Listing a market

Anyone can propose a market on an artist's monthly listeners. The proposer drafts the market's spec, supplies the research that prices its caps, and posts a USDC bond. The market then runs in shadow mode, goes to the curators, waits out a timelock and trades at a quarter of its caps through probation before it goes live. The proposer earns 10% of the market's fees and gets the bond back when the market goes live.

Step 1: Draft the spec

Open Listings and sign in. In the Propose a market panel, fill in:

Press Draft the spec. Sentinel, Anyperp's drafting service, returns a draft:

Under the rows, the draft explains how the caps are derived and lists any Sentinel flags. Sentinel's output is advisory: it can't sign a price, approve a listing or move funds.

Step 2: Research inputs

The draft asks for the research a listing carries: where the number is read and what it costs to move it. Curators set the caps from these. The draft prefills what it already knows; a line lists what it still needs.

The costs are the subject's costs. An artist or label gains visibility from a higher count, so their net cost of inflating it is lower than an outsider's, and the caps use that lower number.

Step 3: Complete the draft

Press Complete the draft. The draft is checked again with your inputs; once nothing is missing, the bond form appears. The research fixes the market's target caps:

$$\text{cap}_{long} = \kappa \cdot c_{up} \cdot L \qquad \text{cap}_{short} = \kappa \cdot c_{down} \cdot L \qquad \kappa = 0.25$$

For an artist at 60 million listeners with $c_{up}$ = $0.02 and $c_{down}$ = $0.06 per listener (example values), the target caps are $300,000 long and $900,000 short. The program recomputes both from your inputs when you propose, so a proposal can't carry caps its own research doesn't support.

Step 4: Bond and Propose a market

Bond in USDC is prefilled with the bond Sentinel suggests for the market. Bonds run from 5,000 to 25,000 USDC. Press Propose a market and approve the transaction.

That transaction posts the bond into an account the proposal controls, registers the metric's spec with the oracle, creates the market in shadow mode and records hashes of the spec, the cost dossier and your description. It needs a little more SOL than a trade, for the rent of those accounts.

Shadow mode

From the moment it is proposed, the market runs in shadow mode: reporters observe it every round with both roots and the rounds print, but nobody can trade it. Shadow mode lasts at least 14 days, which is 1,344 rounds at 15 minutes. To move on, the roots must agree on at least 99% of the rounds evaluated, with at least 1,344 rounds evaluated.

The proposal's entry in Listings shows its progress, such as "Shadow rounds agreeing: 99.85% of 1,344, target 99%". The market itself appears in Markets under the Listing filter.

Curators

Five curators review listings. A market needs three approvals, and all three must name the same caps, at or below the target caps. Three rejections reject the proposal. Each vote is signed in the curator's own wallet and binds a hash of the complete proposal and the protocol policy, so the curators approve exactly the spec, research and market parameters that were proposed. The Listings entry shows the count, such as "Curators: 2 of 3 · pending".

Timelock

After the third approval, the market waits out a 48 h timelock. "Timelock ends" in the Listings entry shows when. When it ends, a keeper activates the market and probation begins.

Probation

During probation the market trades at 25% of its approved caps. For the example above, that is $75,000 long and $225,000 short. Probation lasts at least 30 days, 2,880 rounds, and the roots must agree on at least 99% of the rounds evaluated over it. "Probation ends" in the Listings entry shows the date. A market whose rounds are still being counted when the 30 days end stays in probation, at probation caps, until the count is complete.

Live

When probation ends with the agreement met, a keeper promotes the market: it goes live at its full approved caps, and the bond returns to the proposer's claim balance. Claim to wallet moves it to the wallet.

Bond return and slashing

Probation fails when the market halts during probation, when it records a loss the insurance fund does not cover, or when the roots agree on fewer than 99% of the rounds evaluated over the full probation. A keeper then slashes the bond, the market halts, and it settles at the 24 h TWAP like any halted market (Halts and settlement).

The proposer fee share

The proposer earns 10% of every trading fee, liquidation fee and borrow fee in the market, from its first trade in probation onward. The share accrues to the market. GET /v1/me/proposer lists your proposals, your locked, returned and slashed bonds, and your claimable fees. Claiming them is the claim_market_fees action, signed in your wallet like every other action (API).

Proposal states