Markets

A market is one synthetic asset - a pair of SPL mints, two native CLMM books, a collateral vault, and a CLP vault. Here’s how they’re shaped and listed.

A market in Continuum is one synthetic asset. Each market has:

• A Market PDA (mint-redeem program) holding initial prices, fees, supply, TWAP, risk state, buffer target, and the keeper authority.
• Two SPL mints - long (L) and short (S) - both with the market PDA as mint authority.
• One collateral vault (cUSDC token account) holding the collateral backing outstanding L+S supply.
• Two native CLMM Pool PDAs (clp program) - one book per side.
• A Clp PDA and per-market CLP vault tracking trading inventory and capital allocation.

Markets are not interchangeable - a QQQL token is a different mint from an SPYL token, even though both are “long” tokens.

PDA derivation

Market: seeds = [b"market", asset_symbol_bytes]        (mint-redeem program)
Pool:   seeds = [b"pool", market_pda, side_byte]       (clp program; side 0 = long, 1 = short)

Symbol is the asset ticker as ASCII (e.g. "QQQ").

What’s stored on the Market account

Public fields you’ll likely read:

Field	Type	Meaning
asset_symbol	string	Market ticker.
long_mint / short_mint	Pubkey	L and S SPL mints.
collateral_mint	Pubkey	cUSDC mint.
collateral_vault	Pubkey	Token account holding backing cUSDC.
mint_fee_bps / redeem_fee_bps	u16	Base fees (10 = 0.10%); scaled up with vol by the keeper, capped at 100.
initial_l_price / initial_s_price	u64	6-dec prices fixed at init; their product is the constant K.
total_l_supply / total_s_supply	u64	Outstanding supply on each side.
total_collateral	u64	Vault balance.
buffer_target_bps	u16	Dynamic overcollateralization target, posted by the keeper.
is_active	bool	If false, all mint/redeem reject.
risk_state	enum	Normal / ProxyMode / Stress / Recovery.
user_twap_price / twap_updated_at	u64 / i64	Source of L_NAV and its freshness (300 s gate).
oracle_confidence	u64	Hermes confidence, pushed with each TWAP update.
keeper_authority	Pubkey	Privileged signer for oracle/book/vault operations.
dev_tax_pct	u8	Slice of fees routed to fee_recipient (10%); the rest stays in the vault.

Full schema in mint-redeem reference.

Reading market state

import { Program, web3 } from "@coral-xyz/anchor";
import idl from "./mint_redeem.json";

const program = new Program(idl, provider);
const [marketPDA] = web3.PublicKey.findProgramAddressSync(
  [Buffer.from("market"), Buffer.from("QQQ")],
  program.programId,
);
const market = await program.account.market.fetch(marketPDA);

console.log("Symbol:", market.assetSymbol);
console.log("L mint:", market.longMint.toBase58());
console.log("Vault:", market.collateralVault.toBase58());
console.log("Buffer target (bps):", market.bufferTargetBps);

For all live markets at once, batch via getMultipleAccounts. See Reading state.

Live markets

Four markets - eight books - are active on devnet:

Symbol	Asset	Book geometry (core / wing × core bins)	Reposition gate
QQQ	Nasdaq-100 ETF	20 bps / 300 bps × 3, 12 bins	20 bps
SPY	SPDR S&P 500 ETF	15 bps / 250 bps × 3	20 bps
XAU	Gold spot	20 bps / 300 bps × 3	20 bps
VXX	VIX short-term futures ETN	40 bps / 600 bps × 2	40 bps

Fine core steps quote tight near NAV; wide wings hold the float for off-hours drift. The reposition gate is calibrated just below each market’s toxic-arb line. Books converge to ~$5k of bids and ≤$7.5k of asks per side; committed orders take any size at NAV ± 10 bps.

→ Live markets table with all pubkeys

How a market gets listed

The full operator flow lives in the protocol’s operations runbook. At a high level:

1. Create the market

   Pick symbol, initial prices, base fees; set the keeper authority. Creates the Market PDA, L and S SPL mints (mint authority = market PDA), and the collateral vault.

2. Initialize the CLP slot and vault

   Per-market Clp PDA plus the CLP vault and the CLP PDA’s L/S/cUSDC ATAs for inventory.

3. Initialize the books

   init_pool per side, then configure_pool_geom(wing_step_bps, core_bins) with steep-wing geometry sized to the asset’s vol class.

4. Configure the keeper

   Add the market to the keeper config JSON: min_bps ≥ ~2× the asset’s 5-minute σ, floor_mult, fee_mult (~1.0-1.5 for high-vol single names), and the spread window. No model training - the spread floors plus the realized-vol ratchet carry both safety and competitiveness.

5. Fund the vault and start the keeper

   Deposit cUSDC into the per-market CLP vault. The keeper mints paired inventory (vault_mint_pairs), stocks both books (set_pool_shape), and starts the oracle push. The vol state seeds itself from 60 days of Pyth Benchmarks history, so spreads are warm from the first tick.

→ Listing a market

Asset roadmap

Continuum’s targeted launch coverage is TradFi-only:

• Indices: SPX, NDX (QQQ), FTSE 100, DAX
• Equities: NVDA, AAPL, TSLA, GME, AMC
• Commodities: XAU (Gold), XAG (Silver), WTI (Oil)
• Forex: EUR/USD, USD/JPY, GBP/USD

No crypto markets - the constant-product invariant gives no edge over an actual perp DEX for crypto pairs. High-growth single names ship only with the full solvency stack (vol-informed fees, depth-capped books, re-anchoring) - see Solvency.

→ Roadmap

Trading hours

Continuum follows the underlying’s session for NAV-priced operations, while the books trade around the clock:

• During the underlying’s trading hours: NAV tracks the live oracle; mint, redeem, committed orders, and books all operate.
• When the underlying closes (nights, weekends for equities): the keeper withholds oracle pushes, the on-chain TWAP ages past 300 s, and mint/redeem self-freezes. Committed orders can’t settle (cancel refunds after 180 s).
• The CLMM books float at their standing band off-hours - you can still trade either leg, with price discovery happening inside the band. At reopen, the first fresh print re-anchors NAV and the keeper re-pins the books.

See Oracle - the staleness chain.

Read more

Live market addresses

QQQ, SPY, XAU, VXX - every pubkey.

How to read market state

Batch fetch markets, derive NAV, query book depth.