Trading

Trading in Orica involves exchanging USDC for outcome shares. When you buy shares, you are betting that outcome will occur. When you sell, you exit your position and receive USDC back from the pool.

Trade Types

Buy
Sell
Redeem

Buying mints new shares of a specific outcome.

You send USDC to the market vault
New shares are minted to your position account
The price increases based on the bonding curve
Fees are deducted from your input amount

const instructions = await sdk.orica.buildBuy(
  userPubkey,
  userUsdcAccount,
  marketAddress,
  new BN(10_000_000), // 10 USDC
  0 // Outcome index
);

Selling burns your shares and returns USDC from the pool.

Your shares are burned
USDC is transferred from the vault to your account
The price decreases based on the bonding curve
Fees are deducted from the output amount

const instructions = await sdk.orica.buildSell(
  userPubkey,
  userUsdcAccount,
  marketAddress,
  new BN(5000), // Number of shares to sell
  0 // Outcome index
);

Redemption is only available after a market is resolved.

Only winning shares can be redeemed
Each winning share is exchanged 1:1 for USDC
A small redemption fee may apply
Losing shares become worthless

const instruction = await sdk.orica.buildRedeem(
  userPubkey,
  userUsdcAccount,
  marketAddress
);

Trade Data Structure

When a trade is executed, the indexer records the following data:

Field	Type	Description
`signature`	`string`	Solana transaction signature
`market_address`	`string`	Market being traded
`user_address`	`string`	Trader’s wallet
`trade_type`	`string`	`buy`, `sell`, or `redeem`
`outcome_index`	`number`	Which outcome was traded
`amount_usdc`	`number`	USDC amount (input for buy, output for sell)
`shares`	`number`	Number of shares traded
`price`	`number`	Average price per share
`market_cap_at_trade`	`number`	Market cap at time of trade
`timestamp`	`number`	Unix timestamp
`fees_paid_usdc`	`number`	Fees deducted

Fees

Orica charges fees on trading activity. These fees are distributed between the protocol and market creators.

Fee Type	Recipient	Rate
Trading Fee (Authority)	Protocol	1.25%
Trading Fee (Creator)	Market Creator	0.45%
Redemption Fee	Protocol	0.30%

Fee rates are configurable by protocol governance and may change. Always fetch the current GlobalState to verify rates.

Positions

A Position tracks how many shares a user holds in each outcome of a market.

const position = await sdk.orica.fetchPosition(marketAddress, userPubkey);

if (position) {
  position.outcomeAmounts.forEach((amount, i) => {
    console.log(`Outcome ${i}: ${amount.toNumber()} shares`);
  });
}

Positions are stored in Program Derived Addresses (PDAs) derived from the market and user public keys.

Trade History

Fetch historical trades via the API:

curl "https://api.orica.markets/trades/market/MARKET_ADDRESS?limit=50"

// Connect to WebSocket and send filter
ws.send(JSON.stringify({ type: "user", address: "USER_ADDRESS" }));

Compute Units

Complex bonding curve calculations may require additional compute units. The SDK automatically includes a ComputeBudgetProgram.setComputeUnitLimit instruction.

// Default: 1,400,000 compute units
const instructions = await sdk.orica.buildBuy(...);

// Custom compute units
const instructions = await sdk.orica.buildBuy(
  ...,
  { computeUnits: 500_000 }
);

Getting Started

Core Concepts

Resolution

Technical Architecture

Trade Types

Trade Data Structure

Fees

Positions

Trade History

Compute Units

Next Steps

Bonding Curve

Disputes

​Trade Types

​Trade Data Structure

​Fees

​Positions

​Trade History

​Compute Units

​Next Steps

Bonding Curve

Disputes

Trade Types

Trade Data Structure

Fees

Positions

Trade History

Compute Units

Next Steps