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
51	`ensure_deep_orderbook_space`	`0x33`	Market Lifecycle
52	`set_pauser`	`0x34`	Admin
53	`top_up_closer_rewards`	`0x35`	Market Lifecycle
-	`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	Deep-orderbook bid-side capacity tier: 64, 128, 256, 512, 1024, 2048, or 4096
asks_size	u32	Deep-orderbook ask-side capacity tier; must equal `bids_size`
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 select the symmetric deep-orderbook tier and must be one of 64, 128, 256, 512, 1024, 2048, 4096. 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
5	vault	-	W	Market settlement vault
6	token_program	-	-	SPL Token Program
7	orderbook	-	W	Market orderbook PDA
8	yes_escrow	-	W	YES escrow PDA
9	no_escrow	-	W	NO escrow PDA
10	trader_ledger	-	W	Dynamic ledger PDA
11	creator_ata	-	W	Creator settlement ATA
12	yes_mint	-	W	Optional YES mint PDA
13	no_mint	-	W	Optional NO mint PDA

Valid account totals are 12, 14, or 16: the 12-account base shape, the base shape plus optional YES/NO mint pair, and either shape with the optional self_program, log_authority recorder tail.

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 and immutable; an existing referral account cannot be overwritten.

Accounts#

#	Account	Signer	Writable	Description
0	referral_account	-	W	`ReferralAccount` PDA (user-scoped, to create)
1	user	S	W	User being attributed (pays rent)
2	referrer	-	-	Referrer wallet
3	referrer_earnings_account	-	-	Existing `ReferrerEarningsAccount` PDA for `referrer`
4	system_program	-	-	System Program

Arguments#

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

Prerequisites#

code

referral_account does not yet exist
referrer != user (self-referral rejected)
referrer_earnings_account.referrer == referrer

Compute Units#

~5,000 CU

Side Effects#

Writes ReferralAccount { referee: user, referrer, created_at: now, expires_at: now + REFERRAL_DURATION_SECONDS, ... } to PDA.
Emits ReferrerSet event.

init_referrer_earnings_account (0x22)#

Permissionless. Creates the per-referrer earnings escrow (ReferrerEarningsAccount PDA) if it doesn't exist. The referrer signs and pays rent. 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	S	W	Referrer wallet and rent payer
2	referrer_treasury_k	-	W	Shard PDA matching `treasury_index`, lazily created
3	settlement_mint	-	-	Must match `config.default_settlement_mint`
4	config	-	-	Protocol config
5	system_program	-	-	System Program
6	token_program	-	-	SPL Token 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 sharded referrer_treasury_k 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	referrer_earnings_account	-	W	Referrer's `ReferrerEarningsAccount` PDA
1	referrer_treasury_k	-	W	Sharded referral escrow token account selected by the earnings account `treasury_index`
2	referrer_token_account	-	W	Referrer's token account for `settlement_mint`
3	settlement_mint	-	-	Settlement mint (TransferChecked)
4	referrer	S	-	Referrer wallet
5	token_program	-	-	SPL Token Program
6	config	-	-	Config PDA

Arguments#

None.

Prerequisites#

code

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

Compute Units#

~10,000 CU

Side Effects#

Transfers accumulated USDT from referrer_treasury_k to referrer_token_account via TransferChecked.
Zeroes referrer_earnings_account.accumulated, bumps total_claimed, and writes last_claim_at.
Emits ReferralClaimed 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 (0x800D) if called within the cooldown window.

Compute Units#

~3,500 CU

propose_pyth_program_id (0x30)#

Frozen compatibility instruction. The discriminator, account list, and payload shape remain stable for SDK/test-vector compatibility, but current on-chain execution rejects with OracleProgramIdFrozen before staging any program-ID change. The upgraded Pyth Core push-feed derivation program and Receiver owner program are hard-pinned in source; future owner-program changes require a program upgrade plus audit/release evidence, not a config-governance re-point.

The target selector is decoded for wire compatibility only: 0 historically selected pyth_program_id and 1 historically selected pyth_receiver_program_id.

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). The payload is inert because the handler rejects with OracleProgramIdFrozen.

Compute Units#

~3,500 CU

Side Effects#

None. The handler rejects with OracleProgramIdFrozen before mutating config.

apply_pyth_program_id (0x31)#

Frozen compatibility instruction. The discriminator and account list remain stable for SDK/test-vector compatibility, but current on-chain execution rejects with OracleProgramIdFrozen; there is no live pending Pyth program-ID update to apply.

Accounts#

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

Arguments#

None.

