Migrating from Deribit

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A delivered quote cannot be taken back

A maker quote on Joyride cannot be cancelled, amended or replaced by any means, and there is no market maker protection to pull it automatically. Once delivered it is a firm, irrevocable two-sided price until expires_at, and the TTL chosen at signing time is the only risk control over it.

• The TTL is the only control over how long you are committed. Choose one you would accept being held to on your worst tick, and treat lengthening it as a risk decision.
• TTL is capped at 3,600 seconds, and a quote can never outlive the nearest leg’s close. The venue rejects an out-of-range expiry rather than clamping it.
• A quote reaching the venue with under two seconds of life left is refused: it would be firm but untakeable.
• The CLI and the runner both require the TTL explicitly, with no default, for this reason.
• Losing quotes get no push. Keep a local expiry timer per delivered quote so reserved risk is released on time.

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What ports across unchanged

• Request-driven, maker responds. You subscribe, the venue broadcasts an open request, you answer it. Nothing rests in a book.
• Multi-leg option packages on one request. Joyride takes 1 to 13 legs, sharing one underlying and one expiry.
• Two-sided prices. One answer carries both sides.
• No last look on either venue. Once both signatures exist on Joyride, the fill is submittable by anyone; there is no maker confirmation step.
• Instrument names translate automatically, in both directions. Deribit-style symbols are accepted wherever a Joyride symbol is, and the translation is lexical and total: a name that cannot be carried across exactly — a fractional strike, a perpetual, a future, a non-USDC quote leg, an unlisted asset — is refused rather than guessed, because a silently wrong instrument is a wrong trade.

# Deribit-shaped symbols work as written; the translation is printed.
joyride rfq request \
  --leg BTC-2MAY26-77000-C:1 \
  --leg BTC-2MAY26-80000-C:-2

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What does not port

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Where Joyride is ahead

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The concept map

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The code path

joyride rfq maker watch \
  --ttl 20 \
  --maker-subaccount <your-quoting-subaccount> \
  --price-command 'node price.js'

// price.js — one open request in, one whole-package answer out.
let input = '';
process.stdin.setEncoding('utf8');
process.stdin.on('data', (chunk) => {
  input += chunk;
});
process.stdin.on('end', () => {
  const request = JSON.parse(input);

  // Your Deribit model, per leg, but stated in USDC per contract rather than
  // in the coin. This is the only place per-leg prices exist.
  const perContract = request.legs.map((leg) => priceOneLeg(leg));
  if (perContract.some((price) => price === null)) {
    process.stdout.write(JSON.stringify({ decline: 'low_confidence' }));
    return;
  }

  // Fold the vector into ONE package total. Legs are ordered and signed in
  // taker-buy orientation: quantity is positive for a leg the taker receives
  // when it buys the package, so the sum is the package value to the taker.
  // Credit structures make it negative, and that is a valid quote.
  const mid = request.legs.reduce(
    (total, leg, i) => total + perContract[i] * Number(leg.quantity),
    0,
  );
  const half = halfSpread(request.legs);

  process.stdout.write(
    JSON.stringify({
      bid: (mid - half).toFixed(6),
      ask: (mid + half).toFixed(6),
    }),
  );
});

/** Replace with your model, in USDC per contract. Returning null declines. */
function priceOneLeg(leg) {
  return null;
}

/** Replace with your width. Half the package spread, in USDC. */
function halfSpread(legs) {
  return 0.5;
}

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Five traps

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Onboarding is work, not a URL change

1. Hold a Solana keypair. It is your trading identity and your signing key. There is no API key and secret to rotate into.
2. Fund a margin-vault subaccount on chain. Collateral does not sit with the venue. An unfunded maker cannot quote: the venue cannot state your lock requirement and refuses with RFQ_MAKER_UNFUNDED.
3. Be granted the quoter role. It is provisioned by Joyride and cannot be enabled from the API. See Becoming an RFQ Quoter.
4. Persist a monotonic quote nonce across restarts. The venue keeps a per-account high-water mark and it survives your process. A maker that seeds its nonce from memory on each boot collides with that mark and has its first quote refused. Persist before sending, never after.

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Where to go next

• TypeScript Maker SDK — the runner, the signed package quote, the nonce, and fill reconciliation.
• Quoting RFQs — the wire-level request, quote and fill objects, and every error code.
• The Signed Quote — what is signed and how it is verified.
• Connectivity for Bots — sessions, resume, and rate budgets.