Constants#

Protocol constants and configuration values for the Seesaw protocol.

Overview#

Time Constants#

Market Duration#

Market durations are configurable per-market, from 60 seconds to 7 days:

typescript

const MIN_DURATION_SECONDS = 60; // 1 minute
const MAX_DURATION_SECONDS = 604_800; // 7 days
const DEFAULT_DURATION_SECONDS = 900; // 15 minutes

Market Timing#

Constant	Value	Description
`MIN_DURATION`	60 seconds	Minimum market duration
`MAX_DURATION`	604,800 seconds	Maximum market duration (7 days)
`DEFAULT_DURATION`	900 seconds	Default market duration (15 min)
`PRE_CREATE_WINDOW`	86,400 seconds	Markets can be created up to 24 hrs before epoch start
`EXPIRY_WINDOW` (`MARKET_EXPIRY_WINDOW`)	604,800 seconds	7 days after epoch end before force-close is available
`CLOSE_TIMEOUT_SECONDS`	604,800 seconds	7 days after resolution before `CloseMarket` is eligible
`REFERRAL_DURATION_SECONDS`	31,536,000 s	365-day referral lifetime (first-touch attribution)
`FEE_CONFIG_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateFeeConfig` calls
`TREASURY_UPDATE_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateTreasuryRecipients` calls
`OPERATIONAL_PARAMS_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateOperationalParams` calls
`ORACLE_TIMELOCK_SECONDS`	172,800 seconds	48-hour timelock for Pyth program-ID governance

Worked examples: market ID and timing#

typescript

// Market ID from timestamp and duration
function getMarketId(timestamp: number, durationSeconds: number): bigint {
  return BigInt(Math.floor(timestamp / durationSeconds));
}

// Market boundaries
function getMarketTimes(
  marketId: bigint,
  durationSeconds: number
): { tStart: number; tEnd: number } {
  const tStart = Number(marketId) * durationSeconds;
  const tEnd = tStart + durationSeconds;
  return { tStart, tEnd };
}

// Current market ID (for a 15-minute market)
const now = Math.floor(Date.now() / 1000);
const currentMarketId = getMarketId(now, 900); // e.g., 1892160n

Price Constants#

Basis Points#

typescript

const PRICE_SCALE = 10_000; // 100% = 10,000 bps
const MIN_PRICE_BPS = 1; // 0.01%
const MAX_PRICE_BPS = 9_999; // 99.99%
const DEFAULT_TICK_SIZE_BPS = 100; // 1%

Price Calculations#

Constant	Value	Description
`PRICE_SCALE`	10,000	100% in basis points
`MIN_PRICE_BPS`	1	Minimum valid price (0.01%)
`MAX_PRICE_BPS`	9,999	Maximum valid price (99.99%)
`DEFAULT_TICK_SIZE_BPS`	100	Default tick (1%)
`MAX_TICK_SIZE_BPS`	1,000	Maximum tick size (10%)
`MAKER_BAND_BPS`	1,000	Max maker order distance from mid (±10%)
`STATIC_MIN_BPS_FOR_BAND`	100	Static lower bound on resting maker price (1%)
`STATIC_MAX_BPS_FOR_BAND`	9,900	Static upper bound on resting maker price (99%)
`DEFAULT_MIN_RESTING_NOTIONAL`	2	Minimum notional for a resting order remainder (base units)

Converting Prices#

typescript

// Basis points to percentage
function bpsToPercent(bps: number): number {
  return bps / 100; // 6000 bps = 60%
}

// Percentage to basis points
function percentToBps(percent: number): number {
  return percent * 100; // 60% = 6000 bps
}

// Basis points to decimal
function bpsToDecimal(bps: number): number {
  return bps / PRICE_SCALE; // 6000 bps = 0.60
}

// NO price from YES price
function noFromYes(yesPriceBps: number): number {
  return PRICE_SCALE - yesPriceBps; // 6000 -> 4000
}

Tick Rounding#

typescript

const TICK_SIZE = 100; // 1%

// Round bid down
function roundBid(priceBps: number): number {
  return Math.floor(priceBps / TICK_SIZE) * TICK_SIZE;
}

// Round ask up
function roundAsk(priceBps: number): number {
  const remainder = priceBps % TICK_SIZE;
  return remainder === 0 ? priceBps : priceBps + (TICK_SIZE - remainder);
}

// Examples
roundBid(6050); // 6000
roundAsk(6050); // 6100

Order Book Limits#

Capacity#

typescript

const MAX_ORDERS_PER_SIDE = 63; // 63 bids + 63 asks
const MAX_FILLS_PER_TX = 10; // Compute budget limit
const ORDER_SIZE_BYTES = 80; // Per order storage

Constant	Value	Description
`MAX_ORDERS_PER_SIDE`	63	Maximum orders per side
`MAX_FILLS_PER_TX`	10	Maximum fills per transaction
`MIN_ORDER_QUANTITY`	1	Minimum order quantity
`MAX_ORDER_QUANTITY`	2^64-1	Maximum order quantity

