity authenticates a current report when the selected weight is positive. Oracle sources/policy are creation-only.
bootstrap_price_nad	u64	The opening quote-per-base price.
launch_fee_progress_offset	u16	Starting point on the launch fee schedule.
srlp_metadata	InitializeLpMetadataArgs	Metadata for the three LP mints, created atomically with the market.
base_hlp_metadata	InitializeLpMetadataArgs
quote_hlp_metadata	InitializeLpMetadataArgs

MarketConfig

Field	Type	Notes
swap_fee_bps	u16
divergence_fee_share_cap_bps	u16
volatility_fee_share_cap_bps	u16
target_hlp_leverage_bps	u16
settlement_divergence_bps	u16
ema_half_life_ms	u64
directional_ema_half_life_ms	u64
curve_depth_ema_half_life_ms	u64
max_daily_borrow_bps	u16
global_health_contribution_cap_bps	u16
borrow_market_health_floor_bps	u16
amm	AmmConfig
irm	RiskRateConfig
start_time	i64

AmmConfig

Field	Type	Notes
peak_amplification_nad	u64
core_half_width_bps	u16
fade_width_bps	u16
center_ema_half_life_ms	u64
volatility_half_life_ms	u64
adjustment_step_nad	u64
volatility_shock_cap_nad	u64
volatility_cap_nad	u64
divergence_fee_coefficient_nad	u64
volatility_fee_coefficient_nad	u64
swap_fee_collect_mode	u8	Asset in which swap, toxicity, volatility, and retained-recenter fees are denominated. Lending and hLP funding interest remain in the borrowed asset and are not affected by this setting.
compounding_fee_bps	u16	Share of the LP-owned swap fee which becomes ordinary reserve principal instead of a claimable fee liability. Zero disables native compounding; `BPS_DENOMINATOR` compounds the complete LP share.
launch_fee_start_bps	u16	Optional launch-only base fee. The premium above `swap_fee_bps` decays from `start_time` and is zero after the configured duration.
launch_fee_duration_seconds	u64
launch_fee_decay_mode	u8
launch_market_price_step_bps	u16	When all three values are zero, the launch fee follows the time schedule above. A fully nonzero tuple selects a price-milestone scheduler whose reference price is bound by the first liquidity seed.
launch_market_number_of_periods	u16
launch_market_reduction_factor_bps	u16
launch_rate_limit_asset	u8	Optional launch buy-size limiter. The configured asset is the asset being bought, not the input asset. Each full/partial reference amount after the first adds `launch_rate_limit_increment_bps`, capped by `launch_rate_limit_max_fee_bps`.
launch_rate_limit_reference_nad	u64
launch_rate_limit_increment_bps	u16
launch_rate_limit_max_fee_bps	u16
launch_rate_limit_duration_seconds	u64
reserved	[u8; 0]

RiskRateConfig

Field	Type	Notes
lower_signal_nad	u64
upper_signal_nad	u64
lower_utilization_bps	u16
upper_utilization_bps	u16
half_life_ms	u64
initial_apr_nad	u64

OraclePolicy

Field	Type	Notes
format	u8
provider	pubkey
base_account	pubkey
quote_account	pubkey
base_feed_id	[u8; 32]
quote_feed_id	[u8; 32]
lambda_bps	u16
adjustment_cap_nad	u64
max_age_seconds	u32
max_age_slots	u64
max_confidence_bps	u16
max_publish_skew_seconds	u32