Compute Units#

~3,000 CU

Side Effects#

None. The handler rejects with OracleProgramIdFrozen before mutating config or emitting an apply event.

update_market_defaults (0x32)#

Admin-only fee setter. Post-init settlement-mint rotation is disabled because the default mint is coupled to protocol treasury recipients and referrer treasury shards. No timelock; subject only to authority check.

Accounts#

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

Arguments#

Field	Type	Description
settlement_mint	[u8; 32]	Must be `[0; 32]`; nonzero mint rotation is rejected
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
51	`ensure_deep_orderbook_space`	`0x33`	Market Lifecycle
52	`set_pauser`	`0x34`	Admin
53	`top_up_closer_rewards`	`0x35`	Market Lifecycle
-	`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	Deep-orderbook bid-side capacity tier: 64, 128, 256, 512, 1024, 2048, or 4096
asks_size	u32	Deep-orderbook ask-side capacity tier; must equal `bids_size`
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
5	vault	-	W	Market settlement vault
6	token_program	-	-	SPL Token Program
7	orderbook	-	W	Market orderbook PDA
8	yes_escrow	-	W	YES escrow PDA
9	no_escrow	-	W	NO escrow PDA
10	trader_ledger	-	W	Dynamic ledger PDA
11	creator_ata	-	W	Creator settlement ATA
12	yes_mint	-	W	Optional YES mint PDA
13	no_mint	-	W	Optional NO mint PDA

Valid account totals are 12, 14, or 16: the 12-account base shape, the base shape plus optional YES/NO mint pair, and either shape with the optional self_program, log_authority recorder tail.

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)#

Permissionless. Binds a ReferralAccount PDA to a user, recording the referrer and the attribution timestamp. First-touch and immutable; an existing referral account cannot be overwritten.

Accounts#

#	Account	Signer	Writable	Description
0	referral_account	-	W	`ReferralAccount` PDA (user-scoped, to create)
1	user	S	W	User being attributed (pays rent)
2	referrer	-	-	Referrer wallet
3	referrer_earnings_account	-	-	Existing `ReferrerEarningsAccount` PDA for `referrer`
4	system_program	-	-	System Program

Arguments#

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

Prerequisites#

code

referral_account does not yet exist
referrer != user (self-referral rejected)
referrer_earnings_account.referrer == referrer

Compute Units#

~5,000 CU

Side Effects#

Writes ReferralAccount { referee: user, referrer, created_at: now, expires_at: now + REFERRAL_DURATION_SECONDS, ... } to PDA.
Emits ReferrerSet event.

init_referrer_earnings_account (0x22)#

Accounts#

#	Account	Signer	Writable	Description
0	referrer_earnings_account	-	W	`ReferrerEarningsAccount` PDA (to create)
1	referrer	S	W	Referrer wallet and rent payer
2	referrer_treasury_k	-	W	Shard PDA matching `treasury_index`, lazily created
3	settlement_mint	-	-	Must match `config.default_settlement_mint`
4	config	-	-	Protocol config
5	system_program	-	-	System Program
6	token_program	-	-	SPL Token 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 sharded referrer_treasury_k 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	referrer_earnings_account	-	W	Referrer's `ReferrerEarningsAccount` PDA
1	referrer_treasury_k	-	W	Sharded referral escrow token account selected by the earnings account `treasury_index`
2	referrer_token_account	-	W	Referrer's token account for `settlement_mint`
3	settlement_mint	-	-	Settlement mint (TransferChecked)
4	referrer	S	-	Referrer wallet
5	token_program	-	-	SPL Token Program
6	config	-	-	Config PDA

Arguments#

None.

Prerequisites#

code

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

Compute Units#

~10,000 CU

Side Effects#

Transfers accumulated USDT from referrer_treasury_k to referrer_token_account via TransferChecked.
Zeroes referrer_earnings_account.accumulated, bumps total_claimed, and writes last_claim_at.
Emits ReferralClaimed 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 (0x800D) if called within the cooldown window.

Compute Units#

~3,500 CU

propose_pyth_program_id (0x30)#

The target selector is decoded for wire compatibility only: 0 historically selected pyth_program_id and 1 historically selected pyth_receiver_program_id.

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). The payload is inert because the handler rejects with OracleProgramIdFrozen.

Compute Units#

~3,500 CU

Side Effects#

None. The handler rejects with OracleProgramIdFrozen before mutating 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#

None. The handler rejects with OracleProgramIdFrozen before mutating config or emitting an apply event.

update_market_defaults (0x32)#

Accounts#

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

Arguments#

Field	Type	Description
settlement_mint	[u8; 32]	Must be `[0; 32]`; nonzero mint rotation is rejected
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