3.2 Maker-Wide

1. Bot Identity

2. Purpose

Maker-Wide is a passive market-making strategy designed for thin, illiquid binary markets where the natural spread is wider than Maker-Tight's target. It posts resting maker quotes at a wider edge (80–200 bps from mid), a smaller clip size, and with a longer expected holding period. The stale-book detector (time since last fill > stale_book_minutes) prevents continuous requoting on markets with no real two-way flow. Volatility of mid over the last hour determines the spread width dynamically: higher vol → wider edge. This is a user-controlled liquidity-provision tool. Maker rebates (20–25% of platform fees, paid in pUSD) contribute to the return profile. No performance claims are made.

3. Why This Bot Matters

• Quoting on a stale book (no fills for > stale_book_minutes)

  Resting orders sit on a market with no real two-way activity. If news arrives and moves the market, the stale quotes are adversely selected at a wide loss.

• Edge too narrow for wide-spread illiquid markets

  In a thin book, the spread can move by 100–200 bps in a single fill. A narrow edge does not cover this adverse-selection risk.

• Inventory accumulates without rebalancing

  On a thin market with one-sided flow, the bot can accumulate a large directional inventory before the inventory skew mechanism has time to work. Hard inventory cap prevents runaway accumulation.

• feeRateBps present on signed maker order (V1 pattern)

  CTFExchangeV2 rejects orders with feeRateBps. Maker fees are operator-set at match time; the signed order must not contain this field. Maker fee_bps is capped at 50 bps.

No worked examples on this bot yet. Worked examples are optional but strongly recommended — they turn an abstract failure mode into something a developer can verify in a fixture.

4. Required Polymarket Inputs

5. Required Internal Inputs

6. Parameter Guide

7. Detailed Parameter Instructions

{ "edge_bps": 120 }

if edge_bps < params.hard: return skip('MAKER_WIDE_SPREAD_TOO_TIGHT')

{ "clip_size_usd": 50 }

if params.clip_size_usd > params.hard: raise ConfigError('PARAMETER_CHANGE_REQUIRES_APPROVAL')

{ "hard_inventory_cap_usd": 300 }

if inventory_usd >= params.hard_inventory_cap_usd: return skip('MAKER_WIDE_INVENTORY_CAP_HIT')

{ "stale_book_minutes": 15 }

if time_since_last_fill_min > params.hard: return skip('MAKER_WIDE_BOOK_TOO_STALE')

8. Default Configuration

{
  "bot_id": "strat.maker_wide",
  "version": "2.1.0",
  "mode": "limited_live",
  "defaults": {
    "edge_bps": 120,
    "clip_size_usd": 50,
    "hard_inventory_cap_usd": 300,
    "stale_book_minutes": 15
  },
  "locked": {
    "edge_bps": {
      "min": 30
    },
    "clip_size_usd": {
      "max": 200
    },
    "hard_inventory_cap_usd": {
      "max": 500
    },
    "stale_book_minutes": {
      "max": 60
    }
  }
}

9. Implementation Flow

1. Check KillSwitch active flag; if active, cancel all open maker quotes and emit no new OrderIntents.
2. Subscribe to ws_market book and trade-tape streams for all eligible thin-book markets.
3. Filter markets: 24h volume < 250,000 pUSD (thin-book regime). Markets with > 250K volume are handled by Maker-Tight.
4. On each book tick: compute mid = (best_bid + best_ask) / 2; spread_bps = (best_ask - best_bid) / mid * 10000.
5. Check stale-book condition: fetch time since last fill from clob_public. If > stale_book_minutes hard (60 min), skip — MAKER_WIDE_BOOK_TOO_STALE; cancel open quotes.
6. If time_since_last_fill > 15 min (warning), WARN MAKER_WIDE_STALE_BOOK; reduce clip to 50%.
7. Compute hourly mid volatility from trade tape. Set dynamic_edge_bps = edge_bps * (1 + 0.5 * hourly_vol / 0.01).
8. If spread_bps < 2 * dynamic_edge_bps hard floor (30 bps): skip — MAKER_WIDE_SPREAD_TOO_TIGHT (sampled 1/100).
9. Fetch running inventory from clob_auth. If inventory_usd >= hard_inventory_cap_usd: skip — MAKER_WIDE_INVENTORY_CAP_HIT.
10. Compute inventory skew: bidPrice = mid - dynamic_edge_bps/2/10000 - skew * inventory_ratio; askPrice symmetric.
11. Emit OrderIntent YES (post_only=true, side=buy, price=bidPrice, tif=GTC, builder={code, fee_bps:30}, size_pUSD=clip_size_usd).
12. Emit OrderIntent NO (post_only=true, side=buy, price=1-askPrice, tif=GTC, builder={code, fee_bps:30}, size_pUSD=clip_size_usd).
13. Note: fees are operator-set at match time in V2 — feeRateBps is NOT on the signed order. Maker fee_bps <= 50.
14. Emit DecisionReport with intent_emitted=true, dynamic_edge_bps, time_since_last_fill_min, reason MAKER_WIDE_QUOTING.

