Market Lifecycle

Mode Progression

Markets progress through a linear lifecycle:

post_only → trading → wind_down → halted → delisting → delisted
(build book)  (normal)  (close pos)  (freeze)  (force-close) (gone)

Transitions move left-to-right. The mode field on the Market object returns the current mode as a string.

Gating Matrix

Mode	Place (regular)	Place (market maker)	Cancel	Price update	Liquidation	Visible
`post_only`	post-only only	post-only only	yes	yes	yes	yes
`trading`	all order types	all order types	yes	yes	yes	yes
`wind_down`	reduce-only only	reduce-only + post-only	yes	yes	yes	yes
`halted`	blocked	blocked	yes	blocked	blocked	yes
`delisting`	blocked	blocked	yes (by admin)	blocked	blocked	yes
`delisted`	blocked	blocked	blocked	blocked	blocked	no

Market maker status is a flag on the wallet record, set by admin operations.

Mode Details

`post_only` — Pre-Launch

Used before a market goes live. Only post-only (maker) orders are accepted. Builds the order book without any fills occurring.

`trading` — Normal

All order types, all users. Standard operating mode.

Market is winding down. Users can only close existing positions via reduce-only orders. Market makers retain the ability to place post-only orders so there is counterparty liquidity available for users closing positions.

User type	Allowed
Regular	reduce-only
Market maker	reduce-only + post-only

`halted` — Emergency Freeze

No new orders. Cancellations still work so users can remove resting orders. Price updates and liquidation are stopped — prices may be unreliable during an emergency. Used for emergencies (oracle issues, exploit mitigation, etc).

`delisting` — Force-Close In Progress

Market is being delisted. All open orders are canceled and remaining positions are closed at a pre-announced fixed price. Price updates and liquidation are stopped during this process. Users can still see their positions and receive WebSocket updates until all positions are closed.

`delisted` — Removed

Market permanently gone. All operations blocked including cancellations. Market hidden from active listings.

Error Messages

When an operation is rejected due to mode:

Error message	Mode
`only post-only orders are allowed in {id} market`	`post_only`
`market {id} is in wind-down mode, only reduce-only orders allowed`	`wind_down`
`market {id} is halted`	`halted`
`market {id} is being delisted`	`delisting`
`market {id} has been delisted`	`delisted`

Legacy Boolean Flags

For backward compatibility, the enabled and post_only boolean flags remain on the Market object. Prefer mode for new integrations.

`mode`	`enabled`	`post_only`
`trading`	`true`	`false`
`post_only`	`true`	`true`
`wind_down`	`false`	`false`
`halted`	`false`	`false`
`delisting`	`false`	`false`
`delisted`	`false`	`false`

Visibility

visible is independent of mode. When false, the market is hidden from default UI listings but remains reachable via direct mkt_id queries. Trading behavior is unchanged.