Markets

Because the market account is at a fixed position in the input buffer, its data begins at a compile-time-known offset from r1. The MarketHeader sits at the start of market account data and stores absolute pointers into the market's memory map:

These absolute pointers are initialized during market registration, eliminating input buffer pointer arithmetic overhead when accessing market data structures.

Registration

Market registration accepts only the RegisterMarket discriminant byte as instruction data:

All relevant information is derived from the accounts:

Input buffer

The registration InputBuffer extends the base input buffer header with the base and quote mint accounts:

All fields through Market sit at compile-time-known offsets from r1 (see InputBufferHeader). BaseMint and QuoteMint have variable-length data, so their positions cannot be determined statically. MARKET-PDA-PRELUDE handles this with a dynamic offset: after reading input.base_mint.data_len, it computes

frame.input_shifted = input + padded(input.base_mint.data_len)

From frame.input_shifted, all QuoteMint fields are accessible at static offsets. Accounts after QuoteMint (SystemProgram, RentSysvar, BaseTokenProgram, BaseVault, QuoteTokenProgram, QuoteVault) are located by walking forward from frame.input_shifted using each account's padded data length.

REGISTER-MARKET

REGISTER-MARKET is the top-level orchestrator for market creation. It sequences four procedures: MARKET-PDA-PRELUDE validates all accounts, INIT-MARKET-PDA derives and creates the market PDA, then INIT-BASE-VAULT and INIT-QUOTE-VAULT each initialize their respective token vaults.

MARKET-PDA-PRELUDE

Validates account counts, instruction data length, and account constraints (no duplicates, no pre-existing data). Locates the System Program and Rent sysvar, then computes shifted input buffer offsets for downstream account lookups.

INIT-MARKET-PDA

Derives the market PDA from the base and quote mint addresses via sol_try_find_program_address, verifies the provided market account matches, then delegates to CREATE-MARKET-ACCOUNT.

CREATE-MARKET-ACCOUNT

Issues a system_program::CreateAccount CPI with the derived PDA signer seeds, then initializes the market header's next pointer and stores the bump seed.

INIT-BASE-VAULT

Locates and validates the base token program account (Token Program or Token 2022), verifies it owns the base mint, then delegates to INIT-VAULT. Stores the derived base vault bump in the market header.

INIT-QUOTE-VAULT

Handles both distinct and duplicate quote token program accounts. When the quote token program matches the base token program, the duplicate path verifies both mints are owned by the same program. Delegates to INIT-VAULT and stores the quote vault bump.

INIT-VAULT

Derives the vault PDA from the market address and a vault index (base or quote), verifies the provided vault account matches, then calls GET-VAULT-SIZE, CREATE-VAULT-ACCOUNT, and INIT-VAULT-TOKEN-ACCOUNT in sequence.

GET-VAULT-SIZE

For Token 2022, invokes spl_token_2022::GetAccountDataSize and reads the return data via sol_get_return_data. For the standard Token Program, uses the fixed ACCOUNT_SIZE constant.

CREATE-VAULT-ACCOUNT

Issues a system_program::CreateAccount CPI with the vault PDA signer seeds, setting the token program as the owner.

INIT-VAULT-TOKEN-ACCOUNT

Invokes spl_token::InitializeAccount2 to initialize the vault as a token account for the given mint, with the market as the account owner.