> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/using-icaria/market-makers.md).

# For market makers

A practical guide for professional makers: admission, quoting, settlement, and the vault-rebalancing trade.

Professional liquidity on this venue comes from makers. They take block flow through [RFQ](/protocol/rfq.md), compete with the vaults wherever they can price better, and get paid through [skew pricing](/protocol/pricing-and-spreads.md) for holding vault inventory near target. A lost quote costs nothing at all, and a won one settles in a single atomic step.

## Admission

RFQ requires a `MAKER` attestation, which professional trading firms obtain through the standard verification flow. Launch brings no quoting obligations, no membership fees and no volume commitments. Quoting consistently earns priority in request routing, and no other tiering exists anywhere.

Operationally you will need an EIP-712 signing key (either an EOA or an EIP-1271 smart account), a standing Permit2 allowance from your settlement wallet to `RfqSettlement`, inventory in USDG and in whatever you intend to quote, and a connection to the maker gateway.

## The loop

1. Connect to the gateway WebSocket ([protocol spec](/architecture/api.md)) and take in broadcast requests carrying pair, size, side and the taker's attestation class.
2. Price it. With the regime `OPEN` your hedge goes on in the underlying within seconds; with it `CLOSED` you are pricing weekend gap risk explicitly, which is exactly when your quote matters most and the vault's is at its widest.
3. Sign and return inside the collection window, a few hundred milliseconds. Best quote takes it, and at settlement the chain checks your signature, your attestation, the nonce, the expiry and the oracle band.
4. Settlement draws `tokenOut` out of your wallet and delivers `tokenIn` atomically. Where nothing fills, nothing moves.

Bulk cancellation runs through nonces on-chain, and cancelling stays reachable through the L1 delayed inbox even under a censoring sequencer. Keep expiries down to seconds. The band guarantees a stale quote reverts rather than filling badly, though your hedging assumptions remain yours to own.

## The rebalancing trade

Vault skew is public state: call `AnchorVault.quote()` and you can read which side each vault is improving to attract corrective flow, out to the maximum skew term at the band edge. Trading against a skewed vault captures spread relative to the oracle mid without carrying risk, sized within the clip, and it is the rebalancing mechanism working as designed rather than a loophole anyone found. Makers who do it systematically keep vaults two-sided and pocket the skew for the service.

## What the chain checks on your side

| Check                                   | Consequence                                             |
| --------------------------------------- | ------------------------------------------------------- |
| Signature, nonce, expiry                | Standard practice; replays cannot land                  |
| A live `MAKER` attestation at fill time | Revoke the attestation and settlement halts on the spot |
| The oracle band, per fill               | Outside it, nobody fills you and you fill nobody        |
| Atomicity                               | A failed pull on either side unwinds the entire fill    |

Being two-sided is the point of the band: it caps what a stolen maker key can cost takers, and it caps what a stale quote can cost you.

## Reporting

Your fills appear in the [trade explorer](/using-icaria/trade-explorer.md) next to everyone else's, with the maker anonymised unless you choose otherwise. Authenticated API endpoints return your own fill and quote-performance history, win rate and price improvement against the vault included, and that last figure is what routing priority reads.


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