Instructions Reference

Complete reference for all Seesaw protocol instructions.

Instruction Overview

Instruction Discriminators

#	Instruction	Discriminator
0	initialize_config	0x00
1	create_market	0x01
2	snapshot_start	0x02
3	snapshot_end	0x03
4	place_order	0x04
5	cancel_order	0x05
6	resolve_market	0x06
7	settle_position	0x07
8	close_market	0x08
9	force_close	0x09

initialize_config

One-time protocol initialization.

Accounts

#	Account	Signer	Writable	Description
0	config	-	W	Config PDA
1	authority	S	W	Initial admin
2	treasury	-	-	Fee recipient
3	default_settlement_mint	-	-	USDC mint
4	system_program	-	-	System Program

Arguments

Field	Type	Description
taker_fee_bps	u16	Taker fee (max 500)
maker_rebate_bps	u16	Maker rebate (<= taker)
crank_reward_lamports	u64	SOL per crank
tick_size_bps	u16	Price tick size

Compute Units

~5,000 CU

create_market

Create a new market for an epoch.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	vault	-	W	Vault PDA
3	config	-	-	Protocol config
4	pyth_feed	-	-	Pyth price feed
5	settlement_mint	-	-	USDC mint
6	payer	S	W	Rent payer
7	system_program	-	-	System Program
8	token_program	-	-	SPL Token

Arguments

Field	Type	Description
market_id	u64	Epoch ID

Compute Units

~25,000 CU

snapshot_start

Capture opening price from Pyth.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	pyth_feed	-	-	Pyth price feed
2	cranker	S	W	Crank operator
3	config	-	-	Protocol config
4	treasury	-	W	Crank reward source
5	system_program	-	-	System Program

Arguments

None.

Compute Units

~8,000 CU

Idempotency

Returns success if already captured (no-op).

snapshot_end

Capture closing price from Pyth.

Accounts

Same as snapshot_start.

Arguments

None.

Compute Units

~15,000 CU (includes order cancellation)

Side Effects

All open orders are cancelled
Collateral/shares returned to users

place_order

Submit a limit order.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	position	-	W	User position PDA
3	user_token_account	-	W	User's USDC
4	vault	-	W	Market vault
5	user	S	-	Order owner
6	config	-	-	Protocol config
7	treasury_token_account	-	W	Fee recipient
8	token_program	-	-	SPL Token
9	system_program	-	-	System Program

Arguments

Field	Type	Description
side	u8	0=BuyYes, 1=SellYes, 2=BuyNo, 3=SellNo
price_bps	u16	Limit price [1, 9999]
quantity	u64	Share quantity
order_type	u8	0=Limit, 1=PostOnly, 2=IOC

Compute Units

~15,000 - 50,000 CU (depends on matching)

cancel_order

Remove an open order.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	orderbook	-	W	Orderbook PDA
2	position	-	W	User position PDA
3	user_token_account	-	W	User's USDC
4	vault	-	W	Market vault
5	user	S	-	Order owner
6	token_program	-	-	SPL Token

Arguments

Field	Type	Description
order_id	u64	Order to cancel

Compute Units

~8,000 CU

resolve_market

Determine outcome from snapshots.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	cranker	S	W	Crank operator
2	config	-	-	Protocol config
3	treasury	-	W	Crank reward source
4	system_program	-	-	System Program

Arguments

None.

Compute Units

~6,000 CU

Resolution Logic

if end_price >= start_price:
    outcome = UP (1)
else:
    outcome = DOWN (2)

settle_position

Distribute winnings to a user.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market PDA
1	position	-	W	Position to settle
2	user_token_account	-	W	User's USDC
3	vault	-	W	Market vault
4	user	-	-	Position owner
5	cranker	S	W	Crank operator
6	config	-	-	Protocol config
7	treasury	-	W	Crank reward source
8	token_program	-	-	SPL Token

Arguments

None.

Compute Units

~10,000 CU

Payout Calculation

if outcome == UP:
    payout = yes_shares
else:
    payout = no_shares

close_market

Reclaim rent after settlement.

Accounts

#	Account	Signer	Writable	Description
0	market	-	W	Market (closed)
1	orderbook	-	W	Orderbook (closed)
2	vault	-	W	Vault (closed)
3	vault_authority	-	-	Vault authority
4	rent_recipient	-	W	Receives rent
5	cranker	S	W	Crank operator
6	config	-	-	Protocol config
7	treasury	-	W	Crank reward source
8	token_program	-	-	SPL Token
9	system_program	-	-	System Program

Arguments

None.

Compute Units

~12,000 CU

Prerequisites

All positions settled
Vault empty
Orderbook empty

force_close

Emergency close expired market.

Accounts

Same as close_market, plus:

#	Account	Signer	Writable	Description
10	user_position	-	W	Position to refund
11	user_token_account	-	W	Refund destination

Arguments

None.

Compute Units

~15,000 CU per position

Prerequisites

current_time >= t_end + 604800 (7 days)

State Transitions

Error Codes

Code	Name	Description
0x1001	E_MARKET_NOT_FOUND	Market doesn't exist
0x1002	E_MARKET_EXISTS	Market already exists
0x1003	E_INVALID_STATE	Wrong state for operation
0x1004	E_TRADING_NOT_STARTED	Trading hasn't begun
0x1005	E_TRADING_ENDED	Trading period over
0x1006	E_ALREADY_SNAPSHOTTED	Snapshot exists
0x1007	E_ALREADY_RESOLVED	Already resolved
0x1008	E_MARKET_NOT_RESOLVED	Not yet resolved
0x100E	E_NOT_OWNER	Not order owner
0x2004	E_STALE_ORACLE	Oracle price too old
0x2005	E_INVALID_PRICE	Invalid oracle price

Next Steps

See PDAs for address derivation
Review Security for security model