InitializeLpMetadataArgs

Field	Type	Notes
name	string
symbol	string
uri	string

Accounts

Account	Flags	Resolution
payer	writable · signer
base_mint
quote_mint
srlp_mint	writable
base_hlp_mint	writable
quote_hlp_mint	writable
srlp_token_metadata	writable	PDA ["metadata", "0x0b7065b1e3d17c45389d527f6b04c3cd58b86c731aa0fdb549b6d1bc03f82946", srlp_mint]
base_hlp_token_metadata	writable	PDA ["metadata", "0x0b7065b1e3d17c45389d527f6b04c3cd58b86c731aa0fdb549b6d1bc03f82946", base_hlp_mint]
quote_hlp_token_metadata	writable	PDA ["metadata", "0x0b7065b1e3d17c45389d527f6b04c3cd58b86c731aa0fdb549b6d1bc03f82946", quote_hlp_mint]
market	writable	PDA ["market_v2", base_mint, quote_mint, args.args.params_hash]
futarchy_authority		PDA ["futarchy_authority"]
base_reserve_vault	writable	PDA ["market_reserve", market, base_mint]
quote_reserve_vault	writable	PDA ["market_reserve", market, quote_mint]
base_collateral_vault	writable	PDA ["market_collateral", market, base_mint]
quote_collateral_vault	writable	PDA ["market_collateral", market, quote_mint]
base_interest_vault	writable	PDA ["market_interest", market, base_mint]
quote_interest_vault	writable	PDA ["market_interest", market, quote_mint]
team_treasury
team_treasury_wsol_account	writable
system_program		11111111…1111
token_program		Tokenkeg…Q5DA
token_2022_program		TokenzQd…xuEb
sysvar_instructions		Sysvar1n…1111
token_metadata_program		metaqbxx…8x1s
event_authority		PDA ["__event_authority"]
program

`update_lp_metadata`

Update the name, ticker and metadata URI of an existing senior, hedged or junior LP mint belonging to the market.

Requires the current market operator and the market's metadata update authority. Accounting, mint identity, authority, royalties and other metadata settings are preserved.

Caller: The market operator
In the app: Operator tooling
Discriminator: bd016fe8e61e0cf5

Arguments

args: InitializeLpMetadataArgs

Field	Type	Notes
name	string
symbol	string
uri	string

Accounts

Account	Flags	Resolution
operator	signer
market		PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
lp_mint
token_metadata	writable	PDA ["metadata", token_metadata_program, lp_mint]
token_metadata_program		metaqbxx…8x1s

`announce_operator_change`

Announce one atomic bundle of market settings or operator-owned authority and revenue changes.

One bundle is pending per market. Every replacement restarts the full maximum junior notice plus one day. Managers can edit settings only and cannot replace an operator-authored bundle.

Caller: The market operator or its optional manager
In the app: Operators
Discriminator: 770a832757f2736e
Emits: OperatorChangeAnnounced

Arguments

args: AnnounceOperatorChangeArgs

Field	Type	Notes
nonce	u64
expected_epoch	u64
updates	Vec<MarketParameterUpdate>
next_operator	Option<pubkey>
next_manager	Option<pubkey>
revenue_recipient	Option<pubkey>
interest_share_bps	Option<u16>
metadata	ProposalMetadataV1

MarketParameterUpdate

Variant	Fields
Fee	FeeProfile
Concentration	peak_amplification_nad: u64, core_half_width_bps: u16, fade_width_bps: u16, ramp_duration_slots: u64
Irm	RiskRateUpdate
EmaHalfLives	price_ms: u64, directional_price_ms: u64, curve_depth_ms: u64, center_price_ms: u64
DailyBorrowLimit	max_daily_borrow_bps: u16
CenterController	adjustment_step_nad: u64
Tranche	junior_income_share_bps: u16

ProposalMetadataV1

Field	Type	Notes
version	u8
title	string
description_uri	string
description_sha256	[u8; 32]
description_len	u32

Accounts

Account	Flags	Resolution
payer	writable · signer
operator	signer
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
proposal	writable	PDA ["operator_change", market, args.args.nonce]
system_program		11111111…1111
event_authority		PDA ["__event_authority"]
program

`execute_operator_change`

Execute the committed bundle after its notice and before its deadline, applying every change atomically.

Fixed Dusk limits, current authority, revisions, digest and market admission checks still apply. A successor operator signs to accept ownership; every ownership transfer clears the manager. Concentration targets start guarded ramps.

Caller: Anyone; the successor signs an ownership handoff
In the app: Operators
Discriminator: 72921b743d869723
Emits: OperatorChanged ManagerChanged

Arguments

None.

