> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ocx.global/llms.txt
> Use this file to discover all available pages before exploring further.

# Market making on OCX

> How to run a market-making account on OCX — authentication, the quoting model, and what you need to get started

A market maker on OCX is an ordinary account that continuously quotes **both
sides** of one or more markets — resting bids and asks around a fair value — and
earns the spread (and, at higher volume tiers, maker rebates) while providing
liquidity to the book.

You do not need a special account type. Any authenticated account can quote. What
distinguishes a market maker is the workflow: authenticate once, provision an API
key for automation, stream a reference price, and continuously **replace** a
ladder of two-sided quotes on each market with a single atomic call — then react
to fills from the real-time stream.

<CardGroup cols={2}>
  <Card title="Quoting API" icon="layer-group" href="/market-makers/quoting">
    Post and refresh a multi-level ladder with one atomic bulk call, and pull it
    with cancel-all.
  </Card>

  <Card title="Fill stream" icon="bolt" href="/market-makers/fill-stream">
    React to executions and position changes in real time over SSE instead of
    polling.
  </Card>

  <Card title="Best practices" icon="shield-check" href="/market-makers/best-practices">
    Inventory skew, dead-man switch, reconnect and heartbeat handling.
  </Card>

  <Card title="Fee tiers" icon="percent" href="/methodology/overview">
    Volume-based maker/taker fees. Query the live schedule from the API.
  </Card>
</CardGroup>

## The market-making loop

<Steps>
  <Step title="Authenticate and provision a key">
    Sign in once with SIWE, then mint a scoped API key for your bot. Send the key
    on every automated request.
  </Step>

  <Step title="Discover markets and reference data">
    Pull the market catalog, order book, stats, and your fee tier. Compute a fair
    value from your own reference price feed.
  </Step>

  <Step title="Post a two-sided ladder">
    Build a symmetric set of bid/ask levels around fair value and submit them in
    one atomic bulk call that replaces your prior quotes.
  </Step>

  <Step title="React to fills">
    Consume the real-time stream. Each fill arrives as a trade plus a position
    change — feed that back into your next quoting cycle (skew or shrink as
    inventory builds).
  </Step>

  <Step title="Re-quote and manage risk">
    Re-run the ladder on your own cadence as your reference price moves. On feed
    loss, error, or shutdown, cancel everything.
  </Step>
</Steps>

## Requirements

<AccordionGroup>
  <Accordion title="A funded perps account" icon="wallet">
    Quotes are subject to portfolio margin server-side. Fund the `perps` bucket
    (transfer `wallet → perps`) so your resting quotes and any resulting
    positions have collateral. Orders that fail the margin check are rejected —
    see [Best practices](/market-makers/best-practices).
  </Accordion>

  <Accordion title="SIWE sign-in, then an API key" icon="key">
    Human owner signs in once with Sign-In With Ethereum, then provisions an API
    key with the `trade` scope for the bot. See
    [Authentication](/market-makers/quoting#authentication).
  </Accordion>

  <Accordion title="A reference price feed" icon="signal">
    You supply your own fair value. OCX publishes marks, funding, and a full
    options board for reference, but your quoting decisions and pricing are
    yours.
  </Accordion>

  <Accordion title="A resilient client" icon="arrows-rotate">
    SSE streams are long-lived and diff server-side. A well-behaved client
    applies the initial snapshot, folds in deltas, reconnects on drop, and wires
    a cancel-all kill-switch. See [Best practices](/market-makers/best-practices).
  </Accordion>
</AccordionGroup>

## Where market makers quote

Perpetuals, dated futures, options, and spot all support two-sided quoting. This
section documents the **perpetuals/futures** quoting path in detail (the
highest-throughput programmatic surface). The options CLOB exposes an equivalent
bulk-quote path — see the API reference for the `/options/quotes/bulk` alias.

<Note>
  Fees follow a standard maker–taker model with volume-based tiers — higher rolling
  volume earns better rates, and the top tiers can make the maker side a rebate.
  Query the live schedule from the API rather than hardcoding it; your personal
  tier is reflected in every order **preview**.
</Note>