Sending a Quote (Instant Open)

Instant Open Trade

Instant Opens enable you to open a position immediately by using a market order. This process leverages a prior SIWE login to obtain an access token and then uses that token to send your trade payload to the solver’s instant‑open endpoint.

Instant Trading is only for sending MARKET orders

1. Fetch the Current Price and Apply Slippage

Retrieve the asset price from Muon (returned in wei). Use the uPnL_A_WithSymbolPrice method to get this price.

// Fetch the asset price from Muon (price returned in wei)
async function fetchMuonPrice() {
  try {
    const response = await axios.get(MUON_URL);
    const fetchedPriceWei = response.data.result.data.result.price;
    if (!fetchedPriceWei) {
      throw new Error("Muon price not found in response.");
    }
    return fetchedPriceWei; // as a string (in wei)
  } catch (error) {
    console.error(
      "Error fetching Muon price:",
      error.response?.data || error.message
    );
    throw error;
  }
}

For LONG positions, you should increase the fetched price by a fixed percentage (e.g., +1%) to account for the hedger’s spread, for SHORT decrease the price by the same amount. This is the adjustedPrice that will be sent to the API endpoint. The adjusted price becomes the basis for calculating the notional value.

2. Fetch Locked Parameters

Query the solver’s get_locked_params endpoint to obtain CVA, LF, PartyAmm, and PartyBmm (provided as percentages). These parameters define the collateral requirements for the trade.

3. Calculate Notional Value

For MARKET orders, compute the notional value as: notionalValue = quantity * adjustedPrice

4. Compute Normalized Locked Values:

For each risk parameter (e.g., CVA, LF, PartyAmm, PartyBmm), the normalized locked value is calculated using the formula:

Normalized Locked Value (Wei) = (Notional Value × lockedParam) / (100 * leverage)

For partyBmm, leverage is not used in the calculation

For example:

• CVA: (notionalValue * cva) / (100 * leverage)

• LF: (notionalValue * lf) / (100 * leverage)

• PartyAmm: (notionalValue * partyAmm) / (100 * leverage)

• PartyBmm: (notionalValue * partyBmm) / 100)

5. Build the Trade Payload

Create an object containing all the required parameters:

• symbolId: The identifier for the asset (e.g., "340" for XRP).

• positionType: 0 for LONG (or 1 for SHORT) – note that in instant trading, market orders are used.

• orderType: Set to 1 for MARKET orders.

• price: The adjusted price (after applying slippage).

• quantity: The trade quantity (in 18‑decimals).

• cva, lf, partyAmm, partyBmm: The normalized locked values calculated above.

• maxFundingRate: Maximum funding rate allowed by Party A (converted to 18 decimals).

• deadline: A Unix timestamp indicating when the trade request expires. It's recommended to use a longer dated expiry (>1 day)

6. Send the Instant Open Request:

Use the access token obtained via SIWE login and send the trade payload to the /instant_open endpoint of the solver. This is done via an HTTP POST with appropriate headers.

Sample Script

Below is a simplified JavaScript example (using ethers and axios) that demonstrates the instant open flow using a LONG XRP order. This includes the login component:

require("dotenv").config();
const { ethers } = require("ethers");
const axios = require("axios");
const BigNumber = require("bignumber.js");

const PRIVATE_KEY = process.env.PRIVATE_KEY;
const activeAccount = process.env.activeAccount; // Your sub-account address
const wallet = new ethers.Wallet(PRIVATE_KEY);

