Risk and inventory

Protections

Block cap, age fade and move premium are set in one board-controls message per ladder and stay in force until you send new ones. Auto-dark is the expiresAt on every message.

Dial	Field	Effect	Default	Typical
Block cap	`blockCap`	maximum `tokenIn` the ladder fills in one block, across all takers	`0` (off)	a fraction of the top size
Age fade	`widenPpmPerSqrtSecond`	extra discount of this many ppm times the square root of the quote’s age in seconds	`0` (off)	50 to 200
Move premium	`premiumPpm`	extra discount in ppm after a price change	`0` (off)	a few hundred
	`premiumBlocks`	blocks the premium lasts, counting the commit block	`0` (off)	1 or 2
Auto-dark	`expiresAt`	the ladder stops quoting after this time	required	10 to 30 s

Age fade at widenPpmPerSqrtSecond = 100:

Quote age	Extra discount
1 s	100 ppm (1 bp)
4 s	200 ppm
25 s	500 ppm

{
  "type": "board-controls",
  "payload": {
    "mm": "0xYourSigner",
    "tokenIn": "0x8b414aD7005EeFd315aF2A16538885Eae229bab7",
    "tokenOut": "0xAbbdbbbd6d56593A9c5656c06cB30D61E4a544Df",
    "nonce": "<unix milliseconds>",
    "blockCap": "5000000000000000000",
    "widenPpmPerSqrtSecond": "100",
    "premiumPpm": "500",
    "premiumBlocks": "1",
    "signature": "<EIP-712 signature>",
    "chainId": 84532
  }
}

Aggregators see the block cap before trading: board() reports what is left in the current block, and the venue routes the rest of an order to other makers. controls(mm, tokenIn, tokenOut) on the executor returns your settings.

Maximum payout per ladder

A ladder fills at most its top size, counted across every taker. A new price-ladder or offsets message resets the count. The maximum payout is fixed when you sign:

Step	Cumulative size	Price	Pays at most
1	2 WETH	2000.00	4,000.00 USDC
2	5 WETH	1999.40	5,998.20 USDC
3	12 WETH	1998.20	13,987.40 USDC
4	20 WETH	1995.50	15,964.00 USDC
Total	20 WETH		39,949.60 USDC

Keep at least that much tokenOut in the provider. A fill that finds less reverts.

Mode	Top size limits
Rewrite	fills per ladder update
Reprice	fills per `offsets` message, across any number of anchors

Fill tracking

Data	Source
Inventory	`balanceOf` on your provider
Filled and remaining size	`board(mm, tokenIn, tokenOut)`: `filled`, `remaining`
Filled this block	`controls(mm, tokenIn, tokenOut)`: `filledThisBlock`
Each fill	`MMFillExecuted(mmProvider, mmSigner, receiver, tokenIn, tokenOut, amountIn, amountOut, avgPrice, filledAfter)` on the executor
Messages that reached the chain	`LadderCommitted`, `OffsetsCommitted`, `AnchorCommitted`, `ControlsCommitted` on the executor

mmProvider and mmSigner are indexed. A trade split across makers emits one MMFillExecuted per maker.

Stop quoting

Action	Effect
Stop sending	ladders expire at their `expiresAt`
Send a tombstone: a ladder with a dust top size and a higher nonce	replaces outstanding quotes immediately
`setApprovedExecutor` to another address	all fills revert
`withdraw`	provider is empty; fills revert

To resume, send new messages with higher nonces.

Getting Started

Market Makers

Aggregators

Reference

Protections

Maximum payout per ladder

Fill tracking

Stop quoting

​Protections

​Maximum payout per ladder

​Fill tracking

​Stop quoting

Protections

Maximum payout per ladder

Fill tracking

Stop quoting