Instructions Reference#

All Seesaw protocol instructions, with discriminators, accounts, and arguments.

Instruction Overview#

Instruction Discriminators#

#	Instruction	Discriminator	Category
0	`initialize_config`	`0x00`	Configuration
1	`update_authority`	`0x01`	Authority
2	`claim_authority`	`0x02`	Authority
3	`create_market`	`0x03`	Market Lifecycle
4	`snapshot_end`	`0x04`	Market Lifecycle
5	`resolve_market`	`0x05`	Market Lifecycle
6	`expire_market`	`0x06`	Market Lifecycle
7	`mint_shares`	`0x07`	Token/Settlement
8	`deposit_funds`	`0x08`	Free Funds
9	`withdraw_funds`	`0x09`	Free Funds
10	`withdraw_shares`	`0x0A`	Token/Settlement
11	`place_order`	`0x0B`	Trading
12	`place_multiple_post_only_orders`	`0x0C`	Trading
13	`swap_with_free_funds`	`0x0D`	Trading
14	`place_limit_order_with_free_funds`	`0x0E`	Trading
15	`place_multiple_post_only_orders_with_free_funds`	`0x0F`	Trading
16	`cancel_order`	`0x10`	Trading
17	`cancel_multiple_orders_by_id`	`0x11`	Trading
18	`cancel_all_orders`	`0x12`	Trading
19	`cancel_up_to`	`0x13`	Trading
20	`reduce_order`	`0x14`	Trading
21	`cancel_multiple_orders_by_id_with_free_funds`	`0x15`	Trading
22	`cancel_all_orders_with_free_funds`	`0x16`	Trading
23	`cancel_up_to_with_free_funds`	`0x17`	Trading
24	`reduce_order_with_free_funds`	`0x18`	Trading
25	`reclaim_expired_order`	`0x19`	Trading
26	`redeem`	`0x1A`	Token/Settlement
27	`force_close`	`0x1B`	Token/Settlement
28	`mark_position_settled`	`0x1C`	Token/Settlement
29	`close_position`	`0x1D`	Token/Settlement
30	`close_market`	`0x1E`	Market Lifecycle
31	`update_fee_config`	`0x1F`	Admin
32	`update_treasury_recipients`	`0x20`	Admin
33	`set_referrer`	`0x21`	Referral
34	`init_referrer_earnings_account`	`0x22`	Referral
35	`claim_creator_fees`	`0x23`	Fees
36	`claim_referrer_earnings`	`0x24`	Referral
37	`pause`	`0x25`	Admin
38	`unpause`	`0x26`	Admin
39	`enable_post_only_mode`	`0x27`	Admin
40	`disable_post_only_mode`	`0x28`	Admin
41	`update_tick_size`	`0x29`	Admin
42	`update_min_resting_notional`	`0x2A`	Admin
43	`update_market_cap`	`0x2B`	Admin
44	`set_market_emergency_status`	`0x2C`	Admin
45	`force_cancel_market_orders`	`0x2D`	Admin
46	`ensure_trader_ledger_space`	`0x2E`	Market Lifecycle
47	`update_operational_params`	`0x2F`	Admin
48	`propose_pyth_program_id`	`0x30`	Admin
49	`apply_pyth_program_id`	`0x31`	Admin
50	`update_market_defaults`	`0x32`	Admin
-	`log`	`0xFF`	Internal Event

Compute units: The "Compute Units" figures in the per-instruction sections below are approximate estimates for budgeting only. Actual consumption varies with account state, matching depth, and runtime version — always benchmark against the deployed program and size your transaction CU limits with headroom.

initialize_config#

One-time protocol initialization. Creates the config PDA, records the initial authority and treasury, validates the default settlement mint, and writes the default capped-linear-decay fee curve and three-way split.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	W	Initial admin
2	treasury	-	-	Protocol fee recipient
3	default_settlement_mint	-	-	Settlement mint
4	system_program	-	-	System Program
5	program_data	-	-	Upgradeable program data account

Arguments#

Field	Type	Description
taker_fee_bps	u16	Legacy peak taker fee parameter
tick_size_bps	u16	Price tick size

The v2 fee fields are initialized from protocol defaults: fee_cap_bps = 200, decay_rate_bps = 600, protocol_fee_bps = 5_000, default_creator_fee_bps = 1_000, and referral_share_bps_of_fee = 4_000.

Constraint: authority must sign and must match the upgrade authority stored in program_data.

Compute Units#

~6,000 CU

create_market#

Create a new market for a configured Pyth feed and duration. The instruction initializes all market PDAs, validates the settlement mint, captures the first valid Pyth start price, and transitions the market into trading.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	vault	-	W	SPL Token vault PDA
3	yes_mint	-	W	YES mint PDA
4	no_mint	-	W	NO mint PDA
5	asset_state	-	W	Per-feed asset state PDA
6	config	-	W	Protocol config; increments `markets_created`
7	pyth_feed	-	-	Pyth price feed
8	settlement_mint	-	-	USDT/SPL settlement mint
9	payer	S	W	Rent payer and market creator
10	system_program	-	-	System Program
11	token_program	-	-	SPL Token Program
12	yes_escrow	-	W	Market-owned YES escrow token account
13	no_escrow	-	W	Market-owned NO escrow token account
14	trader_ledger	-	W	Market-owned trader ledger PDA

