Market makers

There is no Hedge order book and no maker programme. Spot takes the venue book. Leverage is filled entirely by the vault.

#Liquidity today

Product	Who fills you	Hedge
Spot (1x)	The venue CLOB	Taker only. Fill-or-kill market orders.
Leverage (2x / 3x)	The vault	Prices from the oracle plus a fixed 1% spread.

Spot depth and spread are the venue’s. Hedge walks the book before you confirm so the quoted fill is real. See Markets and prices.

#The vault is not an AMM

It does not quote two-sided or move price with inventory.
No bonding curve. Size is capped, not repriced.
Inside the limits it must take the other side at feed + spread, even when that is a bad print for LPs.

Protection is structural: the $0.35 to $0.65 band, position and 30% exposure caps, a 5-minute stale cutoff, and no new opens while the on-chain price is catching up a gap. Details in Leverage markets.

#The role that is not built yet

A maker could sit between the venue 1x share and the Hedge synthetic and keep the two in line. That needs a way to quote the engine. There is none, so there is no second price to arb.

To make that real, all of this would have to exist:

A Hedge book, or a quoting API into the engine.
Who is allowed to quote, and rules (presence, spread, size).
Measured uptime, spread, and depth. Without that, the rebate is just a transfer.
A cut of fees. Those fees currently go 70/30 to senior/junior LPs.
A hedge venue. Today that is the same external book Hedge already takes.

#If you are sizing this up

Leverage liquidity is one pool that cannot re-price against informed flow. Spot quality is outside Hedge. A maker programme is the usual answer to the first. It is not started. LPs who want the current setup: Earning as an LP.