Accounts

Account	Flags	Resolution
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
futarchy_authority		PDA ["futarchy_authority"]
proposal	writable	PDA ["operator_change", market, proposal.nonce]
accepting_operator	signer · optional
previous_revenue	writable · optional
event_authority		PDA ["__event_authority"]
program

`resolve_operator_change`

Cancel a pending bundle or close an executed, expired or stale bundle, returning rent to its recorded payer.

Caller: The operator, the manager for its own bundle, or anyone for terminal cleanup
In the app: Operators
Discriminator: ad04d0db3ce7817c
Emits: OperatorChangeResolved

Arguments

Argument	Type	Notes
cancel	bool

Accounts

Account	Flags	Resolution
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
proposal	writable	PDA ["operator_change", market, proposal.nonce]
rent_refund	writable
operator	signer · optional
event_authority		PDA ["__event_authority"]
program

`remove_market_manager`

Remove the optional manager immediately and invalidate that manager’s pending bundle.

An operator-authored pending bundle remains valid. Reappointment requires a new fully noticed bundle.

Caller: The market operator
In the app: Operators
Discriminator: f1600229e0329bae
Emits: ManagerChanged

Arguments

None.

Accounts

Account	Flags	Resolution
operator	signer
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
event_authority		PDA ["__event_authority"]
program

`initialize_operator_revenue`

Create the revenue account used to preserve one recipient’s collected interest entitlement.

Caller: Any payer
Discriminator: 70d2b9085ad70f29

Arguments

None.

Accounts

Account	Flags	Resolution
payer	writable · signer
market		PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
revenue	writable	PDA ["operator_revenue", market, market.operator.revenue_epoch]
system_program		11111111…1111

`claim_operator_revenue`

Pay collected operator interest to its recorded recipient; historical collected fees stay with that recipient after a handoff.

Caller: Any payer; the payout destination is fixed
In the app: Operators
Discriminator: bd2fa9891749dd25
Emits: OperatorRevenueClaimed

Arguments

args: ClaimOperatorRevenueArgs

Field	Type	Notes
revenue_epoch	u64
max_debit	u64
minimum_credit	u64

Accounts

Account	Flags	Resolution
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
revenue	writable · optional
recipient
asset_mint
interest_vault	writable
recipient_asset_account	writable
token_program		Tokenkeg…Q5DA
token_2022_program		TokenzQd…xuEb
event_authority		PDA ["__event_authority"]
program

`set_market_reduce_only`

Switch one market into or out of reduce-only mode: no new borrows, deposits, leverage or proposals.

Caller: The emergency reduce-only key fixed in the program
Discriminator: b24edbc6bcb9b558
Emits: MarketReduceOnlyUpdated

Arguments

args: SetMarketReduceOnlyArgs

Field	Type	Notes
reduce_only	bool

Accounts

Account	Flags	Resolution
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
authority_signer	signer	3YL87sTC…Y6QV
event_authority		PDA ["__event_authority"]
program

`configure_referral_partner`

List a referral partner and set its share of protocol interest revenue.

Caller: The futarchy authority
Discriminator: 24b32acc42a1c6fe
Emits: ReferralPartnerConfigured

Arguments

args: ConfigureReferralPartnerArgs

Field	Type	Notes
referrer	pubkey
interest_share_bps	u16
active	bool

Accounts

Account	Flags	Resolution
authority_signer	writable · signer
futarchy_authority		PDA ["futarchy_authority"]
referral_partner	writable	PDA ["referral_partner", args.args.referrer]
system_program		11111111…1111
event_authority		PDA ["__event_authority"]
program

`initialize_referral_accrual`

Create the account that accrues a partner's claimable interest for one market and mint.

Caller: Any payer, usually composed with the first referred debt
Discriminator: b07e01b03bb10f52

Arguments

None.