Arguments#

Field	Type	Description
max_confidence_ratio_bps	u16	Max Pyth confidence interval as bps of price; `0` disables this market guard
duration_seconds	u64	Market duration, bounded by protocol min/max
max_oracle_jump_bps	u32	Optional per-market start-to-end jump guard; `0` uses the protocol default
bids_size	u32	Orderbook bid-side capacity; canonical value is 512
asks_size	u32	Orderbook ask-side capacity; canonical value is 512
num_seats	u32	Trader-ledger seat count; must be one of the nine allowed tier values
oracle_mode	u8	`0` = Push (feed account); `1` = Pull (ephemeral `PriceUpdateV2`)

market_id is derived from the current timestamp and duration_seconds; clients do not pass it directly in the current instruction data. bids_size and asks_size must equal the canonical values (512 each). num_seats must be one of TRADER_LEDGER_SEAT_OPTIONS — see Market Capacity.

Compute Units#

~25,000 CU

snapshot_end#

Capture closing price from Pyth.

Accounts#

Same accounts as create_market (market, config, pyth_feed, payer, system_program).

Arguments#

None.

Compute Units#

~15,000 CU (includes order cancellation)

Side Effects#

All open orders are cancelled
Collateral/shares returned to users

place_order#

Submit a limit order.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	user_position	-	W	User position PDA
3	user_token_account	-	W	User's settlement-token account
4	vault	-	W	Market vault
5	user	S	W	Order owner
6	config	-	-	Protocol config
7	treasury_token_account	-	W	Protocol fee recipient
8	token_program	-	-	SPL Token Program
9	system_program	-	-	System Program, used when creating position PDA
10	settlement_mint	-	-	Settlement mint
11	yes_escrow	-	W	Market-owned YES escrow
12	no_escrow	-	W	Market-owned NO escrow
13	user_yes_ata	-	W	User YES token account
14	user_no_ata	-	W	User NO token account
15	yes_mint	-	W	YES mint PDA
16	no_mint	-	W	NO mint PDA
17	trader_ledger	-	W	Market-owned trader ledger PDA
18-20	referral tail (optional)	-	Mixed	Referrer wallet, referrer earnings PDA, treasury

Arguments#

Field	Type	Description
side	u8	0=BuyYes, 1=SellYes, 2=BuyNo, 3=SellNo
price_bps	u16	Limit price [1, 9999]
quantity	u64	Share quantity
order_type	u8	0=Limit, 1=PostOnly, 2=IOC
worst_acceptable_price_bps	u16	Slippage guard; `0` means default
min_fill_quantity	u64	Minimum fill for IOC-style semantics
match_limit	u8	Max opposing orders to match; `0` auto
self_trade_behavior	u8	Self-trade handling mode
max_age_seconds	u32	Optional stale-order guard
reject_post_only_would_cross	u8	Post-only crossing behavior
protocol_treasury_index	u8	Index ∈ [0, 8) selecting which `config.treasury_recipients` entry receives the fee for this trade

Compute Units#

~15,000 - 50,000 CU (depends on matching)

cancel_order#

Remove an open order.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	position	-	W	User position PDA
3	user_token_account	-	W	User's USDT
4	vault	-	W	Market vault
5	user	S	-	Order owner
6	token_program	-	-	SPL Token

Arguments#

Field	Type	Description
order_id	u64	Order to cancel

Compute Units#

~8,000 CU

resolve_market#

Determine outcome from snapshots.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	cranker	S	W	Crank operator
2	config	-	-	Protocol config
3	treasury	-	W	Crank reward source
4	system_program	-	-	System Program

Arguments#

None.

Compute Units#

~6,000 CU

Resolution Logic#

if end_price >= start_price:

outcome = UP (1)

else:

outcome = DOWN (2)

mint_shares (0x07)#

Deposit USDT to receive equal YES + NO tokens.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	yes_mint	-	W	YES token mint PDA
2	no_mint	-	W	NO token mint PDA
3	user_yes_ata	-	W	User's YES token account
4	user_no_ata	-	W	User's NO token account
5	user_stablecoin_ata	-	W	User's USDT account
6	vault	-	W	Market vault (USDT)
7	user	S	-	User (signer)
8	token_program	-	-	SPL Token Program

Arguments#

Field	Type	Description
amount	u64	Amount of USDT to deposit

Compute Units#

~15,000 CU

redeem (0x1A)#

Burn winning tokens for USDT after resolution.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	yes_mint	-	W	YES token mint PDA
2	no_mint	-	W	NO token mint PDA
3	user_yes_ata	-	W	User's YES token account
4	user_no_ata	-	W	User's NO token account
5	user_stablecoin_ata	-	W	User's USDT account
6	vault	-	W	Market vault (USDT)
7	user	S	-	User (signer)
8	token_program	-	-	SPL Token Program

Arguments#

Field	Type	Description
amount	u64	Amount of tokens to redeem
token_type	u8	Which token to redeem (0=Yes, 1=No)

Compute Units#

~15,000 CU

Payout Calculation#

if outcome == UP: burn YES tokens → receive USDT 1:1

if outcome == DOWN: burn NO tokens → receive USDT 1:1

if outcome == EXPIRED: burn either → receive USDT at 50%

withdraw_shares (0x0A)#

Convert trader-ledger free YES/NO share credits to SPL tokens.