// --------------------------------------------------------------------
// Trade Configuration
// --------------------------------------------------------------------

const ORIGIN = "http://localhost:3000";
const CHAIN_ID = 42161;
const LOGIN_URI = `${SOLVER_BASE_URL}/login`;
const ISSUED_AT = new Date().toISOString();
const EXPIRATION_DATE = new Date(Date.now() + 24 * 60 * 60 * 1000).toISOString();
// For locked parameters, append the leverage to the URL:
const LEVERAGE = "1"; // Example leverage value
const LOCKED_PARAMS_URL = `https://www.perps-streaming.com/v1/42161a/0x141269E29a770644C34e05B127AB621511f20109/get_locked_params/XRPUSDT?leverage=${LEVERAGE}`;
const SOLVER_BASE_URL =
  "https://www.perps-streaming.com/v1/42161a/0x141269E29a770644C34e05B127AB621511f20109";
const DOMAIN = "localhost";
// For XRP, the marketId is "340"
const symbolId = 340;
// Position type: 0 for long, 1 for short
const positionType = 0;
// Order type: 0 = limit, 1 = market (instant trading only uses market orders)
const orderType = 1;
// Trade quantity (6.1 XRP tokens) – ensure this exceeds the minimum notional value (e.g. ~$15)
const quantity = "6.1";
// Maximum funding rate as a string (e.g. "200")
const maxFundingRate = "200";
// Deadline: current timestamp + 1 hour (in seconds)
const deadline = Math.floor(Date.now() / 1000) + 3600;

// --------------------------------------------------------------------
// Helper Functions
// --------------------------------------------------------------------
function buildSiweMessage({
  domain,
  address,
  statement,
  uri,
  version,
  chainId,
  nonce,
  issuedAt,
  expirationTime
}) {
  return `${domain} wants you to sign in with your Ethereum account:
${address}

${statement}

URI: ${uri}
Version: ${version}
Chain ID: ${chainId}
Nonce: ${nonce}
Issued At: ${issuedAt}
Expiration Time: ${expirationTime}`;
}

async function getNonce(address) {
  const url = `${SOLVER_BASE_URL}/nonce/${address}`;
  const { data } = await axios.get(url);
  return data.nonce;
}

async function fetchMuonPrice() {
  try {
  //Replace MUON_URL with your GET endpoint for uPnL_A_WithSymbolPrice
    const MUON_URL =
      "";
    const response = await axios.get(MUON_URL);
    const fetchedPriceWei = response.data.result.data.result.price;
    if (!fetchedPriceWei) {
      throw new Error("Muon price not found in response.");
    }
    return fetchedPriceWei;
  } catch (error) {
    console.error(
      "Error fetching Muon price:",
      error.response?.data || error.message
    );
    throw error;
  }
}

async function fetchLockedParams() {
  try {
    const response = await axios.get(LOCKED_PARAMS_URL);
    if (response.data && response.data.message === "Success") {
      return response.data; // Contains: cva, lf, leverage, partyAmm, partyBmm
    } else {
      throw new Error("Failed to fetch locked parameters.");
    }
  } catch (error) {
    console.error(
      "Error fetching locked parameters:",
      error.response?.data || error.message
    );
    throw error;
  }
}

// Compute normalized locked value for a given parameter (e.g. CVA, LF, PartyAmm)
// For CVA, LF, and PartyAmm, the formula is: (notionalValue * lockedParam) / (100 * leverage)
// For PartyBmm, the formula is: (notionalValue * partyBmm) / 100
function calculateNormalizedLockedValue(notional, lockedParam, leverage, applyLeverage = true) {
  if (applyLeverage) {
    return notional.multipliedBy(new BigNumber(lockedParam)).dividedBy(100 * leverage);
  } else {
    return notional.multipliedBy(new BigNumber(lockedParam)).dividedBy(100);
  }
}

// --------------------------------------------------------------------
// openInstantTrade: Executes the instant open trade process
// --------------------------------------------------------------------
async function openInstantTrade(token) {
  try {
    // 1. Fetch the raw asset price (in wei) from Muon.
    const fetchedPriceWei = await fetchMuonPrice();
    console.log("Fetched price (wei):", fetchedPriceWei);

    // 2. Apply a fixed +5% slippage.
    const fetchedPriceBN = new BigNumber(fetchedPriceWei);
    const adjustedPriceBN = fetchedPriceBN.multipliedBy(1.05); //Because we're going LONG, adjust by increasing to account for hedger spread..
    const adjustedPrice = ethers.formatUnits(adjustedPriceBN.toFixed(), 18);
    console.log("Adjusted price (+5%):", adjustedPrice);