Order ID#

typescript

// Order IDs are monotonically increasing per orderbook
const ORDER_ID_BITS = 64;
const MAX_ORDER_ID = BigInt(2) ** BigInt(64) - BigInt(1);

Fee Constants#

Fee Curve Parameters#

Seesaw uses a capped-linear-decay taker fee curve:

code

fee_bps(p) = min(fee_cap_bps, decay_rate_bps × (10_000 − p) / 10_000)

typescript

const FEE_CAP_BPS = 200; // 2.00% — maximum taker fee
const DECAY_RATE_BPS = 600; // 6.00% — curve slope
const MAX_FEE_CAP_BPS = 500; // Admin ceiling: fee_cap_bps <= 500

Constant	Value	Description
`FEE_CAP_BPS`	200	Fee curve ceiling (2.00% of notional)
`DECAY_RATE_BPS`	600	Decay slope: fee → 0 as price → 1.00
`MAX_FEE_CAP_BPS`	500	Admin-enforced upper bound on `fee_cap_bps`

Three-Way Fee Split#

Every taker fee is split three ways (as bps of the fee, summing to 10_000):

typescript

const PROTOCOL_FEE_BPS = 5_000; // 50% of taker fee → protocol treasury
const DEFAULT_CREATOR_FEE_BPS = 1_000; // 10% of taker fee → market creator
const REFERRAL_SHARE_BPS_OF_FEE = 4_000; // 40% of taker fee → referrer (or protocol if none)

Constant	Value	Description
`PROTOCOL_FEE_BPS`	5_000	Protocol share (50% of taker fee)
`DEFAULT_CREATOR_FEE_BPS`	1_000	Creator share (10% of taker fee)
`REFERRAL_SHARE_BPS_OF_FEE`	4_000	Referral share (40% of taker fee)

The three shares MUST sum to exactly 10_000 bps of the fee. Makers pay zero.

Referral Lifetime#

typescript

const REFERRAL_LIFETIME_SECONDS = 365 * 86_400; // 365 days (first-touch attribution)

Fee Calculations#

typescript

// Capped-linear-decay taker fee
function calculateTakerFee(
  notional: bigint,
  priceBps: number,
  feeCapBps: number = FEE_CAP_BPS,
  decayRateBps: number = DECAY_RATE_BPS
): bigint {
  // Raw curve value in bps of notional
  const raw = (BigInt(decayRateBps) * BigInt(10_000 - priceBps)) / BigInt(10_000);
  const feeBps = raw < BigInt(feeCapBps) ? raw : BigInt(feeCapBps);
  // Round UP (protocol-favorable)
  return (notional * feeBps + BigInt(9_999)) / BigInt(10_000);
}

// Example: 1000 USDT notional at p = 0.50
const notional = 1000_000_000n; // 1000 USDT (6 decimals)
const priceBps = 5000;
const takerFee = calculateTakerFee(notional, priceBps);
// → fee_bps = min(200, 600 × 5000 / 10000) = 200 (capped) → 20_000_000 (20 USDT)
// Protocol receives: 10 USDT (50% of fee)
// Creator receives:   2 USDT (10% of fee)
// Referral receives:  8 USDT (40% of fee) — to referrer if set, else protocol

// Example: 1000 USDT notional at p = 0.95
const takerFee95 = calculateTakerFee(notional, 9500);
// → fee_bps = min(200, 600 × 500 / 10000) = 30 → 3_000_000 (3 USDT)

Crank Rewards#

typescript

const DEFAULT_CLOSER_REWARD_LAMPORTS = 200_000; // 0.0002 SOL
const CLOSER_REWARDS_PER_MARKET = 5; // Rewards reserved per market lifecycle

Closer rewards are paid from the market creator's deposited SOL when lifecycle operations are cranked.

Operation	Reward
`snapshot_end`	0.0002 SOL
`resolve_market`	0.0002 SOL

Account Sizes#

Storage Requirements#

typescript

const MARKET_ACCOUNT_SIZE = 512;
const ORDERBOOK_ACCOUNT_SIZE = 10240;
const POSITION_ACCOUNT_SIZE = 256;
const CONFIG_ACCOUNT_SIZE = 624; // After all phases incl. pull-oracle governance

Account	Size (bytes)	Description
`MarketAccount`	512	Market state
`OrderbookAccount`	10,240	Order storage (canonical 63+63 orders)
`PositionAccount`	256	User position
`ConfigAccount`	624	Protocol config (post pull-oracle phase)
`TraderLedgerAccount`	56 + num_seats × 72	Per-market trader balance ledger
`ReferrerEarningsAccount`	72	Per-referrer earnings ledger
`ReferralAccount`	104	Per-user referral attribution

Rent Costs#

typescript

// Approximate rent-exempt minimums (varies by Solana runtime)
const MARKET_RENT_LAMPORTS = 2_600_000; // ~0.0026 SOL
const ORDERBOOK_RENT_LAMPORTS = 57_000_000; // ~0.057 SOL
const POSITION_RENT_LAMPORTS = 1_900_000; // ~0.0019 SOL