Accounts

Account	Flags	Resolution
payer	writable · signer
referral_partner		PDA ["referral_partner", referral_partner.authority]
market		PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
asset_mint
referral_accrual	writable	PDA ["referral_accrual", referral_partner, market, asset_mint]
system_program		11111111…1111

`set_referral_recipient`

Change the wallet a partner's claims are paid to.

Caller: The partner authority
Discriminator: 3675250e5a3e7025
Emits: ReferralRecipientUpdated

Arguments

args: SetReferralRecipientArgs

Field	Type	Notes
recipient	pubkey

Accounts

Account	Flags	Resolution
authority	writable · signer
referral_partner	writable	PDA ["referral_partner", authority]
event_authority		PDA ["__event_authority"]
program

`claim_referral_interest`

Pay a partner's accrued interest for one market and mint to its recipient.

Caller: The partner authority
In the app: Referral
Discriminator: 105901c68c48590d
Emits: ReferralInterestClaimed

Arguments

None.

Accounts

Account	Flags	Resolution
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
authority	writable · signer
referral_partner		PDA ["referral_partner", authority]
asset_mint
referral_accrual	writable	PDA ["referral_accrual", referral_partner, market, asset_mint]
interest_vault	writable
recipient_token_account	writable
token_program		Tokenkeg…Q5DA
token_2022_program		TokenzQd…xuEb
event_authority		PDA ["__event_authority"]
program

`init_futarchy_authority`

Create the protocol-level authority account with its revenue shares and recipients.

Caller: The deployer, once
Discriminator: 856e9a1df0ce4764

Arguments

args: InitFutarchyAuthorityArgs

Field	Type	Notes
authority	pubkey
swap_bps	Option<u16>	None uses DEFAULT_PROTOCOL_REVENUE_SHARE_BPS; Some(0) explicitly disables the share.
interest_bps	Option<u16>	Global additive interest markup. None uses the protocol default; Some(0) disables markup.
max_referral_interest_share_bps	u16
futarchy_treasury	pubkey
futarchy_treasury_bps	u16
buybacks_vault	pubkey
buybacks_vault_bps	u16
team_treasury	pubkey
team_treasury_bps	u16
staking_vault	pubkey
fee_auction_accepted_mint	pubkey
buyback_auction_accepted_mint	pubkey

Accounts

Account	Flags	Resolution
deployer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]
program_data		PDA ["0x1b8c6728b392ade47867b3a3510378d466851102cd70dfde697e46bb64527021"]
system_program		11111111…1111

`update_futarchy_authority`

Rotate the futarchy authority key.

Caller: The futarchy authority
Discriminator: 0fc49dd971e25919

Arguments

args: UpdateFutarchyAuthorityArgs

Field	Type	Notes
new_authority	pubkey

Accounts

Account	Flags	Resolution	Notes
authority_signer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]

`update_protocol_revenue`

Set the protocol's share of swap fees and of realized interest.

Caller: The futarchy authority
Discriminator: b08b83c528e17dc8

Arguments

args: UpdateProtocolRevenueArgs

Field	Type	Notes
swap_bps	Option<u16>
interest_bps	Option<u16>
max_referral_interest_share_bps	Option<u16>
revenue_distribution	Option<RevenueDistribution>
protocol_auction_split	Option<ProtocolAuctionSplit>

RevenueDistribution

Field	Type	Notes
futarchy_treasury_bps	u16
buybacks_vault_bps	u16
team_treasury_bps	u16

ProtocolAuctionSplit

Field	Type	Notes
fee_auction_bps	u16
buyback_auction_bps	u16

Accounts

Account	Flags	Resolution
authority_signer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]
event_authority		PDA ["__event_authority"]
program

`update_revenue_recipients`

Set the futarchy treasury, buybacks vault and team treasury recipients.

Caller: The futarchy authority
Discriminator: 74b3892f76a741d9

Arguments

args: UpdateRevenueRecipientsArgs

Field	Type	Notes
futarchy_treasury	Option<pubkey>
buybacks_vault	Option<pubkey>
team_treasury	Option<pubkey>

Accounts

Account	Flags	Resolution	Notes
authority_signer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]

`update_protocol_auction_config`

Set the accepted mint, price parameters and reference-age limit of protocol auctions.

