Deribit 提供了一套用于管理的 API 方法 做市商保护 (MMP) 设置。这些方法允许对MMP参数进行实时配置和监控，从而确保做市商的有效风险管理
[en] Each MMP configuration contains the following key parameters:
-
[en] Quantity Limit – Maximum total traded volume (in base currency) allowed before MMP triggers.
-
[en] Delta Limit – Maximum directional exposure.
-
[en] Vega Limit – (Options only) Maximum change in vega exposure allowed before triggering.
-
[en] Time Interval – Time window (in seconds) over which limits are measured.
-
[en] Frozen Time – Duration (in seconds) for which quoting remains disabled after an MMP trigger.
-
[en] Maximum Quote Quantity (MQQ) – Maximum combined open MMP order size per side, per index.
注意
[en] MMP groups exist but apply only to 批量报价规范. For standard order-based quoting, MMP configuration is defined per index.
[en] All configuration parameters support up to 4 decimal places of precision. Each limit is monitored independently. If any one is breached, all MMP-tagged orders are canceled, and a freeze is applied according configured frozen_time.
有关 MMP 配置和管理的全面详细信息，请参阅 Deribit API 文档。
[en] These two required parameters serve different roles within the MMP system:
[en] interval – Monitoring Window
[en] The interval defines how long Deribit monitors trading activity after the first trade occurs:
-
[en] It starts after the first trade.
-
[en] If no new trades happen after the interval ends, a new interval begins with the next trade.
-
[en] If trades occur during the interval, it continues uninterrupted.
-
[en] This creates short, rolling windows used to detect potential bursts of exposure or risky trading behavior.
-
[en] All activity inside a single interval is counted toward MMP limits.
-
[en] If set to 0, MMP is removed.
[en] frozen_time – Freeze Duration
[en] The frozen_time defines how long MMP remains triggered and blocking new MMP orders after a limit is breached:
-
[en] During the frozen period, quoting for that index is disabled.
-
[en] After the frozen period ends, MMP resets automatically.
-
[en] Setting
frozen_time = 0disables automatic reset. In this case:-
[en] A manual reset is required using private/reset_mmp
-
重要
之后将提供最大报价数量 2025 年 11 月 25 日 发布。
最大报价量 (MQQ) 定义每边未平仓MMP报价或订单总量的累积限制， 每种乐器 （订单簿）。它充当曝光上限，即使在交易发生之前也能防止报价量过大
关键概念
-
每台仪器（订单簿）：
MQQ 已强制执行 对每种乐器都独立，未跨工具或到期日进行汇总。每种工具（订单簿）都有自己单独的 MQQ 限额
-
累积大小限制，非订单数量：
MQQ 限制了 总合大小 每边未平仓的 MMP 订单的数量，而不是订单的数量。
示例：在 MQQ = 3 BTC 的情况下，您可以下三个 1 BTC 的订单，或者一个 2.5 BTC 和一个 0.5 BTC 的订单，只要每边的总和 ≤ 3 BTC。
-
每个 MMP 群组独立：
每个 MMP 组（仅用于 批量报价) 有自己的 MQQ 配置。每组的限额分别适用。
-
与数量限制的关系：
可以设置 MQQ 大于
quantity_limit。这允许更大的未平仓报价，同时仍允许MMP在部分成交时触发，并将MMP的预留保证金与数量限制分开。
-
基础货币执法：
MQQ 是在中指定和强制执行的 基础货币 乐器的。
-
尺寸计算：
-
反向期货： 尺寸 = 金额/价格
-
反向点差： 规模 = 金额/指数价格
（切换到 腿部的最低标价 于 2025 年 12 月。）
-
-
账户限制：
期权或期权组合的 MMP 订单和报价是 不支持 适用于 SM 账户。
-
拒绝和验证：
-
超过 MMP 的报价或 MMP 订单
max_quote_quantity是 被拒绝。 -
高于 MQQ 的常规订单仍可能进入市场，但会超过限额的新报价是 未被接受。
-
从2025年12月开始，如果双面报价的一面被拒绝，另一方也将被拒绝。
-
-
精度：
所有 MMP 配置参数，包括 MQQ，最多支持 小数点后四位。
-
利润率计算：
-
从 2025 年 11 月 18 日发布开始： 预留保证金 = 最大值 (
MQQ，quantity_limit) -
从 2025 年 12 月起发布： 预留保证金 =
max_quote_quantity（最小起订量的 3%） -
此更改将 MMP 保证金逻辑从报价大小限制转移到活跃报价敞口。
-
-
延迟：
MQQ 提供 没有延迟优势 如果你已经在使用 批量报价 功能；它纯粹增加了曝光控制。
[en] index_name
[en] Identifier of the derivative instrument (index) on the Deribit platform, such as btc_usd or eth_usd. All configuration settings will apply specifically to this index.
