What an OpenBook market is, and when you still need one
OpenBook v1 (program srmqPvymJeFKQ4zGQed1GFppgkRHL9kaELCbyksJtPX) is the community fork of the Serum central limit order book. Raydium's AMM v4 was built to share liquidity with an order book, so for years creating an AMM v4 pool required a market for the same pair; the market ID is the address of that market's state account. Raydium's July 22, 2026 upgrade removed that dependency, and its instruction reference now lists the market account at pool creation as not validated. CPMM and CLMM pools never needed a market, and CPMM supports Token-2022. A market is still worth creating when you want limit orders on OpenBook for your pair, when a launch tool or older script refuses to create an AMM v4 pool without a market ID, or when you're rebuilding around an existing AMM v4 pool tied to one. Otherwise create a Raydium CPMM pool instead; the OpenBook market guide walks through the cases.
A market is seven accounts: the market state (388 bytes), two token vaults owned by a program-derived vault signer, a request queue, an event queue, and the bids and asks order books. This tool creates every one of them with createAccountWithSeed from your wallet, so your wallet is the only signer, and sends InitializeMarket with no permissioned authorities and a fee rate of 0. The instruction layout is the same one Raydium's SDK uses.
Market size presets and what they cost
Almost all of the cost is rent for the queues and order books, and the size of each is set by its length. The minimum preset (128 events, 63 requests, 201 orders per side) is the smallest that Raydium AMM v4 pools are commonly created on and is enough when trading happens through the AMM, which is the case for almost every new token. The standard preset matches the sizes Raydium's own market tool has used for years. Rent is read live from the network; at the current rate of 5,080 lamports per byte the totals are about 0.24, 0.99 and 2.03 SOL, before the 0.1 SOL fee.
The rent is not spent: it stays in the market accounts. OpenBook v1 has no instruction to close a market, though, so treat it as a one-time cost of listing. A market that already exists for your pair works just as well, and the tool warns you when it can find one.
| Preset | Event queue | Request queue | Order books | Rent |
|---|---|---|---|---|
| Minimum | 128 (11,308 bytes) | 63 (5,084 bytes) | 201 each (14,524 bytes) | ≈ 0.24 SOL |
| Medium | 1,400 (123,244 bytes) | 63 (5,084 bytes) | 450 each (32,452 bytes) | ≈ 0.99 SOL |
| Standard | 2,978 (262,108 bytes) | 63 (5,084 bytes) | 909 each (65,500 bytes) | ≈ 2.03 SOL |
Choosing the minimum order size and tick size
The base lot size is the minimum order size in raw units of your token, and the quote lot size is the tick size times the minimum order size in raw units of the quote. Both must be whole numbers of at least one. The suggestion aims for an order step of about a millionth of the supply and a price step fine enough for a token whose whole supply is worth a few SOL, while keeping the tick no finer than the quote's own decimals.
Worked example: a token with 1,000,000,000 supply and 6 decimals paired with SOL gets a minimum order of 1,000 tokens and a tick of 0.000000001 SOL. On chain that is a base lot size of 1,000,000,000 and a quote lot size of 1,000. At a 100 SOL market cap the price is 0.0000001 SOL, so one tick is a 1% step. Raydium AMM v4 swaps do not depend on these values, so the suggestion is safe to keep.
Questions & answers
How much does it cost to create an OpenBook market?
With the minimum preset about 0.24 SOL of account rent plus the 0.1 SOL SOLTidy fee and a small network fee, about 0.34 SOL in total. The standard preset locks about 2.03 SOL of rent. The exact amounts are read from the network and shown before you sign.
Do I need an OpenBook market for a Raydium pool?
Usually not, as of November 2026. CPMM and CLMM pools never used one, and since Raydium's July 22, 2026 upgrade AMM v4 no longer validates the market account. Raydium recommends CPMM for new pairs. Create a market only for an OpenBook order book or a tool that still asks for a market ID; if you do, the minimum preset is enough, since its small queues only limit order-book activity.
Can I create a market for a Token-2022 token?
No. OpenBook v1 vaults are SPL Token accounts, so the program only accepts SPL Token mints. For a Token-2022 token use a Raydium CPMM pool, which does not need a market.
What happens if the second transaction fails?
The first transaction only creates the vaults and the market account. If the second one fails or you reject it, the tool keeps the same addresses and the button changes to Finish creating the market, which sends only the second transaction. The fee is part of the second transaction, so you are not charged for an unfinished market.
Where do I use the market ID?
Wherever a tool asks for it: an OpenBook trading interface for limit orders, or an older AMM v4 pool flow that still has a market ID field (paste it there). Raydium reads the base and quote mints and lot sizes from it, then you add your initial liquidity.