Compute Units#

~10,000 CU

force_close (0x1B)#

Force-close position in expired/unresolved market. Returns full collateral.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	position	-	W	User position PDA
2	vault	-	W	Market vault
3	user_stablecoin_ata	-	W	User's USDT account
4	caller	S	-	Caller (permissionless)
5	config	-	-	Protocol config
6	token_program	-	-	SPL Token Program
7	settlement_mint	-	-	Settlement token mint

Prerequisites#

code

current_time >= t_end + expiration_window AND outcome == 0

Compute Units#

~12,000 CU

close_market (0x1E)#

Close resolved market after 7-day timeout. Transfers rent to creator.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	creator	-	W	Market creator (rent target)
2	caller	S	-	Caller (permissionless)
3	config	-	-	Protocol config
4	system_program	-	-	System Program

Prerequisites#

code

current_time >= resolved_at + 604800 AND outcome != 0

Compute Units#

~8,000 CU

State Transitions#

Error Codes#

Seesaw uses a custom #[repr(u32)] error enum (SeesawError) with category-prefixed hex codes that surface as ProgramError::Custom(code). Codes are not in the Anchor 6000+ range. A representative selection (see the SeesawError enum in the program source for the exhaustive list):

Code	Name	Category	Description
0x1001	`MarketExists`	Market	Market already exists
0x1002	`InvalidState`	Market	Wrong market state for the operation
0x1005	`AlreadyResolved`	Market	Market already resolved
0x1011	`InvalidStateTransition`	Market	Illegal lifecycle transition
0x2001	`OracleMismatch`	Oracle	Oracle account does not match market
0x2002	`StaleOracle`	Oracle	Oracle price too old
0x2003	`InvalidPrice`	Oracle	Non-positive / invalid oracle price
0x2005	`FeedIdMismatch`	Oracle	Pyth feed id mismatch
0x3001	`InvalidQuantity`	Order	Order quantity out of range
0x3004	`WouldCross`	Order	Post-only order would cross the book
0x3007	`SlippageExceeded`	Order	Fill price worse than slippage guard
0x4001	`MathOverflow`	Math	Checked arithmetic overflowed
0x5003	`InvalidPDA`	Account	PDA derivation mismatch
0x5005	`InsolvencyDetected`	Account	Solvency invariant would break
0x6001	`ProtocolPaused`	Position	Protocol is paused
0x7004	`SolvencyViolation`	Token	Token operation breaks solvency
0x8002	`InvalidFeeSplit`	Fee	Fee split does not sum to 10,000
0x9001	`NoPendingAuthority`	Authority	No pending authority to claim

Category ranges: Market 0x1001+, Oracle 0x2001+, Order 0x3001+, Math 0x4001, Account 0x5001+, Position 0x6001, Token 0x7001+, Fee/Treasury 0x8001+, Authority 0x9001+.

claim_creator_fees (0x23)#

Sweep deferred creator fees from the market vault to the creator's token account. Permissionless — anyone may call it, but fees are always sent to market.creator.

Accounts#

#	Account	Signer	Writable	Description
0	`market`	-	W	Market PDA
1	`vault`	-	W	Market vault (SPL Token, holds accumulated fees)
2	`creator_token_account`	-	W	Creator's token account for `market.settlement_mint`
3	`settlement_mint`	-	-	Settlement mint (TransferChecked)
4	`caller`	S	-	Permissionless caller (signer)
5	`token_program`	-	-	SPL Token Program

Arguments#

None.

Prerequisites#

code

market.outcome != 0 (resolved or expired)
market.accumulated_creator_fees > 0
creator_token_account.owner == market.creator
creator_token_account.mint == market.settlement_mint

Compute Units#

~10,000 CU

Side Effects#

Transfers accumulated_creator_fees USDT from vault to creator's token account via TransferChecked.
Zeroes market.accumulated_creator_fees.
Emits CreatorFeesClaimed event.

update_fee_config (0x1F)#

Admin-only. Retunes the capped-linear-decay curve (fee_cap_bps, decay_rate_bps) and the three-way split (protocol_fee_bps, default_creator_fee_bps, referral_share_bps_of_fee).

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
protocol_fee_bps	u16	Protocol share (bps of total fee)
default_creator_fee_bps	u16	Creator share (bps of total fee)
referral_share_bps_of_fee	u16	Referral share (bps of total fee)
fee_cap_bps	u16	New curve ceiling in bps of notional
decay_rate_bps	u16	New curve slope in bps of notional

Constraints:

protocol_fee_bps + default_creator_fee_bps + referral_share_bps_of_fee == 10_000
fee_cap_bps <= 500 (hard ceiling of 5.00%)

Compute Units#

~3,500 CU

set_referrer (0x21)#

Permissionless. Binds a ReferralAccount PDA to a user, recording the referrer and the attribution timestamp. First-touch, immutable for the lifetime (365 days). After 365 days elapse, the user may call set_referrer again to pick a new referrer.