10. Reference Implementation

Subscribes to CLOB WebSocket book and trade-tape streams for thin-book markets, checks spread, stale-book condition, and inventory cap, then emits GTC post_only maker OrderIntents inside the touch at dynamically widened edge.

Pseudocode is language-agnostic. FETCH = read input. EMIT = produce output. Translate to TS/Python/Go/Rust.

FUNCTION onBookTick(market_id, bookTick):
  // --- 0. KillSwitch gate ---
  ks = FETCH internal.killswitch.status
  IF ks.active:
    CANCEL_OPEN_QUOTES(market_id)
    RETURN

  // --- 1. Stale-book check ---
  fills = FETCH clob_public.GET('/markets/' + market_id + '/fills?limit=1')
  timeSinceFillMin = (now_ms() - fills[0].timestamp_ms) / 60000
  IF timeSinceFillMin > params.stale_book_minutes_hard:  // 60 min
    CANCEL_OPEN_QUOTES(market_id)
    EMIT DecisionReport(intent_emitted=false, reason='MAKER_WIDE_BOOK_TOO_STALE')
    RETURN

  // --- 2. Inventory cap check ---
  position = FETCH clob_auth.GET('/positions?market=' + market_id)
  IF position.notional_usd >= params.hard_inventory_cap_usd:
    EMIT DecisionReport(intent_emitted=false, reason='MAKER_WIDE_INVENTORY_CAP_HIT')
    RETURN

  // --- 3. Dynamic edge from volatility ---
  tape = FETCH ws_market.tradeTape(market_id, window_min=60)
  hourlyVol = stddev(tape.mid_prices)
  dynamicEdgeBps = params.edge_bps * (1 + 0.5 * hourlyVol / 0.01)
  IF dynamicEdgeBps < params.edge_bps_hard:  // 30 bps
    IF random() < 0.01:
      EMIT DecisionReport(intent_emitted=false, reason='MAKER_WIDE_SPREAD_TOO_TIGHT')
    RETURN

  // --- 4. Warning thresholds ---
  clipSize = toPusdUnits(params.clip_size_usd)
  IF dynamicEdgeBps < 60 OR timeSinceFillMin > 15:
    WARN('MAKER_WIDE_EDGE_MARGINAL' OR 'MAKER_WIDE_STALE_BOOK')
    clipSize = toPusdUnits(params.clip_size_usd * 0.5)

  // --- 5. Inventory skew ---
  inventoryRatio = position.notional_usd / params.hard_inventory_cap_usd
  skew = 0.3 * inventoryRatio
  mid = (bookTick.best_bid + bookTick.best_ask) / 2
  edgeHalf = dynamicEdgeBps / 2 / 10000
  bidPrice = round(mid - edgeHalf - skew, 4)
  askPrice = round(mid + edgeHalf - skew, 4)

  // --- 6. Emit wide maker OrderIntents (V2: no feeRateBps; post_only=true) ---
  EMIT OrderIntent(
    market_id = market_id, outcome = 'YES', side = 'buy',
    price = bidPrice, size_pUSD = clipSize, tif = 'GTC', post_only = true,
    builder = {code: internal.builder_code, fee_bps: 30}
  )
  EMIT OrderIntent(
    market_id = market_id, outcome = 'NO', side = 'buy',
    price = round(1 - askPrice, 4), size_pUSD = clipSize, tif = 'GTC', post_only = true,
    builder = {code: internal.builder_code, fee_bps: 30}
  )
  EMIT DecisionReport(intent_emitted=true, dynamic_edge_bps=dynamicEdgeBps,
                      time_since_last_fill_min=timeSinceFillMin, reason='MAKER_WIDE_QUOTING')

SDK calls used

• ws_market.subscribe('book', [market_id])
• ws_market.subscribe('trade_tape', [market_id])
• fetchClobPublic('/markets/' + market_id + '/fills?limit=1')
• clob_auth.GET('/positions?market=' + market_id)
• toPusdUnits(rawFloat)
• buildOrderTypedData(orderParams, { name: 'CTFExchange', version: '2', chainId: 137 })
• internal.killswitch.status()
• internal.builder_code

Complexity: O(1) per market book tick

11. Wire Examples

Input — what arrives on the wire

WebSocket book tick — thin market, spread 250 bps, fresh book — ws_market

{
  "market_id": "0xmakerwide000000000000000000000000000000000000000000000000000001a",
  "best_bid": "0.570",
  "best_ask": "0.606",
  "mid": "0.588",
  "spread_bps": "61.2",
  "volume_24h_pusd": "42000",
  "time_since_last_fill_min": "4.2",
  "hourly_vol": "0.018",
  "received_at_ms": 1746790400000
}

Output — what the bot emits

OrderIntent — wide maker bid (YES buy, post_only, GTC)