PDA Seeds#

Seed Constants#

typescript

const SEED_PREFIX = 'seesaw';
const SEED_CONFIG = 'config';
const SEED_MARKET = 'market';
const SEED_ORDERBOOK = 'orderbook';
const SEED_VAULT = 'vault';
const SEED_POSITION = 'position';

PDA Derivation#

typescript

import { PublicKey } from '@solana/web3.js';

// Config PDA
function deriveConfigPda(programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_CONFIG)],
    programId
  );
}

// Market PDA (includes feed, duration, market ID, and creator)
function deriveMarketPda(
  pythFeedId: Uint8Array, // 32-byte feed ID
  durationSeconds: bigint,
  marketId: bigint,
  creatorPubkey: PublicKey,
  programId: PublicKey
): [PublicKey, number] {
  const durationBuffer = Buffer.alloc(8);
  durationBuffer.writeBigUInt64LE(durationSeconds);
  const marketIdBuffer = Buffer.alloc(8);
  marketIdBuffer.writeBigUInt64LE(marketId);

  return PublicKey.findProgramAddressSync(
    [
      Buffer.from(SEED_PREFIX),
      Buffer.from(SEED_MARKET),
      pythFeedId,
      durationBuffer,
      marketIdBuffer,
      creatorPubkey.toBuffer(),
    ],
    programId
  );
}

// Orderbook PDA
function deriveOrderbookPda(marketPda: PublicKey, programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_ORDERBOOK), marketPda.toBuffer()],
    programId
  );
}

// Vault PDA
function deriveVaultPda(marketPda: PublicKey, programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_VAULT), marketPda.toBuffer()],
    programId
  );
}

// Position PDA
function derivePositionPda(
  marketPda: PublicKey,
  userPubkey: PublicKey,
  programId: PublicKey
): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [
      Buffer.from(SEED_PREFIX),
      Buffer.from(SEED_POSITION),
      marketPda.toBuffer(),
      userPubkey.toBuffer(),
    ],
    programId
  );
}

Instruction Discriminators#

Discriminator Values#

typescript

const DISCRIMINATORS = {
  INITIALIZE_CONFIG: 0x00,
  UPDATE_AUTHORITY: 0x01,
  CLAIM_AUTHORITY: 0x02,
  CREATE_MARKET: 0x03,
  SNAPSHOT_END: 0x04,
  RESOLVE_MARKET: 0x05,
  EXPIRE_MARKET: 0x06,
  MINT_SHARES: 0x07,
  DEPOSIT_FUNDS: 0x08,
  WITHDRAW_FUNDS: 0x09,
  WITHDRAW_SHARES: 0x0a,
  PLACE_ORDER: 0x0b,
  PLACE_MULTIPLE_POST_ONLY_ORDERS: 0x0c,
  SWAP_WITH_FREE_FUNDS: 0x0d,
  PLACE_LIMIT_ORDER_WITH_FREE_FUNDS: 0x0e,
  PLACE_MULTIPLE_POST_ONLY_ORDERS_WITH_FREE_FUNDS: 0x0f,
  CANCEL_ORDER: 0x10,
  CANCEL_MULTIPLE_ORDERS_BY_ID: 0x11,
  CANCEL_ALL_ORDERS: 0x12,
  CANCEL_UP_TO: 0x13,
  REDUCE_ORDER: 0x14,
  CANCEL_MULTIPLE_ORDERS_BY_ID_WITH_FREE_FUNDS: 0x15,
  CANCEL_ALL_ORDERS_WITH_FREE_FUNDS: 0x16,
  CANCEL_UP_TO_WITH_FREE_FUNDS: 0x17,
  REDUCE_ORDER_WITH_FREE_FUNDS: 0x18,
  RECLAIM_EXPIRED_ORDER: 0x19,
  REDEEM: 0x1a,
  FORCE_CLOSE: 0x1b,
  MARK_POSITION_SETTLED: 0x1c,
  CLOSE_POSITION: 0x1d,
  CLOSE_MARKET: 0x1e,
  UPDATE_FEE_CONFIG: 0x1f,
  UPDATE_TREASURY_RECIPIENTS: 0x20,
  SET_REFERRER: 0x21,
  INIT_REFERRER_EARNINGS_ACCOUNT: 0x22,
  CLAIM_CREATOR_FEES: 0x23,
  CLAIM_REFERRER_EARNINGS: 0x24,
  PAUSE: 0x25,
  UNPAUSE: 0x26,
  ENABLE_POST_ONLY_MODE: 0x27,
  DISABLE_POST_ONLY_MODE: 0x28,
  UPDATE_TICK_SIZE: 0x29,
  UPDATE_MIN_RESTING_NOTIONAL: 0x2a,
  UPDATE_MARKET_CAP: 0x2b,
  SET_MARKET_EMERGENCY_STATUS: 0x2c,
  FORCE_CANCEL_MARKET_ORDERS: 0x2d,
  ENSURE_TRADER_LEDGER_SPACE: 0x2e,
  UPDATE_OPERATIONAL_PARAMS: 0x2f,
  PROPOSE_PYTH_PROGRAM_ID: 0x30,
  APPLY_PYTH_PROGRAM_ID: 0x31,
  UPDATE_MARKET_DEFAULTS: 0x32,
  LOG: 0xff,
} as const;

Public instructions are dense across 0x00..=0x32 (51 instructions). LOG = 0xFF is the internal binary recorder self-CPI tag.