Accounts#

#	Account	Signer	Writable	Description
0	referral_account	-	W	`ReferralAccount` PDA (user-scoped)
1	user	S	W	User being attributed (pays rent)
2	referrer	-	-	Referrer wallet (any address)
3	system_program	-	-	System Program

Arguments#

None (referrer is read from accounts[2]).

Prerequisites#

code

referral_account does not yet exist, OR
(clock.unix_timestamp - referral_account.attributed_at) >= 365 * 86_400
referrer != user (self-referral rejected)

Compute Units#

~5,000 CU

Side Effects#

Writes ReferralAccount { user, referrer, attributed_at: now } to PDA.
Emits ReferrerAttributed event.

init_referrer_earnings_account (0x22)#

Permissionless. Creates the per-referrer earnings escrow (ReferrerEarningsAccount PDA) if it doesn't exist. Called once per referrer by anyone (typically the first attributed trade). Also records which treasury shard the referrer is associated with for future claim_referrer_earnings calls.

Accounts#

#	Account	Signer	Writable	Description
0	referrer_earnings_account	-	W	`ReferrerEarningsAccount` PDA (to create)
1	referrer	-	-	Referrer wallet the account is for
2	payer	S	W	Rent payer (any caller)
3	system_program	-	-	System Program

Arguments#

Field	Type	Description
treasury_index	u8	Treasury shard index `∈ [0, 8)` for this referrer's fees

Compute Units#

~5,000 CU

claim_referrer_earnings (0x24)#

Sweep accumulated referrer earnings from the shared referrer_treasury PDA to the referrer's token account. Permissionless — anyone may call it, but funds always go to the referrer.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	-	Config PDA
1	referrer_earnings_account	-	W	Referrer's `ReferrerEarningsAccount` PDA
2	referrer_treasury	-	W	Shared referral escrow token account (PDA)
3	referrer_token_account	-	W	Referrer's token account for `settlement_mint`
4	referrer	-	-	Referrer wallet
5	settlement_mint	-	-	Settlement mint (TransferChecked)
6	caller	S	-	Permissionless caller
7	token_program	-	-	SPL Token Program

Arguments#

None.

Prerequisites#

code

referrer_earnings_account.pending_amount > 0
referrer_token_account.owner == referrer
referrer_token_account.mint == config.default_settlement_mint

Compute Units#

~10,000 CU

Side Effects#

Transfers pending_amount USDT from referrer_treasury to referrer_token_account via TransferChecked.
Zeroes referrer_earnings_account.pending_amount and bumps total_claimed.
Emits ReferrerEarningsClaimed event.

ensure_trader_ledger_space (0x2E)#

Pre-grow the TraderLedgerAccount PDA before CreateMarket. Because Solana caps account growth at MAX_PERMITTED_DATA_INCREASE (10,240 bytes) per instruction, ledgers larger than ~141 seats require multiple invocations. CreateMarket rejects a ledger that has not been fully pre-grown.

Idempotent: a no-op once the PDA is at target_size.

Accounts#

#	Account	Signer	Writable	Description
0	trader_ledger	-	W	Trader-ledger PDA (may not yet exist)
1	market	-	-	Parent market PDA (seeds for ledger PDA)
2	payer	S	W	Rent payer (any caller)
3	system_program	-	-	System Program

Arguments#

Field	Type	Description
target_size	u32	Final byte size the ledger should reach (`56 + num_seats × 72`)

Compute Units#

~5,000 CU per call

Usage#

code

ceil(target_size / 10240) invocations required before CreateMarket.
SDKs (@seesaw/core, sdk-rust, sdk-python) bundle this prelude automatically.

update_operational_params (0x2F)#

Admin-only. Post-deploy setter for six previously write-once operational parameters: closer_reward_lamports, max_price_staleness_seconds, market_expiration_window_seconds, min_market_duration_seconds, max_market_duration_seconds, and max_order_size. Rate-limited to once per OPERATIONAL_PARAMS_RATE_LIMIT_SECONDS (3,600 s).

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
closer_reward_lamports	u64	SOL reward per lifecycle closer; `0` = no change
max_price_staleness_seconds	u64	Oracle freshness window; `0` = no change
market_expiration_window_seconds	u64	Force-expiry delay override; `0` = no change
min_market_duration_seconds	u64	Min market duration override; `0` = no change
max_market_duration_seconds	u64	Max market duration override; `0` = no change
max_order_size	u64	Max order size override; `0` = no change

Constraint: Rate-limited by last_operational_params_update_at; returns OperationalParamsRateLimit (0x800E) if called within the cooldown window.

Compute Units#

~3,500 CU

propose_pyth_program_id (0x30)#

Admin-only. First step of the two-step Pyth program-ID governance rotation. Stores a pending program ID and a 48-hour timelock timestamp. The target selector chooses which program ID to update: 0 = pyth_program_id (push feed owner), 1 = pyth_receiver_program_id (pull mode receiver owner).

Anticipates the Pyth Core upgrade (planned 2026-07-31) that changes program IDs.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
new_program_id	[u8; 32]	Proposed new program ID (32 bytes)
target	u8	`0` = push PDA derivation program (`pyth_program_id`), `1` = pull receiver

Arg size: 33 bytes total ([u8;32] + u8).