[en] quantity_limit
[en] The total traded quantity, measured in units of the base currency(e.g., BTC in BTC-PERPETUAL), within the interval.
-
[en] This count is direction-agnostic —a buy followed by a sell counts double.
[en] Example:Buy 10 BTC and sell 10 BTC = 20 total quantity.
-
[en] Applicable to both options and futures.
注意
[en] Once this is set, an initial margin will be reserved even without any open positions.
initial_margin = quantity_limit * 0.03
[en] delta_limit
[en] The maximum allowable net transaction delta change during the interval.
-
[en] Expressed in units of base currency.
-
[en] The delta limit is treated as an absolute threshold:
[en] e.g.,
delta_limit: 10 → MMP is triggered if net transaction delta exceeds +10 or drops below -10. -
[en] Direction matters: buying +5 delta and selling −5 delta cancels out if within the same interval.
注意
[en] Note that we use the net transaction delta instead of delta.
[en] Net Transaction Delta = Delta - Mark Price.
[en] In the rest of this document, "delta" actually refers to net transaction delta
[en] vega_limit
[en] The maximum change in vega exposure allowed within a given interval, measured in absolute terms.
-
[en] Expressed in USD, representing the change in sensitivity to implied volatility across executed trades.
-
[en] This parameter is primarily relevant for options traders managing risk in volatile markets.
-
[en] Similar to
delta_limit, thevega_limitis direction-aware and evaluated on a net basis. If the exposure exceeds the set threshold (positively or negatively), MMP will be triggered.
注意
[en] When evaluating Delta and Vega limits for MMP, Deribit uses the greeks at the moment of trade execution. The system does not re-evaluate Delta or Vega using live greeks at the time of MMP checking.
[en] mmp_group
[en] Specifies the MMP group used for Mass Quotes. If omitted, the methods apply to the default MMP settings.
注意
[en] MMP groups are a feature dedicated to Mass Quotes and are not available for regular order flow. For details on how to use MMP groups with Mass Quotes, see 批量报价规范
[en] block_rfq
[en] When set to true, the methods apply to Block RFQ MMP settings. See Deribit Block RFQ API 演练 for more details.
[en] To configure Market Maker Protection (MMP) for a specific index, you must define the monitoring window, freeze duration, and at least one exposure limit. MMP configuration is applied using the private/set_mmp_configmethod.
[en] Required parameters
-
[en] index_name
[en] The index for which MMP is being configured (e.g.,
btc_usd,eth_usd). -
[en] interval
[en] Duration (in seconds) of the monitoring window used to track trading activity.
-
[en] frozen_time
[en] Duration (in seconds) that MMP remains active/frozen once triggered.
-
[en] At least one limit parameter
[en] You must set at least one of the following:
-
[en]
quantity_limit -
[en]
delta_limit -
[en]
vega_limit -
[en]
max_quote_quantity(MQQ)小心
[en] After December 2025 Release, MQQ will be enforced as a required parameter.