Oracle Constants#

Pyth Configuration#

typescript

// Pyth sponsored price-feed program ID (mainnet, upgraded Pyth Core)
const PYTH_PROGRAM_ID = new PublicKey('pyt2F414BA6dPttK6RddPZUdHfapoBN24GL5wbrPCou');

// Common feed IDs
const PYTH_FEEDS = {
  BTC_USD: 'e62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43',
  ETH_USD: 'ff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace',
  SOL_USD: 'ef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d',
};

// Confidence ratio (optional gating)
const MAX_CONFIDENCE_RATIO = 100; // 1% = conf/price <= 0.01

Compute Budget#

CU Estimates#

typescript

const COMPUTE_ESTIMATES = {
  PLACE_ORDER_NO_MATCH: 15_000,
  PLACE_ORDER_ONE_FILL: 25_000,
  PLACE_ORDER_MAX_FILLS: 60_000,
  CANCEL_ORDER: 10_000,
  REDEEM: 20_000,
  RESOLVE_MARKET: 30_000,
};

// Recommended CU limits
const RECOMMENDED_CU = {
  SIMPLE_OPERATION: 100_000,
  COMPLEX_OPERATION: 200_000,
  MAX_FILLS_OPERATION: 400_000,
};

Network Constants#

RPC Endpoints#

typescript

// Public endpoints
const RPC_ENDPOINTS = {
  MAINNET: 'https://api.mainnet-beta.solana.com',
  DEVNET: 'https://api.devnet.solana.com',
};

// WebSocket endpoints
const WS_ENDPOINTS = {
  MAINNET: 'wss://api.mainnet-beta.solana.com',
  DEVNET: 'wss://api.devnet.solana.com',
};

Quick Reference#

TIME PRICES

──────────────────────── ────────────────────────────────────

DEFAULT_DURATION: 900s PRICE_SCALE: 10,000

PRE_CREATE: 86,400s MIN_PRICE: 1 bps

EXPIRY_WINDOW: 604,800s MAX_PRICE: 9,999 bps

CLOSE_TIMEOUT: 604,800s DEFAULT_TICK: 100 bps

ORACLE_TIMELOCK: 172,800s MAKER_BAND: ±1,000 bps from mid

RATE_LIMIT: 3,600s STATIC_MIN_BAND: 100 bps

STATIC_MAX_BAND: 9,900 bps

LIMITS FEES (capped-linear-decay)

──────────────────────── ──────────────────────────────────────

MAX_ORDERS/SIDE: 63 FEE_CAP: 200 bps (2.00% cap)

MAX_FILLS/TX: 10 DECAY_RATE: 600 bps (slope)

DEFAULT_MAX_ORDER: 1,000,000 PROTOCOL_SHARE: 50% of fee

MIN_RESTING_NOTIONAL: 2 CREATOR_SHARE: 10% of fee

REFERRAL_SHARE: 40% of fee

MAKER_FEE: 0

CLOSER_REWARD: 200,000 lamports

REWARDS/MARKET: 5

ACCOUNTS PDA SEEDS

──────────────────────────── ────────────────────────────────────────────────

Market: 512B Config: [seesaw, config]

Orderbook: 10,240B Market: [seesaw, market, feed, dur, id, creator]

Position: 256B Orderbook: [seesaw, orderbook, mkt]

Config: 624B Vault: [seesaw, vault, mkt]

Ledger: 56+seats×72B YES Mint: [seesaw, yes_mint, mkt]

ReferrerEarn: 72B NO Mint: [seesaw, no_mint, mkt]

ReferralAcct: 104B YES Escrow: [seesaw, escrow_yes, mkt]

NO Escrow: [seesaw, escrow_no, mkt]

TraderLedger: [seesaw, trader_ledger, mkt]

Position: [seesaw, position, mkt, user]

ReferrerTreasury: [seesaw, referrer_treasury, shard_index]

Referral: [seesaw, referral, user]

ReferrerEarnings: [seesaw, referrer_earnings, referrer]

Next Steps#

Review Error Codes for troubleshooting
See Glossary for terminology

Constants#

Protocol constants and configuration values for the Seesaw protocol.