Compute Units#

~3,500 CU

Side Effects#

Writes pending_pyth_program_id, pending_pyth_eligible_at (now + 172,800 s), and pending_pyth_target to config.

apply_pyth_program_id (0x31)#

Admin-only. Second step of the two-step oracle governance rotation. Applies the pending program ID stored by propose_pyth_program_id once the 48-hour timelock has elapsed. Returns OracleTimelockNotElapsed (0x9004) if called before the eligibility timestamp. Returns NoPendingOracleUpdate (0x9003) if no proposal is pending.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

None.

Compute Units#

~3,000 CU

Side Effects#

Copies pending_pyth_program_id into either pyth_program_id or pyth_receiver_program_id (per pending_pyth_target).
Clears pending fields.
Emits PythProgramIdApplied event.

update_market_defaults (0x32)#

Admin-only. Post-init setter for the previously write-once fields: default_settlement_mint and taker_fee_bps (the legacy display field). No timelock; subject only to authority check.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority
2	new_settlement_mint	-	-	New default settlement mint

Arguments#

Field	Type	Description
new_settlement_mint	[u8; 32]	Replacement default settlement mint
new_taker_fee_bps	u16	Updated legacy `taker_fee_bps` display field

Arg size: 34 bytes total.

Compute Units#

~3,000 CU

Next Steps#

PDAs — address derivation
Security — security model

Instructions Reference#

All Seesaw protocol instructions, with discriminators, accounts, and arguments.

Instruction Overview#

Instruction Discriminators#

#	Instruction	Discriminator	Category
0	`initialize_config`	`0x00`	Configuration
1	`update_authority`	`0x01`	Authority
2	`claim_authority`	`0x02`	Authority
3	`create_market`	`0x03`	Market Lifecycle
4	`snapshot_end`	`0x04`	Market Lifecycle
5	`resolve_market`	`0x05`	Market Lifecycle
6	`expire_market`	`0x06`	Market Lifecycle
7	`mint_shares`	`0x07`	Token/Settlement
8	`deposit_funds`	`0x08`	Free Funds
9	`withdraw_funds`	`0x09`	Free Funds
10	`withdraw_shares`	`0x0A`	Token/Settlement
11	`place_order`	`0x0B`	Trading
12	`place_multiple_post_only_orders`	`0x0C`	Trading
13	`swap_with_free_funds`	`0x0D`	Trading
14	`place_limit_order_with_free_funds`	`0x0E`	Trading
15	`place_multiple_post_only_orders_with_free_funds`	`0x0F`	Trading
16	`cancel_order`	`0x10`	Trading
17	`cancel_multiple_orders_by_id`	`0x11`	Trading
18	`cancel_all_orders`	`0x12`	Trading
19	`cancel_up_to`	`0x13`	Trading
20	`reduce_order`	`0x14`	Trading
21	`cancel_multiple_orders_by_id_with_free_funds`	`0x15`	Trading
22	`cancel_all_orders_with_free_funds`	`0x16`	Trading
23	`cancel_up_to_with_free_funds`	`0x17`	Trading
24	`reduce_order_with_free_funds`	`0x18`	Trading
25	`reclaim_expired_order`	`0x19`	Trading
26	`redeem`	`0x1A`	Token/Settlement
27	`force_close`	`0x1B`	Token/Settlement
28	`mark_position_settled`	`0x1C`	Token/Settlement
29	`close_position`	`0x1D`	Token/Settlement
30	`close_market`	`0x1E`	Market Lifecycle
31	`update_fee_config`	`0x1F`	Admin
32	`update_treasury_recipients`	`0x20`	Admin
33	`set_referrer`	`0x21`	Referral
34	`init_referrer_earnings_account`	`0x22`	Referral
35	`claim_creator_fees`	`0x23`	Fees
36	`claim_referrer_earnings`	`0x24`	Referral
37	`pause`	`0x25`	Admin
38	`unpause`	`0x26`	Admin
39	`enable_post_only_mode`	`0x27`	Admin
40	`disable_post_only_mode`	`0x28`	Admin
41	`update_tick_size`	`0x29`	Admin
42	`update_min_resting_notional`	`0x2A`	Admin
43	`update_market_cap`	`0x2B`	Admin
44	`set_market_emergency_status`	`0x2C`	Admin
45	`force_cancel_market_orders`	`0x2D`	Admin
46	`ensure_trader_ledger_space`	`0x2E`	Market Lifecycle
47	`update_operational_params`	`0x2F`	Admin
48	`propose_pyth_program_id`	`0x30`	Admin
49	`apply_pyth_program_id`	`0x31`	Admin
50	`update_market_defaults`	`0x32`	Admin
-	`log`	`0xFF`	Internal Event

Compute units: The "Compute Units" figures in the per-instruction sections below are approximate estimates for budgeting only. Actual consumption varies with account state, matching depth, and runtime version — always benchmark against the deployed program and size your transaction CU limits with headroom.

initialize_config#

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	W	Initial admin
2	treasury	-	-	Protocol fee recipient
3	default_settlement_mint	-	-	Settlement mint
4	system_program	-	-	System Program
5	program_data	-	-	Upgradeable program data account

Arguments#

Field	Type	Description
taker_fee_bps	u16	Legacy peak taker fee parameter
tick_size_bps	u16	Price tick size

Constraint: authority must sign and must match the upgrade authority stored in program_data.

