Clawd Phoenix Mm

clawd-phoenix-mm

Use this skill when the user wants to:

• Run the Phoenix on-chain market-maker (mm Rust binary)
• Check mm workspace / build the mm binary
• Configure quote edge, quote size, refresh frequency, or price-improvement behavior
• Earn maker rebates by placing resting orders on the Phoenix CLOB

What the On-Chain Market-Maker Does

The mm binary (from perps/phoenix-onchain-market-maker-master) is a Rust program that:

1. Reads the current Coinbase ticker price for a symbol (e.g., SOL-USD)
2. Places a two-sided quote (bid + ask) around the mid price with a configurable edge
3. Refreshes the quote every N milliseconds
4. Collects maker rebates when orders fill

The maker earns fees instead of paying them — the wider the edge, the more rebate per fill.

Workspace Setup

# Check mm workspace status
clawd perps onchain-mm status

# Build the mm binary (Rust / cargo)
clawd perps onchain-mm build

# Preview the exact cargo run command
clawd perps onchain-mm plan \
  --market <PHOENIX_MARKET_PUBKEY> \
  --ticker SOL-USD \
  --quote-edge-bps 3

Environment variables:

• CLAWD_ONCHAIN_MM_ROOT — path to perps/phoenix-onchain-market-maker-master
• CLAWD_ONCHAIN_MM_MARKET — Phoenix market pubkey (required for live run)
• CLAWD_ONCHAIN_MM_TICKER — Coinbase ticker (default: SOL-USD)
• CLAWD_ONCHAIN_MM_RPC_URL — Solana RPC endpoint

Running the Market-Maker

The run is gated — all three must be set:

CLAWD_ONCHAIN_MM_LIVE=true OPERATOR_CONFIRMED=true \
  clawd perps onchain-mm run \
  --market <PUBKEY> \
  --ticker SOL-USD \
  --quote-edge-bps 3 \
  --quote-size 100000000 \
  --yes

Key parameters:

Agent API (ClawdPerpsRuntime)

const runtime = new ClawdPerpsRuntime();

// Check mm workspace status
const status = runtime.getOnchainMmStatus();
// status.binaryBuilt — true if cargo build has run
// status.liveEnabled — true when CLAWD_ONCHAIN_MM_LIVE=true

// Build a run plan (dry-run, shows exact command)
const plan = runtime.buildOnchainMmPlan({
  market: "HhHRvLFvZid6FD7C96H93F2MkASjYfYAx8Y2P8KMAr6b",
  ticker: "SOL-USD",
  quoteEdgeBps: 3,
});

// Preview onchain MM for a market
const { status, plan } = runtime.previewOnchainMm("SOL-USD");

Default SOL/USDC Market

The bundled default market pubkey is the SOL/USDC localnet fixture: HhHRvLFvZid6FD7C96H93F2MkASjYfYAx8Y2P8KMAr6b

Set CLAWD_ONCHAIN_MM_MARKET to the correct mainnet pubkey before live runs.

Integration with clawd-perps-aggregator

Phoenix is a first-class venue in the aggregator with full orderbook depth:

import { PhoenixAdapter, buildVenueAdapters } from "@openclawdsolana/clawd-perps-aggregator";
// Phoenix adapter fetches live book depth and uses VWAP slippage
const adapters = buildVenueAdapters(transport, ["phoenix"]);

The on-chain MM tightens the Phoenix book — the aggregator will route more volume to Phoenix as the spread narrows.

Safety

• Build and test on localnet before mainnet
• The mm binary signs and submits transactions continuously
• --post-only (default true) prevents crossing the book and taking positions
• Keep OPERATOR_CONFIRMED=true gated — only set in production environments