Overview#

Time Constants#

Market Duration#

Market durations are configurable per-market, from 60 seconds to 7 days:

typescript

const MIN_DURATION_SECONDS = 60; // 1 minute
const MAX_DURATION_SECONDS = 604_800; // 7 days
const DEFAULT_DURATION_SECONDS = 900; // 15 minutes

Market Timing#

Constant	Value	Description
`MIN_DURATION`	60 seconds	Minimum market duration
`MAX_DURATION`	604,800 seconds	Maximum market duration (7 days)
`DEFAULT_DURATION`	900 seconds	Default market duration (15 min)
`PRE_CREATE_WINDOW`	86,400 seconds	Markets can be created up to 24 hrs before epoch start
`EXPIRY_WINDOW` (`MARKET_EXPIRY_WINDOW`)	604,800 seconds	7 days after epoch end before force-close is available
`CLOSE_TIMEOUT_SECONDS`	604,800 seconds	7 days after resolution before `CloseMarket` is eligible
`REFERRAL_DURATION_SECONDS`	31,536,000 s	365-day referral lifetime (first-touch attribution)
`FEE_CONFIG_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateFeeConfig` calls
`TREASURY_UPDATE_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateTreasuryRecipients` calls
`OPERATIONAL_PARAMS_RATE_LIMIT_SECONDS`	3,600 seconds	Min seconds between `UpdateOperationalParams` calls
`ORACLE_TIMELOCK_SECONDS`	172,800 seconds	48-hour timelock for Pyth program-ID governance

Worked examples: market ID and timing#

typescript

// Market ID from timestamp and duration
function getMarketId(timestamp: number, durationSeconds: number): bigint {
  return BigInt(Math.floor(timestamp / durationSeconds));
}

// Market boundaries
function getMarketTimes(
  marketId: bigint,
  durationSeconds: number
): { tStart: number; tEnd: number } {
  const tStart = Number(marketId) * durationSeconds;
  const tEnd = tStart + durationSeconds;
  return { tStart, tEnd };
}

// Current market ID (for a 15-minute market)
const now = Math.floor(Date.now() / 1000);
const currentMarketId = getMarketId(now, 900); // e.g., 1892160n

Price Constants#

Basis Points#

typescript

const PRICE_SCALE = 10_000; // 100% = 10,000 bps
const MIN_PRICE_BPS = 1; // 0.01%
const MAX_PRICE_BPS = 9_999; // 99.99%
const DEFAULT_TICK_SIZE_BPS = 100; // 1%

Price Calculations#

Constant	Value	Description
`PRICE_SCALE`	10,000	100% in basis points
`MIN_PRICE_BPS`	1	Minimum valid price (0.01%)
`MAX_PRICE_BPS`	9,999	Maximum valid price (99.99%)
`DEFAULT_TICK_SIZE_BPS`	100	Default tick (1%)
`MAX_TICK_SIZE_BPS`	1,000	Maximum tick size (10%)
`MAKER_BAND_BPS`	1,000	Max maker order distance from mid (±10%)
`STATIC_MIN_BPS_FOR_BAND`	100	Static lower bound on resting maker price (1%)
`STATIC_MAX_BPS_FOR_BAND`	9,900	Static upper bound on resting maker price (99%)
`DEFAULT_MIN_RESTING_NOTIONAL`	2	Minimum notional for a resting order remainder (base units)

Converting Prices#

typescript

// Basis points to percentage
function bpsToPercent(bps: number): number {
  return bps / 100; // 6000 bps = 60%
}

// Percentage to basis points
function percentToBps(percent: number): number {
  return percent * 100; // 60% = 6000 bps
}

// Basis points to decimal
function bpsToDecimal(bps: number): number {
  return bps / PRICE_SCALE; // 6000 bps = 0.60
}

// NO price from YES price
function noFromYes(yesPriceBps: number): number {
  return PRICE_SCALE - yesPriceBps; // 6000 -> 4000
}

Tick Rounding#

typescript

const TICK_SIZE = 100; // 1%

// Round bid down
function roundBid(priceBps: number): number {
  return Math.floor(priceBps / TICK_SIZE) * TICK_SIZE;
}

// Round ask up
function roundAsk(priceBps: number): number {
  const remainder = priceBps % TICK_SIZE;
  return remainder === 0 ? priceBps : priceBps + (TICK_SIZE - remainder);
}

// Examples
roundBid(6050); // 6000
roundAsk(6050); // 6100

Order Book Limits#

Capacity#

typescript

const MAX_ORDERS_PER_SIDE = 63; // 63 bids + 63 asks
const MAX_FILLS_PER_TX = 10; // Compute budget limit
const ORDER_SIZE_BYTES = 80; // Per order storage

Constant	Value	Description
`MAX_ORDERS_PER_SIDE`	63	Maximum orders per side
`MAX_FILLS_PER_TX`	10	Maximum fills per transaction
`MIN_ORDER_QUANTITY`	1	Minimum order quantity
`MAX_ORDER_QUANTITY`	2^64-1	Maximum order quantity