Compute Units#

~6,000 CU

create_market#

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	vault	-	W	SPL Token vault PDA
3	yes_mint	-	W	YES mint PDA
4	no_mint	-	W	NO mint PDA
5	asset_state	-	W	Per-feed asset state PDA
6	config	-	W	Protocol config; increments `markets_created`
7	pyth_feed	-	-	Pyth price feed
8	settlement_mint	-	-	USDT/SPL settlement mint
9	payer	S	W	Rent payer and market creator
10	system_program	-	-	System Program
11	token_program	-	-	SPL Token Program
12	yes_escrow	-	W	Market-owned YES escrow token account
13	no_escrow	-	W	Market-owned NO escrow token account
14	trader_ledger	-	W	Market-owned trader ledger PDA

Arguments#

Field	Type	Description
max_confidence_ratio_bps	u16	Max Pyth confidence interval as bps of price; `0` disables this market guard
duration_seconds	u64	Market duration, bounded by protocol min/max
max_oracle_jump_bps	u32	Optional per-market start-to-end jump guard; `0` uses the protocol default
bids_size	u32	Orderbook bid-side capacity; canonical value is 512
asks_size	u32	Orderbook ask-side capacity; canonical value is 512
num_seats	u32	Trader-ledger seat count; must be one of the nine allowed tier values
oracle_mode	u8	`0` = Push (feed account); `1` = Pull (ephemeral `PriceUpdateV2`)

Compute Units#

~25,000 CU

snapshot_end#

Capture closing price from Pyth.

Accounts#

Same accounts as create_market (market, config, pyth_feed, payer, system_program).

Arguments#

None.

Compute Units#

~15,000 CU (includes order cancellation)

Side Effects#

All open orders are cancelled
Collateral/shares returned to users

place_order#

Submit a limit order.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	user_position	-	W	User position PDA
3	user_token_account	-	W	User's settlement-token account
4	vault	-	W	Market vault
5	user	S	W	Order owner
6	config	-	-	Protocol config
7	treasury_token_account	-	W	Protocol fee recipient
8	token_program	-	-	SPL Token Program
9	system_program	-	-	System Program, used when creating position PDA
10	settlement_mint	-	-	Settlement mint
11	yes_escrow	-	W	Market-owned YES escrow
12	no_escrow	-	W	Market-owned NO escrow
13	user_yes_ata	-	W	User YES token account
14	user_no_ata	-	W	User NO token account
15	yes_mint	-	W	YES mint PDA
16	no_mint	-	W	NO mint PDA
17	trader_ledger	-	W	Market-owned trader ledger PDA
18-20	referral tail (optional)	-	Mixed	Referrer wallet, referrer earnings PDA, treasury

Arguments#

Field	Type	Description
side	u8	0=BuyYes, 1=SellYes, 2=BuyNo, 3=SellNo
price_bps	u16	Limit price [1, 9999]
quantity	u64	Share quantity
order_type	u8	0=Limit, 1=PostOnly, 2=IOC
worst_acceptable_price_bps	u16	Slippage guard; `0` means default
min_fill_quantity	u64	Minimum fill for IOC-style semantics
match_limit	u8	Max opposing orders to match; `0` auto
self_trade_behavior	u8	Self-trade handling mode
max_age_seconds	u32	Optional stale-order guard
reject_post_only_would_cross	u8	Post-only crossing behavior
protocol_treasury_index	u8	Index ∈ [0, 8) selecting which `config.treasury_recipients` entry receives the fee for this trade

Compute Units#

~15,000 - 50,000 CU (depends on matching)

cancel_order#

Remove an open order.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	position	-	W	User position PDA
3	user_token_account	-	W	User's USDT
4	vault	-	W	Market vault
5	user	S	-	Order owner
6	token_program	-	-	SPL Token

Arguments#

Field	Type	Description
order_id	u64	Order to cancel

Compute Units#

~8,000 CU

resolve_market#

Determine outcome from snapshots.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	cranker	S	W	Crank operator
2	config	-	-	Protocol config
3	treasury	-	W	Crank reward source
4	system_program	-	-	System Program

Arguments#

None.

Compute Units#

~6,000 CU

Resolution Logic#

if end_price >= start_price:

outcome = UP (1)

else:

outcome = DOWN (2)

mint_shares (0x07)#

Deposit USDT to receive equal YES + NO tokens.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	yes_mint	-	W	YES token mint PDA
2	no_mint	-	W	NO token mint PDA
3	user_yes_ata	-	W	User's YES token account
4	user_no_ata	-	W	User's NO token account
5	user_stablecoin_ata	-	W	User's USDT account
6	vault	-	W	Market vault (USDT)
7	user	S	-	User (signer)
8	token_program	-	-	SPL Token Program

Arguments#

Field	Type	Description
amount	u64	Amount of USDT to deposit

Compute Units#

~15,000 CU

redeem (0x1A)#

Burn winning tokens for USDT after resolution.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	yes_mint	-	W	YES token mint PDA
2	no_mint	-	W	NO token mint PDA
3	user_yes_ata	-	W	User's YES token account
4	user_no_ata	-	W	User's NO token account
5	user_stablecoin_ata	-	W	User's USDT account
6	vault	-	W	Market vault (USDT)
7	user	S	-	User (signer)
8	token_program	-	-	SPL Token Program

Arguments#

Field	Type	Description
amount	u64	Amount of tokens to redeem
token_type	u8	Which token to redeem (0=Yes, 1=No)

Compute Units#

~15,000 CU

Payout Calculation#

if outcome == UP: burn YES tokens → receive USDT 1:1

if outcome == DOWN: burn NO tokens → receive USDT 1:1

if outcome == EXPIRED: burn either → receive USDT at 50%

withdraw_shares (0x0A)#

Convert trader-ledger free YES/NO share credits to SPL tokens.

