Markets

A market is one synthetic asset - a pair of SPL mints, two DLMM pools, an oracle, and a CLP slot. 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, oracle pointer, 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 all collateral backing outstanding L+S supply.
• An OracleConfig PDA tracking observations, TWAP, and risk state.
• A Clp PDA tracking per-market capital allocation, OI cap, inventory state, and Meteora position pointers.
• Two Meteora DLMM pools - L/cUSDC and S/cUSDC - at a chosen fee tier.

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

Market PDA derivation

seeds = [b"market", asset_symbol_bytes]
program_id = mint-redeem (5MBjhNUUguLTPNR5WG6YBUUw7vUcxQ14ARw3NsS3rKu4 on devnet)

Symbol is the asset ticker as ASCII (e.g. "QQQ"). Different cluster, same symbol → same PDA seed but different derived address (because mint-redeem program ID differs).

What’s stored on the Market account

Public fields you’ll likely read:

Field	Type	Meaning
asset_symbol	string	Market ticker.
oracle_address	Pubkey	Pointer to the OracleConfig PDA.
oracle_type	enum	Pyth / Hermes / Switchboard / Manual.
long_mint	Pubkey	L SPL mint.
short_mint	Pubkey	S SPL mint.
collateral_mint	Pubkey	cUSDC mint.
collateral_vault	Pubkey	Token account holding all backing cUSDC.
mint_fee_bps / redeem_fee_bps	u16	Fees in basis points (10 = 0.10%).
initial_l_price / initial_s_price	u64	6-dec prices fixed at init.
total_l_supply / total_s_supply	u64	Outstanding supply on each side.
total_collateral	u64	Vault balance.
is_active	bool	If false, all mint/redeem reject.
risk_state	enum	Normal / ProxyMode / Stress / Recovery.
user_twap_price	u64	Source of L_NAV.
keeper_authority	Pubkey	Privileged signer for fee-free single-sided ops.
dev_tax_pct	u8	Slice of fee routed to fee_recipient.

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("OI used:", market.totalLSupply.toString(), "/", marketCap);

For all live markets at once, batch via getMultipleAccounts keyed off the registry. See Reading state.

Live markets

Four markets are active on devnet:

Symbol	Asset	Pool fee tier	Status
QQQ	Nasdaq-100 ETF	0.10% (binStep=10)	Active
SPY	SPDR S&P 500 ETF	0.10%	Active
XAU	Gold spot	0.10%	Active
VXX	VIX short-term futures ETN	0.10%	Active

→ 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

   Picks symbol, initial prices, mint/redeem fees, sets 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

   Per-market Clp PDA holds the OI cap and inventory state. Set OI cap conservatively - typically ~2× expected LP depth.

3. Create CLP token ATAs

   The CLP PDA gets ATAs for L, S, and cUSDC so it can hold tokens before deploying them to Meteora.

4. Create Meteora DLMM pools

   Two pools: L/cUSDC, S/cUSDC. Pool fee tier is bin_step × base_factor / 1e6. Index ETFs at 0.10%, liquid equities at 0.20%, volatile equities at 0.25%.

5. Wire pools into CLP

   configure_meteora_pools(long_pool, short_pool) writes the pool addresses to the CLP account. The keeper picks them up on next tick.

6. Fund the global vault

   Admin deposits cUSDC into GlobalClp. The keeper’s seeder allocates from there into per-market vaults every 600s.

7. Start the keeper

   Within ~10 minutes the seeder funds the new market, mints inventory pairs via CLP, and opens Meteora positions.

→ Listing a market

OI cap

Each market has a hard oi_cap enforced on every mint:

require!(total_l_supply + l_to_mint <= oi_cap, OICapExceeded);

When the cap is reached, mints reject. Redeems remain open. Operators raise the cap as pool depth grows. Rule of thumb: oi_cap ≈ 2 × pool_depth.

The cap is a per-market field on the Clp account, not on the Market itself. To read it:

const clp = await clpProgram.account.clp.fetch(clpPDA);
console.log("OI cap:", clp.oiCap.toString());
console.log("Current OI:", clp.currentOi.toString());

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.

→ Roadmap

Trading hours

The asset itself trades during traditional market hours, but Continuum markets are 24/7:

• During TradFi hours, NAV reflects the live oracle.
• Outside TradFi hours, NAV reflects whatever Pyth’s “off-hours” feed reports - typically the last close, with limited price discovery.
• The keeper publishes session-aware feeds (Primary / PreMarket / PostMarket / Overnight) so the oracle program selects the right Pyth feed based on time-of-day.

This means you can mint, redeem, and trade Continuum positions any time. P&L attribution outside market hours has lower discovery - the keeper’s arb edge is thinner because there’s less external flow.

Read more

Live market addresses

QQQ, SPY, XAU, VXX - every pubkey.

How to read market state

Batch fetch markets, derive NAV, query position depth.