Caller: The futarchy authority
Discriminator: 04ca71c2d07ad449
Emits: ProtocolAuctionConfigUpdated

Arguments

args: UpdateProtocolAuctionConfigArgs

Field	Type	Notes
lane	ProtocolAuctionLane
accepted_mint	Option<pubkey>
params	Option<ProtocolAuctionParams>

ProtocolAuctionLane

Variant	Fields
Fee	unit
Buyback	unit

ProtocolAuctionParams

Field	Type	Notes
start_multiplier_bps	u16
floor_multiplier_bps	u16
duration_slots	u64
max_reference_age_slots	u64

Accounts

Account	Flags	Resolution
authority_signer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]
event_authority		PDA ["__event_authority"]
program

`update_protocol_auction_recipients`

Set where protocol auction proceeds go.

Caller: The futarchy authority
Discriminator: d2d25e53bc0e26f7
Emits: ProtocolAuctionRecipientsUpdated

Arguments

args: UpdateProtocolAuctionRecipientsArgs

Field	Type	Notes
lane	ProtocolAuctionLane
treasury	Option<pubkey>
staking_vault	Option<pubkey>
treasury_bps	Option<u16>
staking_vault_bps	Option<u16>

ProtocolAuctionLane

Variant	Fields
Fee	unit
Buyback	unit

Accounts

Account	Flags	Resolution
authority_signer	writable · signer
futarchy_authority	writable	PDA ["futarchy_authority"]
event_authority		PDA ["__event_authority"]
program

`update_protocol_auction_route`

Set a market's route for selling its protocol revenue.

Caller: The futarchy authority
Discriminator: 25a0c21c354e2b77
Emits: ProtocolAuctionRouteUpdated

Arguments

args: UpdateProtocolAuctionRouteArgs

Field	Type	Notes
lane	ProtocolAuctionLane
sold_mint	pubkey
reference_market	pubkey	A governance-approved market key. The default key removes the approval and permits settlement only from the sold market's own direct pair.

ProtocolAuctionLane

Variant	Fields
Fee	unit
Buyback	unit

Accounts

Account	Flags	Resolution
authority_signer	signer
futarchy_authority		PDA ["futarchy_authority"]
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
event_authority		PDA ["__event_authority"]
program

`set_global_reduce_only`

Switch the whole protocol into or out of reduce-only mode.

Caller: The emergency reduce-only key fixed in the program
Discriminator: f2977b8bef57f962

Arguments

args: SetGlobalReduceOnlyArgs

Field	Type	Notes
reduce_only	bool

Accounts

Account	Flags	Resolution	Notes
authority_signer	writable · signer	3YL87sTC…Y6QV
futarchy_authority	writable	PDA ["futarchy_authority"]

`settle_protocol_auction`

Buy accumulated protocol revenue from one lane (fee or buyback) and source (swap or interest) at the auction price.

Caller: Anyone with the accepted mint
Discriminator: cecc208708164850
Emits: ProtocolAuctionSettled

Arguments

args: SettleProtocolAuctionArgs

Field	Type	Notes
lane	ProtocolAuctionLane
source	ProtocolRevenueSource
sold_amount	u64
max_payment_amount	u64

ProtocolAuctionLane

Variant	Fields
Fee	unit
Buyback	unit

ProtocolRevenueSource

Variant	Fields
Swap	unit
Interest	unit

Accounts

Account	Flags	Resolution
bidder	writable · signer
market	writable	PDA ["market_v2", market.base_side.asset_mint, market.quote_side.asset_mint, market.params_hash]
futarchy_authority	writable	PDA ["futarchy_authority"]
sold_mint
accepted_mint
sold_vault	writable
bidder_payment_account	writable
bidder_receive_account	writable
treasury_payment_account	writable
staking_vault_payment_account	writable
reference_market
token_program		Tokenkeg…Q5DA
token_2022_program		TokenzQd…xuEb
event_authority		PDA ["__event_authority"]
program