Market PDA with its own
orderbook, oracle feed, and parameters. A market is identified by
market_index (a u16) and seeded as ["market", market_index_le].
V1 market
| Market | market_index | Base | Quote | Oracle | Tick size |
|---|---|---|---|---|---|
| SOL-PERP | 0 | SOL (9-dec) | USDC (6-dec) | Pyth SOL/USD | 10,000 (0.01 USDC) |
Market status
A market moves through a small state machine:| Status | Admin can | Traders can |
|---|---|---|
Initialized | Set params | |
Active | Adjust params, pause | Trade normally |
Paused | Resume, settle | Close only, no new positions |
Settlement | Terminal | Close positions at oracle, withdraw |
ExchangeConfig.
Market hours
Unlike TradFi futures, Kimia markets are 24/7. There are no market-open or market-close procedures. Oracle uptime is guaranteed by Pyth’s publisher set, with 60-second staleness thresholds on-chain.Per-market configurable parameters
| Parameter | Who sets | Typical |
|---|---|---|
initial_margin_ratio | admin | 1000 bps (10× leverage) |
maintenance_margin_ratio | admin | 500 bps |
taker_fee_bps, maker_fee_bps | admin | 10, 5 |
liquidation_fee_bps | admin | 500 |
funding_period | admin | 3600 s |
oracle_staleness_threshold | admin | 60 s |
oracle_confidence_max_bps | admin | 250 (2.5%) |
tick_size | admin | market-dependent |
update_market_params without changing
the oracle account. Oracle swaps require a migration.
Future markets
On the roadmap:- BTC-PERP (once multi-market routing lands)
- Majors (ETH, BNB, etc. via Pyth Hermes)
- On-chain assets (JUP, JTO, PYTH) at a later phase
- Isolated markets with custom margin ratios