{
  "intent_id": "oi_01HXMKW0000W01A",
  "trace_id": "tr_01HXMKW0000WTR1",
  "market_id": "0xmakerwide000000000000000000000000000000000000000000000000000001a",
  "outcome": "YES",
  "side": "buy",
  "price": "0.582",
  "size_pUSD": "50.00",
  "tif": "GTC",
  "post_only": true,
  "builder": {
    "code": "0x706f6c7974726164657273000000000000000000000000000000000000000000",
    "fee_bps": 30
  },
  "negrisk_aware": false,
  "decision": {
    "dynamic_edge_bps": 132.0,
    "time_since_last_fill_min": 4.2,
    "inventory_ratio": 0.08,
    "skew_applied": true,
    "reasons": [
      "MAKER_WIDE_QUOTING"
    ]
  },
  "comment": "fees are operator-set at match time in V2 — feeRateBps is NOT on the signed order"
}

DecisionReport — skipped (book too stale), sampled 1/100

{
  "report_id": "dr_01HXMKW999ZZZZ",
  "bot_id": "strat.maker_wide",
  "market_id": "0xmakerwide000000000000000000000000000000000000000000000000000001a",
  "intent_emitted": false,
  "time_since_last_fill_min": 82.0,
  "reasons": [
    "MAKER_WIDE_BOOK_TOO_STALE"
  ],
  "sampled": true,
  "evaluated_at_ms": 1746790401000
}

12. Decision Logic

13. Standard Decision Output

This bot returns a OrderIntent object. See OrderIntent schema.

{
  "intent_id": "oi_01HXMKW0000W01A",
  "trace_id": "tr_01HXMKW0000WTR1",
  "market_id": "0xmakerwide000000000000000000000000000000000000000000000000000001a",
  "outcome": "YES",
  "side": "buy",
  "price": "0.582",
  "size_pUSD": "50.00",
  "tif": "GTC",
  "post_only": true,
  "builder": {
    "code": "0x706f6c7974726164657273000000000000000000000000000000000000000000",
    "fee_bps": 30
  },
  "negrisk_aware": false,
  "decision": {
    "dynamic_edge_bps": 132.0,
    "time_since_last_fill_min": 4.2,
    "inventory_ratio": 0.08,
    "skew_applied": true,
    "reasons": [
      "MAKER_WIDE_QUOTING"
    ]
  },
  "comment": "fees are operator-set at match time in V2 \u2014 feeRateBps is NOT on the signed order"
}

14. Reason Codes

15. Metrics & Logs

Metrics emitted

Alerts

Dashboards

• Grafana — Strategy / MakerWide dynamic edge and stale-book rate
• Grafana — Strategy / MakerWide inventory per market

16. Developer Reporting

{
  "bot_id": "strat.maker_wide",
  "market_id": "0xmakerwide000000000000000000000000000000000000000000000000000001a",
  "mid": 0.588,
  "best_bid": 0.57,
  "best_ask": 0.606,
  "spread_bps": 61.2,
  "base_edge_bps": 120,
  "hourly_vol": 0.018,
  "dynamic_edge_bps": 132.0,
  "time_since_last_fill_min": 4.2,
  "inventory_usd": 24.0,
  "inventory_ratio": 0.08,
  "skew_applied": true,
  "clip_size_pusd": 50.0,
  "intent_emitted": true,
  "reason": "MAKER_WIDE_QUOTING",
  "emitted_at_ms": 1746790400000
}

17. Plain-English Reporting

18. Failure-Mode Block

19. Failure-Injection Recipes

20. State & Persistence

Cold-start recovery

On cold start, open quote IDs re-fetched from clob_auth. Inventory re-read from clob_auth. Book state rebuilt from first ws_market tick.

21. Concurrency & Idempotency

22. Dependencies

Depends on (must run first)

Emits to (downstream consumers)

Sibling bots (same OrderIntent)

External services

23. Security Surfaces

On-chain contract calls

Abuse vectors considered

• Adversary floods thin book with cancels to advance stale_book timer, then exploits resumed quoting with informed order
• Quote stuffing on thin market to repeatedly trigger stale-book detection and prevent Maker-Wide from providing liquidity
• Inventory manipulation via spoofed position to pin inventory near hard cap and halt quoting

Mitigations

• Stale-book timer is based on last actual fill timestamp, not last quote or cancel
• Inventory read from clob_auth (authenticated), not from ws_market (public feed)
• KillSwitch cancels all open quotes immediately on activation
• V2 order timestamp(ms) prevents replay of old signed maker orders
• post_only=true prevents inadvertent taker fills on latency spikes

24. Polymarket V2 Compatibility

API surfaces declared

Networks supported

25. Versioning & Migration

Migration history

26. Acceptance Tests

Unit Tests

Integration Tests

Property Tests

27. Operational Runbook

Maker-Wide incidents are typically stale-book triggers (no fills for 60+ min), inventory cap breaches on thin markets, or stale feeds. Stale feeds resolve automatically; inventory cap breaches require monitoring until natural fills reduce the position.

On-call actions

Manual overrides

• —
• —

Healthcheck

GET /internal/health/maker-wide -> 200 if ws_market feed last_seen < 5s, clob_auth reachable, KillSwitch inactive, and at least one thin-book market quoted in last 5 min.

28. Promotion Gates

A bot does not advance to the next readiness state until every gate below is green. Gates are observable from production data — no subjective sign-off.

Promote to Shadow

Promote to Limited live

Promote to General live

29. Developer Checklist

Ready-to-ship score: 27/27 sections complete · 100%