Order ID#

typescript

// Order IDs are monotonically increasing per orderbook
const ORDER_ID_BITS = 64;
const MAX_ORDER_ID = BigInt(2) ** BigInt(64) - BigInt(1);

Fee Constants#

Fee Curve Parameters#

Seesaw uses a capped-linear-decay taker fee curve:

code

fee_bps(p) = min(fee_cap_bps, decay_rate_bps × (10_000 − p) / 10_000)

typescript

const FEE_CAP_BPS = 200; // 2.00% — maximum taker fee
const DECAY_RATE_BPS = 600; // 6.00% — curve slope
const MAX_FEE_CAP_BPS = 500; // Admin ceiling: fee_cap_bps <= 500

Constant	Value	Description
`FEE_CAP_BPS`	200	Fee curve ceiling (2.00% of notional)
`DECAY_RATE_BPS`	600	Decay slope: fee → 0 as price → 1.00
`MAX_FEE_CAP_BPS`	500	Admin-enforced upper bound on `fee_cap_bps`

Three-Way Fee Split#

Every taker fee is split three ways (as bps of the fee, summing to 10_000):

typescript

const PROTOCOL_FEE_BPS = 5_000; // 50% of taker fee → protocol treasury
const DEFAULT_CREATOR_FEE_BPS = 1_000; // 10% of taker fee → market creator
const REFERRAL_SHARE_BPS_OF_FEE = 4_000; // 40% of taker fee → referrer (or protocol if none)

Constant	Value	Description
`PROTOCOL_FEE_BPS`	5_000	Protocol share (50% of taker fee)
`DEFAULT_CREATOR_FEE_BPS`	1_000	Creator share (10% of taker fee)
`REFERRAL_SHARE_BPS_OF_FEE`	4_000	Referral share (40% of taker fee)

The three shares MUST sum to exactly 10_000 bps of the fee. Makers pay zero.

Referral Lifetime#

typescript

const REFERRAL_LIFETIME_SECONDS = 365 * 86_400; // 365 days (first-touch attribution)

Fee Calculations#

typescript

// Capped-linear-decay taker fee
function calculateTakerFee(
  notional: bigint,
  priceBps: number,
  feeCapBps: number = FEE_CAP_BPS,
  decayRateBps: number = DECAY_RATE_BPS
): bigint {
  // Raw curve value in bps of notional
  const raw = (BigInt(decayRateBps) * BigInt(10_000 - priceBps)) / BigInt(10_000);
  const feeBps = raw < BigInt(feeCapBps) ? raw : BigInt(feeCapBps);
  // Round UP (protocol-favorable)
  return (notional * feeBps + BigInt(9_999)) / BigInt(10_000);
}

// Example: 1000 USDT notional at p = 0.50
const notional = 1000_000_000n; // 1000 USDT (6 decimals)
const priceBps = 5000;
const takerFee = calculateTakerFee(notional, priceBps);
// → fee_bps = min(200, 600 × 5000 / 10000) = 200 (capped) → 20_000_000 (20 USDT)
// Protocol receives: 10 USDT (50% of fee)
// Creator receives:   2 USDT (10% of fee)
// Referral receives:  8 USDT (40% of fee) — to referrer if set, else protocol

// Example: 1000 USDT notional at p = 0.95
const takerFee95 = calculateTakerFee(notional, 9500);
// → fee_bps = min(200, 600 × 500 / 10000) = 30 → 3_000_000 (3 USDT)

Crank Rewards#

typescript

const DEFAULT_CLOSER_REWARD_LAMPORTS = 200_000; // 0.0002 SOL
const CLOSER_REWARDS_PER_MARKET = 5; // Rewards reserved per market lifecycle

Closer rewards are paid from the market creator's deposited SOL when lifecycle operations are cranked.

Operation	Reward
`snapshot_end`	0.0002 SOL
`resolve_market`	0.0002 SOL

Account Sizes#

Storage Requirements#

typescript

const MARKET_ACCOUNT_SIZE = 512;
const ORDERBOOK_ACCOUNT_SIZE = 10240;
const POSITION_ACCOUNT_SIZE = 256;
const CONFIG_ACCOUNT_SIZE = 624; // After all phases incl. pull-oracle governance

Account	Size (bytes)	Description
`MarketAccount`	512	Market state
`OrderbookAccount`	10,240	Order storage (canonical 63+63 orders)
`PositionAccount`	256	User position
`ConfigAccount`	624	Protocol config (post pull-oracle phase)
`TraderLedgerAccount`	56 + num_seats × 72	Per-market trader balance ledger
`ReferrerEarningsAccount`	72	Per-referrer earnings ledger
`ReferralAccount`	104	Per-user referral attribution

Rent Costs#

typescript

// Approximate rent-exempt minimums (varies by Solana runtime)
const MARKET_RENT_LAMPORTS = 2_600_000; // ~0.0026 SOL
const ORDERBOOK_RENT_LAMPORTS = 57_000_000; // ~0.057 SOL
const POSITION_RENT_LAMPORTS = 1_900_000; // ~0.0019 SOL

