Liquidity and markets

Creating a market

Name a NEAR DEX pool, post a 50 USDC bond, and earn half of the market's trading fees.

What you need

Requirement	Detail
A price source	A Ref / Rhea pool on NEAR that pairs the token directly with USDC.
Pool depth	At least `1,000 USDC` on the USDC side for a long-tail market. Majors need `10,000 USDC`.
Bond	`50 USDC` for a long-tail market.
Token decimals	The current build prices tokens with `6` decimals. Other decimal counts are on the roadmap.

Steps

Open List a market. Enter a symbol, the DEX contract and the pool id. New here? Use the demo pool button.
Post the bond. One transaction sends USDC to Neap with the market details attached. The market is created as Proposed.
The keeper reads the pool price and activates the market once the price is fresh and the depth check passes. This takes a few seconds, and anyone can do both steps by hand.
Fund the pool on Pools. A new market has an empty pool, so nobody can trade until it has liquidity.

Tiers

A market's terms are set by its tier at creation.

	Major	Long-tail
Who lists	Protocol	Anyone
Bond	none	`50 USDC`
Maximum leverage	`10x`	`4x`
Maintenance margin	`8%`	`15%`
Minimum spread	`5 bps`	`20 bps`
Source pool depth	`10,000 USDC`	`1,000 USDC`

What the lister earns

The lister earns 50% of every trading fee in the market, for as long as it trades. Fees accrue in an on-chain ledger and are claimed with claim_fees.

Share of each trading fee	Recipient
`50%`	Market lister
`30%`	Liquidity pool
`10%`	Insurance fund
`10%`	Protocol

Market states

State	Meaning
`Proposed`	Created, waiting for a first fresh price and the depth check.
`Active`	Open for trading.
`ReduceOnly`	Positions can be reduced or closed. No new exposure.
`PriceUncertain`	The price is too old to trust. No fills and no liquidations.
`Recovery` · `WindDown` · `Closed`	Reserved for resolving and retiring a market.

A market's price source cannot be changed after it is created.