Market Makers

D1’s Market Maker API is a machine-to-machine interface for authorized liquidity providers. Through it you read markets and account state, submit and manage orders, receive fills and reconcile executions. External MM V1 is the current programmatic market-maker interface for D1. It works on the same markets, order books, fills and balances as everyone else on D1. There is no separate market-maker trading system. Your orders rest in the same order book and match by the same price-time priority as every other order. You bring your own pricing, volatility, inventory and hedging. D1 is the source of truth for instruments, order books, balances, positions, fills and settlement.

What you can do

Area	Endpoints
Identity and permissions	`GET /mm/v1/status`
Market data	`GET /mm/v1/markets`, `GET /mm/v1/markets/{instrumentId}`, `GET /mm/v1/markets/{instrumentId}/orderbook`
Account state	`GET /mm/v1/balances`, `GET /mm/v1/positions`
Trading	`POST /mm/v1/orders`, `POST /mm/v1/orders/{orderId}/cancel`, `POST /mm/v1/orders/cancel-all`
Orders	`GET /mm/v1/orders`, `GET /mm/v1/orders/{orderId}`
Fills	`GET /mm/v1/executions` (sequenced sync), `GET /mm/v1/fills` (history)

V1 is sell-to-close. You can buy options and sell options you hold. You cannot write options or create a net short position. See Trading Rules.

Getting API access

External Market Maker access is currently permissioned. There is no self-service sign-up. Contact D1 to request access to the Market Maker API:

Request Market Maker API access

Email jerry@cohuman.xyz

Onboarding flow

Request MM access
    ↓
D1 approves and registers your market maker account
    ↓
D1 issues a read key (mm:read)
    ↓
You verify connectivity and account state with GET /mm/v1/status
    ↓
D1 checks trading eligibility and enables trading for your account
    ↓
D1 issues a trading key (mm:read + mm:trade)
    ↓
You begin quoting

Request access

Email D1 with the details listed under What to include.

D1 registers your market maker account

Your market maker account is linked to an existing D1 account. That D1 account must already exist before D1 can register it.

Receive a read key

D1 issues an API key with the mm:read scope, and gives you the API base URL. With it you can authenticate and use every read endpoint: markets, order books, balances, positions, orders, fills and executions.

Verify your integration

Call GET /mm/v1/status. See First verification.

Trading is enabled

When you are ready to trade, ask D1 to enable trading. D1 enables it only after your account passes its trading checks, described below.

Receive a trading key

D1 issues a separate trading key with mm:read and mm:trade. Your read key does not gain trading permission; trading always uses a key issued for it.

Begin quoting

Check that trading.available is true in GET /mm/v1/status, then follow the Quickstart.

What to include

Include in your request:

your organization or team name;
a contact name and email address for operational issues;
the address of your existing D1 account;
the display name you want for your market maker account;
your intended integration or use case;
whether you need read access only, or trading access as well.

Never send D1 a private key, seed phrase, password or API key. D1 will never ask for them.

Read access and trading access

	Read access	Trading access
Key scopes	`mm:read`	`mm:read` and `mm:trade`
What it allows	Status, markets, order books, balances, positions, orders, fills and executions	Everything read access allows, plus placing, cancelling and cancel-all
When you get it	After D1 registers your account	After D1 enables trading for your account

D1 may issue read access first, so you can integrate and validate market data, account state and connectivity. Trading access is enabled separately, after your account passes D1’s trading checks. These include:

your market maker account is active;
your available USDC balance meets D1’s minimum for trading;
your account holds no short positions and has no resting orders placed outside this API;
your resting orders are within the order limits.

A trading key alone does not guarantee that you can place orders. Placement also needs trading to be enabled for your account and switched on at D1, so check trading.available in GET /mm/v1/status. See Trading availability. The limits that currently apply to you are in the limits object of the same response.

Key delivery

D1 generates each key and gives you the full key once, when it is created. Store it the moment you receive it.