    // 3. Fetch locked parameters (includes leverage).
    const lockedParams = await fetchLockedParams();
    console.log("Locked parameters:", lockedParams);

    // 4. Compute the notional value (for MARKET orders: quantity * adjustedPrice)
    const notional = new BigNumber(adjustedPrice).multipliedBy(new BigNumber(quantity));
    console.log("Notional:", notional.toString());

    // 5. Compute normalized locked values:
    const leverage = new BigNumber(lockedParams.leverage);
    const normalizedCVA = calculateNormalizedLockedValue(notional, lockedParams.cva, leverage, true).toFixed();
    const normalizedLF = calculateNormalizedLockedValue(notional, lockedParams.lf, leverage, true).toFixed();
    const normalizedPartyAmm = calculateNormalizedLockedValue(notional, lockedParams.partyAmm, leverage, true).toFixed();
    const normalizedPartyBmm = calculateNormalizedLockedValue(notional, lockedParams.partyBmm, leverage, false).toFixed();

    console.log("Normalized CVA:", normalizedCVA);
    console.log("Normalized LF:", normalizedLF);
    console.log("Normalized PartyAmm:", normalizedPartyAmm);
    console.log("Normalized PartyBmm:", normalizedPartyBmm);

    // 6. Build the trade payload with normalized values.
    const tradeParams = {
      symbolId: symbolId,           // For XRP, this is 340
      positionType: positionType,   // 0 for long (or 1 for short)
      orderType: orderType,         // 1 for market order
      price: adjustedPrice,         // Adjusted price after slippage
      quantity: quantity,           // Quantity in human-readable format (e.g., "6.1")
      cva: normalizedCVA,
      lf: normalizedLF,
      partyAmm: normalizedPartyAmm,
      partyBmm: normalizedPartyBmm,
      maxFundingRate: maxFundingRate,
      deadline: deadline            // Unix timestamp for deadline
    };

    console.log("Trade Payload:", tradeParams);

    // 7. Send the instant open request using the access token.
    const headers = {
      "Content-Type": "application/json",
      Authorization: `Bearer ${token}`
    };

    const response = await axios.post(`${SOLVER_BASE_URL}/instant_open`, tradeParams, { headers });
    console.log("Instant open response:", response.data);
  } catch (error) {
    console.error("Error in openInstantTrade:", error.response?.data || error.message);
  }
}

// --------------------------------------------------------------------
// MAIN FLOW: SIWE Login then Instant Open Trade
// --------------------------------------------------------------------
(async function main() {
  try {
    console.log(`\n[1/4] Wallet Address: ${wallet.address}`);
    const nonce = await getNonce(activeAccount);
    console.log(`[2/4] Got nonce: ${nonce}`);

    const siweMessage = buildSiweMessage({
      domain: DOMAIN,
      address: wallet.address,
      statement: `msg: ${activeAccount}`,
      uri: LOGIN_URI,
      version: "1",
      chainId: CHAIN_ID,
      nonce,
      issuedAt: ISSUED_AT,
      expirationTime: EXPIRATION_DATE
    });
    console.log("\n[3/4] SIWE message to sign:\n", siweMessage);

    const signature = await wallet.signMessage(siweMessage);
    console.log("\nSignature:", signature);

    const loginBody = {
      account_address: activeAccount,
      expiration_time: EXPIRATION_DATE,
      issued_at: ISSUED_AT,
      signature,
      nonce
    };
    const loginHeaders = {
      "Content-Type": "application/json",
      Origin: ORIGIN,
      Referer: ORIGIN
    };

    console.log("\n[4/4] Sending login request...");
    const loginResponse = await axios.post(`${SOLVER_BASE_URL}/login`, loginBody, { headers: loginHeaders });
    console.log("Login response:", loginResponse.data);

    const token = loginResponse.data.access_token;
    if (!token) {
      throw new Error("No access token received from login.");
    }

    await openInstantTrade(token);
  } catch (err) {
    console.error("Error in SIWE login flow:", err.response?.data || err.message);
  }
})();