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Openfish Docs

Inventory Management

Market makers quote against the Openfish CLOB. In the current FISH/off-chain deployment, fills update the Openfish ledger rather than requiring traders to mint, merge, or redeem on-chain outcome tokens.

The inventory problem is still the same: keep enough FISH balance available for bids, keep outcome exposure within limits, and rebalance after fills.

What Inventory Means

Section titled “What Inventory Means”
InventoryMeaning
Available FISHLedger balance that can be committed to new BUY orders
Reserved FISHBalance locked by live BUY orders
Outcome sharesYES/NO exposure created by matched trades
Reserved sharesShares locked by live SELL orders
Claimable payoutLedger credit created after a resolved market is settled

You do not need a separate token-splitting step before quoting. The CLOB validates available balances when orders are placed and reserves the required amount while orders remain live.

Before Quoting

Section titled “Before Quoting”
  1. Deposit FISH through the Bridge.
  2. Confirm your available ledger balance through the CLOB API.
  3. Fetch market metadata, outcome token IDs, tick size, minimum order size, and fee rate.
  4. Set per-market and portfolio-level exposure limits.

Example checks:

let balance = client.balance().await?;
let market = client.market(condition_id).await?;


println!("available FISH: {}", balance.available);
println!("tick size: {}", market.minimum_tick_size);

During Trading

Section titled “During Trading”

Use order placement and cancellation to control inventory:

SituationAction
Too much YES exposureLower YES bids, improve YES asks, or cancel additional YES bids
Too much NO exposureLower NO bids, improve NO asks, or cancel additional NO bids
Low available FISHCancel low-priority bids or reduce order sizes
Low available sharesCancel asks that exceed available sellable inventory
Volatility spikeWiden spreads and reduce max order size

The matching engine updates balances and positions on every fill. Your bot should treat the API balance and position endpoints as the source of truth.

After Resolution

Section titled “After Resolution”

When a market resolves, the system credits winning positions according to the final outcome and market payout rules.

Operational flow:

  1. Stop quoting the market once resolution is detected.
  2. Cancel remaining live orders for that market.
  3. Wait for the market status and winner fields to update.
  4. Reconcile ledger balances, resolved positions, and claimable payout records.
  5. Reallocate available FISH to other live markets.

There is no user-facing manual redemption transaction in the current deployment.

Batch Operations

Section titled “Batch Operations”

Batching is done at the API and bot layer:

NeedRecommended action
Enter many marketsFetch market metadata in batches, then place bounded orders per market
Exit a risk segmentCancel orders by market, event, or strategy tag
Emergency stopCancel all orders for the API key or wallet
Daily rebalancePull positions, calculate target exposure, then cancel/replace quotes

Keep batch jobs idempotent. A retry should not double-submit unintended exposure.

Next Steps

Section titled “Next Steps”