Skip to main content

Documentation Index

Fetch the complete documentation index at: https://docs.vela.monolithsystematic.com/llms.txt

Use this file to discover all available pages before exploring further.

​
Overview

Vela uses a credit-based system to allow market makers to quote orders worth more than their deposited collateral. This is common in institutional exchange design — it allows MMs to maintain tight spreads across many markets simultaneously without tying up excessive capital.

​
How It Works

Each market maker has a credit ratio — the ratio of their total quoted value to their deposited collateral: credit_ratio = total_quoted_value / deposited_collateral The maximum credit ratio is 100% (1:1). A market maker who has deposited 10,000 USDC can have up to 10,000 USDC worth of open orders across all markets simultaneously. When the credit ratio reaches 80%, Vela sends a warning alert. At 100%, new orders are rejected until existing orders are cancelled or filled.

​
Live Market Maker Bot

Vela runs an internal market maker bot that provides baseline liquidity across all 16 markets. The bot:
  • Fetches live prices from CoinGecko every 60 seconds
  • Places 10 bid levels and 10 ask levels per market
  • Maintains a 0.05% spread around the live mid price
  • Steps each level 0.05% apart from the previous
This ensures the order books always have realistic prices and tradeable depth, even before external market makers join.

​
Becoming a Market Maker

During the beta period, market making is open to anyone with a connected wallet. Simply deposit funds and start placing limit orders. The credit system applies automatically. For institutional market making with private feeds and higher credit limits, contact arya@monolithsystematic.com.