> ## 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.

# Market Making Overview

> How to market make on Vela Exchange — features, mechanics, and getting started

Vela is purpose-built for professional market makers. The engine exposes features that most DEXes require you to build workarounds for: concurrent order dispatch, capital-efficient quoting, private feeds, and maker rebates.

## MM-Specific Features

| Feature          | Description                                                                     |
| ---------------- | ------------------------------------------------------------------------------- |
| Credit system    | Quote up to 1× your deposited amount across all open orders                     |
| HFT nonces       | 20 concurrent in-flight orders with no head-of-line blocking                    |
| Client order IDs | Assign your own IDs at placement; cancel by your ID without round-trips         |
| Auto-cancel      | Engine clears room for new orders on credit ratio breach                        |
| Maker rebate     | −1 bps on every resting fill, credited in USDC                                  |
| Private L3 feeds | Authenticated WebSocket feed for your fills, order updates, and balance changes |

## Getting Started

1. **Connect your wallet** — any Ethereum-compatible wallet that supports `personal_sign` works. See [Connect Wallet](/getting-started/connect-wallet).

2. **Deposit collateral** — ETH and USDC are settled on-chain. Minimum deposit: there is no enforced minimum, but \$1,000+ USDC gives meaningful headroom. See [Deposit Funds](/getting-started/deposit).

3. **Read the API guide** — the [Market Maker API Guide](/market-making/api-guide) covers authentication, nonce management, order placement, and a complete Python market maker implementation.

4. **Subscribe to your private feed** — connect to the WebSocket and authenticate to receive real-time fills and order updates. See [WebSocket Feeds](/transparency/websocket).

## Capital Efficiency

The credit system lets you quote beyond your deposited amount — up to 1:1. A $10,000 USDC deposit supports $10,000 of live bid + ask notional across all markets simultaneously. Orders at multiple price levels across multiple markets all count toward the same cap.

When a new order would exceed the cap, the engine auto-cancels your oldest open orders one at a time until there is room. This fires atomically within the same engine tick — your new order always lands.

See [Credit System](/market-making/credit-system) for the math.

## Fee Structure

| Role                     | Fee             |
| ------------------------ | --------------- |
| Maker (resting order)    | −1 bps (rebate) |
| Taker (aggressive order) | +5 bps          |

Maker rebates are applied per fill and credited directly to your USDC balance. A two-sided market maker quoting competitive spreads should accumulate rebates on every fill.

See [Fee Framework](/engine/fee-framework) for calculation details.

## HFT Nonces

Instead of a strict sequential nonce, Vela maintains a rolling window of your 20 most recent nonces. You can dispatch 20 orders simultaneously with no blocking. See [HFT Nonce Scheme](/engine/hft-nonces).

## Private L3 Feed

Your order flow is not visible on the public feed. Connect to `wss://vela-engine.fly.dev/ws`, authenticate with your wallet signature, and subscribe to `account:{your_address}` to receive:

* `fill` — your fills, with fee breakdown
* `order_update` — order status changes including auto-cancellations
* `balance_update` — USDC balance and credit utilization changes

See [WebSocket Feeds](/transparency/websocket).

## MM Dashboard

The dashboard at `/mm` surfaces credit utilization, open orders, P\&L, and per-market summary in one view. It reads from your private feed in real time. See [MM Dashboard](/market-making/dashboard).

## Institutional Tiers

Enhanced rebates, higher credit limits, and dedicated support are available. Contact `team@monolithsystematic.com`.