PDA Seeds#

Seed Constants#

typescript

const SEED_PREFIX = 'seesaw';
const SEED_CONFIG = 'config';
const SEED_MARKET = 'market';
const SEED_ORDERBOOK = 'orderbook';
const SEED_VAULT = 'vault';
const SEED_POSITION = 'position';

PDA Derivation#

typescript

import { PublicKey } from '@solana/web3.js';

// Config PDA
function deriveConfigPda(programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_CONFIG)],
    programId
  );
}

// Market PDA (includes feed, duration, market ID, and creator)
function deriveMarketPda(
  pythFeedId: Uint8Array, // 32-byte feed ID
  durationSeconds: bigint,
  marketId: bigint,
  creatorPubkey: PublicKey,
  programId: PublicKey
): [PublicKey, number] {
  const durationBuffer = Buffer.alloc(8);
  durationBuffer.writeBigUInt64LE(durationSeconds);
  const marketIdBuffer = Buffer.alloc(8);
  marketIdBuffer.writeBigUInt64LE(marketId);

  return PublicKey.findProgramAddressSync(
    [
      Buffer.from(SEED_PREFIX),
      Buffer.from(SEED_MARKET),
      pythFeedId,
      durationBuffer,
      marketIdBuffer,
      creatorPubkey.toBuffer(),
    ],
    programId
  );
}

// Orderbook PDA
function deriveOrderbookPda(marketPda: PublicKey, programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_ORDERBOOK), marketPda.toBuffer()],
    programId
  );
}

// Vault PDA
function deriveVaultPda(marketPda: PublicKey, programId: PublicKey): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [Buffer.from(SEED_PREFIX), Buffer.from(SEED_VAULT), marketPda.toBuffer()],
    programId
  );
}

// Position PDA
function derivePositionPda(
  marketPda: PublicKey,
  userPubkey: PublicKey,
  programId: PublicKey
): [PublicKey, number] {
  return PublicKey.findProgramAddressSync(
    [
      Buffer.from(SEED_PREFIX),
      Buffer.from(SEED_POSITION),
      marketPda.toBuffer(),
      userPubkey.toBuffer(),
    ],
    programId
  );
}

Instruction Discriminators#

Discriminator Values#

typescript

const DISCRIMINATORS = {
  INITIALIZE_CONFIG: 0x00,
  UPDATE_AUTHORITY: 0x01,
  CLAIM_AUTHORITY: 0x02,
  CREATE_MARKET: 0x03,
  SNAPSHOT_END: 0x04,
  RESOLVE_MARKET: 0x05,
  EXPIRE_MARKET: 0x06,
  MINT_SHARES: 0x07,
  DEPOSIT_FUNDS: 0x08,
  WITHDRAW_FUNDS: 0x09,
  WITHDRAW_SHARES: 0x0a,
  PLACE_ORDER: 0x0b,
  PLACE_MULTIPLE_POST_ONLY_ORDERS: 0x0c,
  SWAP_WITH_FREE_FUNDS: 0x0d,
  PLACE_LIMIT_ORDER_WITH_FREE_FUNDS: 0x0e,
  PLACE_MULTIPLE_POST_ONLY_ORDERS_WITH_FREE_FUNDS: 0x0f,
  CANCEL_ORDER: 0x10,
  CANCEL_MULTIPLE_ORDERS_BY_ID: 0x11,
  CANCEL_ALL_ORDERS: 0x12,
  CANCEL_UP_TO: 0x13,
  REDUCE_ORDER: 0x14,
  CANCEL_MULTIPLE_ORDERS_BY_ID_WITH_FREE_FUNDS: 0x15,
  CANCEL_ALL_ORDERS_WITH_FREE_FUNDS: 0x16,
  CANCEL_UP_TO_WITH_FREE_FUNDS: 0x17,
  REDUCE_ORDER_WITH_FREE_FUNDS: 0x18,
  RECLAIM_EXPIRED_ORDER: 0x19,
  REDEEM: 0x1a,
  FORCE_CLOSE: 0x1b,
  MARK_POSITION_SETTLED: 0x1c,
  CLOSE_POSITION: 0x1d,
  CLOSE_MARKET: 0x1e,
  UPDATE_FEE_CONFIG: 0x1f,
  UPDATE_TREASURY_RECIPIENTS: 0x20,
  SET_REFERRER: 0x21,
  INIT_REFERRER_EARNINGS_ACCOUNT: 0x22,
  CLAIM_CREATOR_FEES: 0x23,
  CLAIM_REFERRER_EARNINGS: 0x24,
  PAUSE: 0x25,
  UNPAUSE: 0x26,
  ENABLE_POST_ONLY_MODE: 0x27,
  DISABLE_POST_ONLY_MODE: 0x28,
  UPDATE_TICK_SIZE: 0x29,
  UPDATE_MIN_RESTING_NOTIONAL: 0x2a,
  UPDATE_MARKET_CAP: 0x2b,
  SET_MARKET_EMERGENCY_STATUS: 0x2c,
  FORCE_CANCEL_MARKET_ORDERS: 0x2d,
  ENSURE_TRADER_LEDGER_SPACE: 0x2e,
  UPDATE_OPERATIONAL_PARAMS: 0x2f,
  PROPOSE_PYTH_PROGRAM_ID: 0x30,
  APPLY_PYTH_PROGRAM_ID: 0x31,
  UPDATE_MARKET_DEFAULTS: 0x32,
  LOG: 0xff,
} as const;

Public instructions are dense across 0x00..=0x32 (51 instructions). LOG = 0xFF is the internal binary recorder self-CPI tag.