Compute Units#

~10,000 CU

force_close (0x1B)#

Force-close position in expired/unresolved market. Returns full collateral.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	position	-	W	User position PDA
2	vault	-	W	Market vault
3	user_stablecoin_ata	-	W	User's USDT account
4	caller	S	-	Caller (permissionless)
5	config	-	-	Protocol config
6	token_program	-	-	SPL Token Program
7	settlement_mint	-	-	Settlement token mint

Prerequisites#

code

current_time >= t_end + expiration_window AND outcome == 0

Compute Units#

~12,000 CU

close_market (0x1E)#

Close resolved market after 7-day timeout. Transfers rent to creator.

Accounts#

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	creator	-	W	Market creator (rent target)
2	caller	S	-	Caller (permissionless)
3	config	-	-	Protocol config
4	system_program	-	-	System Program

Prerequisites#

code

current_time >= resolved_at + 604800 AND outcome != 0

Compute Units#

~8,000 CU

State Transitions#

Error Codes#

Code	Name	Category	Description
0x1001	`MarketExists`	Market	Market already exists
0x1002	`InvalidState`	Market	Wrong market state for the operation
0x1005	`AlreadyResolved`	Market	Market already resolved
0x1011	`InvalidStateTransition`	Market	Illegal lifecycle transition
0x2001	`OracleMismatch`	Oracle	Oracle account does not match market
0x2002	`StaleOracle`	Oracle	Oracle price too old
0x2003	`InvalidPrice`	Oracle	Non-positive / invalid oracle price
0x2005	`FeedIdMismatch`	Oracle	Pyth feed id mismatch
0x3001	`InvalidQuantity`	Order	Order quantity out of range
0x3004	`WouldCross`	Order	Post-only order would cross the book
0x3007	`SlippageExceeded`	Order	Fill price worse than slippage guard
0x4001	`MathOverflow`	Math	Checked arithmetic overflowed
0x5003	`InvalidPDA`	Account	PDA derivation mismatch
0x5005	`InsolvencyDetected`	Account	Solvency invariant would break
0x6001	`ProtocolPaused`	Position	Protocol is paused
0x7004	`SolvencyViolation`	Token	Token operation breaks solvency
0x8002	`InvalidFeeSplit`	Fee	Fee split does not sum to 10,000
0x9001	`NoPendingAuthority`	Authority	No pending authority to claim

Category ranges: Market 0x1001+, Oracle 0x2001+, Order 0x3001+, Math 0x4001, Account 0x5001+, Position 0x6001, Token 0x7001+, Fee/Treasury 0x8001+, Authority 0x9001+.

claim_creator_fees (0x23)#

Sweep deferred creator fees from the market vault to the creator's token account. Permissionless — anyone may call it, but fees are always sent to market.creator.

Accounts#

#	Account	Signer	Writable	Description
0	`market`	-	W	Market PDA
1	`vault`	-	W	Market vault (SPL Token, holds accumulated fees)
2	`creator_token_account`	-	W	Creator's token account for `market.settlement_mint`
3	`settlement_mint`	-	-	Settlement mint (TransferChecked)
4	`caller`	S	-	Permissionless caller (signer)
5	`token_program`	-	-	SPL Token Program

Arguments#

None.

Prerequisites#

code

market.outcome != 0 (resolved or expired)
market.accumulated_creator_fees > 0
creator_token_account.owner == market.creator
creator_token_account.mint == market.settlement_mint

Compute Units#

~10,000 CU

Side Effects#

Transfers accumulated_creator_fees USDT from vault to creator's token account via TransferChecked.
Zeroes market.accumulated_creator_fees.
Emits CreatorFeesClaimed event.

update_fee_config (0x1F)#

Admin-only. Retunes the capped-linear-decay curve (fee_cap_bps, decay_rate_bps) and the three-way split (protocol_fee_bps, default_creator_fee_bps, referral_share_bps_of_fee).

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
protocol_fee_bps	u16	Protocol share (bps of total fee)
default_creator_fee_bps	u16	Creator share (bps of total fee)
referral_share_bps_of_fee	u16	Referral share (bps of total fee)
fee_cap_bps	u16	New curve ceiling in bps of notional
decay_rate_bps	u16	New curve slope in bps of notional

Constraints:

protocol_fee_bps + default_creator_fee_bps + referral_share_bps_of_fee == 10_000
fee_cap_bps <= 500 (hard ceiling of 5.00%)

Compute Units#

~3,500 CU

set_referrer (0x21)#

Accounts#

#	Account	Signer	Writable	Description
0	referral_account	-	W	`ReferralAccount` PDA (user-scoped)
1	user	S	W	User being attributed (pays rent)
2	referrer	-	-	Referrer wallet (any address)
3	system_program	-	-	System Program

Arguments#

None (referrer is read from accounts[2]).