Store the API key immediately in a secure secret manager. D1 does not expose the raw key again after issuance. If you lose it, ask D1 to revoke it and issue a new one.

To refer to a key later, for example when asking D1 to revoke it, use its keyId from GET /mm/v1/status. Never send the full key.

First verification

Once you have a key, set up your environment and call GET /mm/v1/status:

export D1_API_URL="<provided-by-d1>"
export D1_MM_API_KEY="<your-api-key>"

curl "$D1_API_URL/mm/v1/status" \
  -H "Authorization: Bearer $D1_MM_API_KEY"

Check the response:

Look at	Expect
HTTP status	`200`. A `401` means the key is wrong or revoked; a `403` means your account is suspended. See Errors.
`dealer.status`	`ACTIVE`.
`dealer.id`, `credential.keyId`	Your account and key identifiers. Record them; they are safe to log.
`credential.scopes`	`["mm:read"]` for a read key, `["mm:read", "mm:trade"]` for a trading key.
`trading.available`	`true` once you can place orders. `false` with `reason: "TRADING_DISABLED"` until trading is enabled.
`limits`	`maxOpenExposure`, `maxRestingOrders` and `maxRestingOrdersPerInstrument` for your account.

Then continue with the Quickstart.

Replacing and revoking keys

Keys can be revoked by D1. Revocation is permanent.
If a key may be compromised, ask D1 to revoke it immediately, then switch to your other key.
Request replacement keys through the same contact as above. There is no self-service key creation or rotation.
Your account can have up to two active keys. Where it makes sense, give each integration its own key so you can revoke one without stopping the other.

See Rotation and Keeping your key safe.

API contract

The Market Maker API is a dedicated machine-to-machine trading interface for authorized market makers. Only the endpoints documented under /mm/v1 are part of the Market Maker API contract. Build your integration only on the documented endpoints, response schemas and error codes. Anything else you may observe is not part of the contract and can change without notice.

Start here

Quickstart

From API key to a placed, reconciled and cancelled order.

Authentication

Bearer API keys, the mm:read and mm:trade scopes, and key security.

Orders

Place, cancel and cancel-all, and safe retries with clientOrderId.

Trading Rules

Trading availability, sell-to-close and order limits.

Fills & Executions

The sequenced /executions feed for fill reconciliation.

Reliability

How to build a market-making client that handles timeouts and restarts.

Integration flow

Authenticate

Call GET /mm/v1/status with the API key D1 gave you during onboarding. Check trading.available before you place orders.

Load the market catalog

Page through GET /mm/v1/markets. Cache each market’s terms and refresh status and tradingPaused regularly.

Read order books

Poll GET /mm/v1/markets/{instrumentId}/orderbook for the markets you quote.

Load account state

Read GET /mm/v1/balances, GET /mm/v1/positions and GET /mm/v1/orders?state=resting.

Quote

Place limit orders with POST /mm/v1/orders, each with its own clientOrderId. Cancel with POST /mm/v1/orders/{orderId}/cancel or POST /mm/v1/orders/cancel-all.

Reconcile executions

Consume GET /mm/v1/executions from a durable checkpoint. Use this feed, not /fills, to process fills.

API conventions

Your account only. The account is always the one your API key belongs to. Nothing in a request selects a different account, and a request body that names an account is refused.
Strict requests. An unknown, repeated or malformed query parameter or body field returns 400 MALFORMED_REQUEST. It is never ignored. Out-of-range values are refused, not clamped.
Exact numbers. Prices, quantities and amounts are { units, decimals } objects. See Exact numbers.
Timestamps. Fields ending in Ms are Unix milliseconds as decimal strings. expirySeconds is Unix seconds, also as a string. Every successful response except GET /mm/v1/status includes serverTimeMs.
No caching. Responses are sent with Cache-Control: no-store.
Opaque identifiers. Treat instrumentId, orderId and fillId as opaque strings.

For exact request and response schemas for every endpoint, see the API Reference.