Oracle Constants#

Pyth Configuration#

typescript

// Pyth sponsored price-feed program ID (mainnet, upgraded Pyth Core)
const PYTH_PROGRAM_ID = new PublicKey('pyt2F414BA6dPttK6RddPZUdHfapoBN24GL5wbrPCou');

// Common feed IDs
const PYTH_FEEDS = {
  BTC_USD: 'e62df6c8b4a85fe1a67db44dc12de5db330f7ac66b72dc658afedf0f4a415b43',
  ETH_USD: 'ff61491a931112ddf1bd8147cd1b641375f79f5825126d665480874634fd0ace',
  SOL_USD: 'ef0d8b6fda2ceba41da15d4095d1da392a0d2f8ed0c6c7bc0f4cfac8c280b56d',
};

// Confidence ratio (optional gating)
const MAX_CONFIDENCE_RATIO = 100; // 1% = conf/price <= 0.01

Compute Budget#

CU Estimates#

typescript

const COMPUTE_ESTIMATES = {
  PLACE_ORDER_NO_MATCH: 15_000,
  PLACE_ORDER_ONE_FILL: 25_000,
  PLACE_ORDER_MAX_FILLS: 60_000,
  CANCEL_ORDER: 10_000,
  REDEEM: 20_000,
  RESOLVE_MARKET: 30_000,
};

// Recommended CU limits
const RECOMMENDED_CU = {
  SIMPLE_OPERATION: 100_000,
  COMPLEX_OPERATION: 200_000,
  MAX_FILLS_OPERATION: 400_000,
};

Network Constants#

RPC Endpoints#

typescript

// Public endpoints
const RPC_ENDPOINTS = {
  MAINNET: 'https://api.mainnet-beta.solana.com',
  DEVNET: 'https://api.devnet.solana.com',
};

// WebSocket endpoints
const WS_ENDPOINTS = {
  MAINNET: 'wss://api.mainnet-beta.solana.com',
  DEVNET: 'wss://api.devnet.solana.com',
};

Quick Reference#

TIME PRICES

──────────────────────── ────────────────────────────────────

DEFAULT_DURATION: 900s PRICE_SCALE: 10,000

PRE_CREATE: 86,400s MIN_PRICE: 1 bps

EXPIRY_WINDOW: 604,800s MAX_PRICE: 9,999 bps

CLOSE_TIMEOUT: 604,800s DEFAULT_TICK: 100 bps

ORACLE_TIMELOCK: 172,800s MAKER_BAND: ±1,000 bps from mid

RATE_LIMIT: 3,600s STATIC_MIN_BAND: 100 bps

STATIC_MAX_BAND: 9,900 bps

LIMITS FEES (capped-linear-decay)

──────────────────────── ──────────────────────────────────────

MAX_ORDERS/SIDE: 63 FEE_CAP: 200 bps (2.00% cap)

MAX_FILLS/TX: 10 DECAY_RATE: 600 bps (slope)

DEFAULT_MAX_ORDER: 1,000,000 PROTOCOL_SHARE: 50% of fee

MIN_RESTING_NOTIONAL: 2 CREATOR_SHARE: 10% of fee

REFERRAL_SHARE: 40% of fee

MAKER_FEE: 0

CLOSER_REWARD: 200,000 lamports

REWARDS/MARKET: 5

ACCOUNTS PDA SEEDS

Market: 512B Config: [seesaw, config]

Orderbook: 10,240B Market: [seesaw, market, feed, dur, id, creator]

Position: 256B Orderbook: [seesaw, orderbook, mkt]

Config: 624B Vault: [seesaw, vault, mkt]

Ledger: 56+seats×72B YES Mint: [seesaw, yes_mint, mkt]

ReferrerEarn: 72B NO Mint: [seesaw, no_mint, mkt]

ReferralAcct: 104B YES Escrow: [seesaw, escrow_yes, mkt]

NO Escrow: [seesaw, escrow_no, mkt]

TraderLedger: [seesaw, trader_ledger, mkt]

Position: [seesaw, position, mkt, user]

ReferrerTreasury: [seesaw, referrer_treasury, shard_index]

Referral: [seesaw, referral, user]

ReferrerEarnings: [seesaw, referrer_earnings, referrer]

Next Steps#

Review Error Codes for troubleshooting
See Glossary for terminology