Prerequisites#

code

referral_account does not yet exist, OR
(clock.unix_timestamp - referral_account.attributed_at) >= 365 * 86_400
referrer != user (self-referral rejected)

Compute Units#

~5,000 CU

Side Effects#

Writes ReferralAccount { user, referrer, attributed_at: now } to PDA.
Emits ReferrerAttributed event.

init_referrer_earnings_account (0x22)#

Accounts#

#	Account	Signer	Writable	Description
0	referrer_earnings_account	-	W	`ReferrerEarningsAccount` PDA (to create)
1	referrer	-	-	Referrer wallet the account is for
2	payer	S	W	Rent payer (any caller)
3	system_program	-	-	System Program

Arguments#

Field	Type	Description
treasury_index	u8	Treasury shard index `∈ [0, 8)` for this referrer's fees

Compute Units#

~5,000 CU

claim_referrer_earnings (0x24)#

Sweep accumulated referrer earnings from the shared referrer_treasury PDA to the referrer's token account. Permissionless — anyone may call it, but funds always go to the referrer.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	-	Config PDA
1	referrer_earnings_account	-	W	Referrer's `ReferrerEarningsAccount` PDA
2	referrer_treasury	-	W	Shared referral escrow token account (PDA)
3	referrer_token_account	-	W	Referrer's token account for `settlement_mint`
4	referrer	-	-	Referrer wallet
5	settlement_mint	-	-	Settlement mint (TransferChecked)
6	caller	S	-	Permissionless caller
7	token_program	-	-	SPL Token Program

Arguments#

None.

Prerequisites#

code

referrer_earnings_account.pending_amount > 0
referrer_token_account.owner == referrer
referrer_token_account.mint == config.default_settlement_mint

Compute Units#

~10,000 CU

Side Effects#

Transfers pending_amount USDT from referrer_treasury to referrer_token_account via TransferChecked.
Zeroes referrer_earnings_account.pending_amount and bumps total_claimed.
Emits ReferrerEarningsClaimed event.

ensure_trader_ledger_space (0x2E)#

Idempotent: a no-op once the PDA is at target_size.

Accounts#

#	Account	Signer	Writable	Description
0	trader_ledger	-	W	Trader-ledger PDA (may not yet exist)
1	market	-	-	Parent market PDA (seeds for ledger PDA)
2	payer	S	W	Rent payer (any caller)
3	system_program	-	-	System Program

Arguments#

Field	Type	Description
target_size	u32	Final byte size the ledger should reach (`56 + num_seats × 72`)

Compute Units#

~5,000 CU per call

Usage#

code

ceil(target_size / 10240) invocations required before CreateMarket.
SDKs (@seesaw/core, sdk-rust, sdk-python) bundle this prelude automatically.

update_operational_params (0x2F)#

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
closer_reward_lamports	u64	SOL reward per lifecycle closer; `0` = no change
max_price_staleness_seconds	u64	Oracle freshness window; `0` = no change
market_expiration_window_seconds	u64	Force-expiry delay override; `0` = no change
min_market_duration_seconds	u64	Min market duration override; `0` = no change
max_market_duration_seconds	u64	Max market duration override; `0` = no change
max_order_size	u64	Max order size override; `0` = no change

Constraint: Rate-limited by last_operational_params_update_at; returns OperationalParamsRateLimit (0x800E) if called within the cooldown window.

Compute Units#

~3,500 CU

propose_pyth_program_id (0x30)#

Anticipates the Pyth Core upgrade (planned 2026-07-31) that changes program IDs.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

Field	Type	Description
new_program_id	[u8; 32]	Proposed new program ID (32 bytes)
target	u8	`0` = push PDA derivation program (`pyth_program_id`), `1` = pull receiver

Arg size: 33 bytes total ([u8;32] + u8).

Compute Units#

~3,500 CU

Side Effects#

Writes pending_pyth_program_id, pending_pyth_eligible_at (now + 172,800 s), and pending_pyth_target to config.

apply_pyth_program_id (0x31)#

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority

Arguments#

None.

Compute Units#

~3,000 CU

Side Effects#

Copies pending_pyth_program_id into either pyth_program_id or pyth_receiver_program_id (per pending_pyth_target).
Clears pending fields.
Emits PythProgramIdApplied event.

update_market_defaults (0x32)#

Admin-only. Post-init setter for the previously write-once fields: default_settlement_mint and taker_fee_bps (the legacy display field). No timelock; subject only to authority check.

Accounts#

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	-	Protocol authority
2	new_settlement_mint	-	-	New default settlement mint

Arguments#

Field	Type	Description
new_settlement_mint	[u8; 32]	Replacement default settlement mint
new_taker_fee_bps	u16	Updated legacy `taker_fee_bps` display field

Arg size: 34 bytes total.

Compute Units#

~3,000 CU

Next Steps#

PDAs — address derivation
Security — security model