5️Creating OpenBook Market ID Guide(Cheapest）
The Most Affordable Guide to OpenBook Market ID Creation
If you want to create AMM V4 liquidity pool on Raydium, you must first obtain an OpenBook Market ID. Creating this ID directly on the Raydium platform can cost as much as 3–4 SOL, which is prohibitively expensive for many users.
To address this, PandaTool has developed a cost-effective tool that allows you to create market ID for as little as 0.55 SOL
What is OpenBook?
OpenBook is an open-source, permissionless public infrastructure within the Solana ecosystem. It serves as a central limit order book (CLOB) that connects major protocols in Solana DeFi, including Raydium, Orca, and JUP. OpenBook provides a unified liquidity layer that enables high-speed on-chain price discovery and trade matching.
In simple terms, OpenBook is a protocol that provides liquidity for various exchanges. By integrating with OpenBook, different swap platforms can share liquidity, enabling trades at more favorable prices with lower friction costs.
Why Do You Need an OpenBook ID?
An OpenBook Market ID is a unique identifier that allows your token to be traded on DeFi platforms.
This ID enables trading platforms to recognize your liquidity pool. Each ID corresponds to a single trading pair (e.g., USDT/SOL). If you want to switch trading pairs or create a new pool, you will need to apply for a new ID. Having an ID is a prerequisite for creating an AMM v4 liquidity pool on Raydium.
Why Do OpenBook ID Costs Vary?
PandaTool offers three options for creating a market ID:0.55 SOL、 1.58 SOL 、3 SOL
The cost of creating an OpenBook Market ID depends on several parameters, including event queue length, request queue length, and order book queue length.
When creating an ID through Raydium, the system automatically sets optimal parameter conditions for you. However, PandaTool allows you to customize these parameters to reduce creation costs.
Steps to Create OpenBook Market ID
Open PandaTool and connect your wallet.
Enter in the OpenBook ID parameters.
Confirm the creation and pay the fee via your wallet.
Complete the creation process and check your ID.
How to Create an OpenBook Market ID?
1. Connect Your Wallet
Start by visiting the OpenBook ID creation tool on PandaTool: https://solana.pandatool.org/en/market Click Connect Wallet in the top-right corner.
After the wallet is successfully connected, proceed to the next step
2. Enter OpenBook Market ID Parameters
This step is crucial and slightly complex, so read carefully:
Base Token: The token contract of the token you’re creating.
Quote Token: The other token in the trading pair, such as USDT or SOL.
Minimum Order Quantity: The precision of the smallest order allowed in the order book.
For example, if you set this to 2, the minimum trading volume is 0.01. If you set it to 4, the minimum trading volume becomes 0.0001. Essentially, this reflects the number of decimal places.
Minimum Price Increment: The smallest unit of price movement or display precision.
For instance, if set to 3, the token price will display up to three decimal places, e.g., 11.123. If set to 5, the price will display up to five decimal places, e.g., 11.12345.
Configuration Fee:
Low: Suitable for meme coins.
Medium: Recommended for growth-stage tokens.
Standard: Best for premium tokens.
Configuration Details: This is an advanced option. Beginners are advised not to enable it to avoid unexpected issues.
How to Create an OpenBook Market ID? Here’s a guide to creating an OpenBook Market ID with minimal costs.
1. Connect Your Wallet
Start by visiting the OpenBook ID creation tool on PandaTool: https://solana.pandatool.org/market Click Connect Wallet in the top-right corner.
2. Enter OpenBook Market ID Parameters
This step is crucial and slightly complex, so read carefully:
Base Token: The token contract of the token you’re creating.
Quote Token: The other token in the trading pair, such as USDT or SOL.
Minimum Order Quantity: The precision of the smallest order allowed in the order book.
For example, if you set this to 2, the minimum trading volume is 0.01. If you set it to 4, the minimum trading volume becomes 0.0001. Essentially, this reflects the number of decimal places.
Minimum Price Increment: The smallest unit of price movement or display precision.
For instance, if set to 3, the token price will display up to three decimal places, e.g., 11.123. If set to 5, the price will display up to five decimal places, e.g., 11.12345.
Configuration Fee:
Low: Suitable for meme coins.
Medium: Recommended for growth-stage tokens.
Standard: Best for premium tokens.
Configuration Details: This is an advanced option. Beginners are advised not to enable it to avoid unexpected issues.
3. Key Parameter Notes
Most parameters are straightforward, but issues may arise with Minimum Order Quantity and Minimum Price Increment:
Minimum Order Quantity must not exceed the decimal places of the base token.
Example: If your token's precision is 5, you can only input a value between 1 and 5.
Minimum Price Increment must not exceed the decimal places of the quote token.
Example: SOL has a precision of 9, so you can input a value between 1 and 9. USDC has a precision of 6, so your input must be between 1 and 6.
The sum of Minimum Order Quantity and Minimum Price Increment must not exceed the decimal places of the quote token.
Example: If token A is paired with USDC (precision: 6) and token A has a precision of 5, the following rules apply:
Minimum Order Quantity ≤ 5 (base token precision).
Minimum Price Increment ≤ 6 (quote token precision).
Minimum Order Quantity + Minimum Price Increment ≤ 6.
A valid configuration could be 3 (Minimum Order Quantity) and 2 (Minimum Price Increment), as their total (5) is less than 6. However, 4 and 4 would be invalid, as the total (8) exceeds 6.
Here are some examples of the parameters I entered:
Since the token in this demo has a precision of 7, the Minimum Order Quantity can be set to 5. For the quote token, SOL, with a precision of 9, the sum of the two values must not exceed 9. Additionally, this token is for testing purposes only and does not have plans for long-term development, so opting for the low-cost configuration is sufficient.
4. Create OpenBook Market ID
Once all the parameters are filled in, you can proceed to create the ID. Click "Create Now", and a confirmation prompt will appear in your wallet:
After confirming the transaction in your wallet, you will receive a Market ID. Copy the ID, and you can use it to create a liquidity pool.
Solana Liquidity Pool Creation Tutorial:https://help.pandatool.org/english/solana/creating-liquidity
5. Check the market ID
If you don’t have the ID saved, you can click on our query page to query: https://solana.pandatool.org/en/findmarket
Enter the base token, which is the token contract address you created, and then select the quote token. After confirmation, click query to see the ID
Copy the found market ID and you can use it
If you have any questions about creating market ID, you can contact volunteers in the Telegram group: https://t.me/pandatool_en
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