-
[en] Example
[en] {
"jsonrpc": "2.0",
"id": 42,
"method": "private/set_mmp_config",
"params": {
"index_name": "btc_usd",
"interval": 3,
"frozen_time": 30,
"quantity_limit": 5.0,
"delta_limit": 15.0,
"max_quote_quantity": 2.0
}
}
[en] Once this configuration is submitted, the system enforces MMP for the selected index based on the configured parameters.
注意
[en] Block RFQ MMP
[en] MMP can also be configured for Block RFQ quoting. The configuration process for Block RFQ MMP is described in the Deribit Block RFQ API 演练 article.
[en] If your MMP protection has been triggered and quoting is frozen for a given index, you can resume quoting either automatically after the configured freeze time or manually via the API using private/reset_mmp.
[en] Behaviour
-
[en] If the configured
frozen_timehas expired, the system will automatically reset MMP and quoting resumes for that index. -
[en] If
frozen_timeis set to 0 (automatic reset disabled), you must callprivate/reset_mmpto re-enable quoting. -
[en] You can also perform a manual reset during the frozen period if you want to resume quoting early.
-
[en] After reset, the previous MMP configuration remains unchanged (the limits, interval, etc. stay in effect).
[en] Clients can control whether individual limit orders are subject to Market Maker Protection by setting the mmp flag in buy, sell, or edit requests.
-
[en] To enable or disable MMP for a specific order, include "
mmp":trueor "mmp":falsein the request. -
[en] If you’re only updating price or size and wish to retain the current MMP setting, you can simply omit the mmp parameter—its state will remain unchanged.
-
[en] The edit method supports toggling the MMP flag, allowing you to apply or remove protection without canceling and resubmitting the order.
[en] You can monitor both the current configuration and the live MMP state for any index using two API methods.
[en] 1. Checking the Current MMP Configuration
[en] Calling private/get_mmp_config returns all currently active MMP parameters for the selected index, including the interval, frozen_time, quantity/delta/vega limits, and max_quote_quantity. This is useful for verifying your configuration or confirming applied updates.
[en] 2. Checking the Current MMP Status
[en] Calling private/get_mmp_status returns the live MMP state for the index, including:
-
[en] Whether MMP is enabled or triggered
-
[en] Remaining frozen time (if triggered)
-
[en] Whether quoting is currently allowed
-
[en] Any active freeze conditions
[en] This method lets you track whether protection is active and when quoting will resume.
Deribit 通过以下方式提供有关 MMP（做市商保护）活动的实时反馈 user.mmp_trigger。{索引_名称 订阅 和事件标志，使客户端能够在触发保护时迅速做出反应。
客户可以 订阅 到频道：
user.mmp_trigger。{索引_名称
将 {index_name} 替换为所需的乐器索引，例如：
user.mmp_trigger.btc
为给定索引触发 MMP 后，客户端将收到 触发通知 采用以下格式：
{“frozen_until”：1594390902986}
-
该值是 Unix 时间戳（以毫秒为单位） 表示直到 MMP 处于活动状态（即订单仍处于封锁状态）。
-
如果
frozen_until:0，这意味着 MMP 将保持活跃状态 直到手动重置 使用private/reset_mmp方法。
此通知允许客户跟踪 每个索引的 MMP 状态 并避免提交因持续冻结小批量生产商而被拒绝的新订单。
WebSocket 响应中的 MMP 标志
除了事件频道外，Deribit 还使用中的特殊字段传达与 MMP 触发器相关的操作 订购事件消息。
如果订单被取消 作为 MMP 触发器的直接结果，订单活动将包括：
{“mmp_cancelled”：真的}
该字段将是 缺席 在所有其他情况下，允许客户明确区分与 MMP 相关的取消和其他原因（例如手动、超时、用户 API）。
最佳实践
-
同时监视两者
user.mmp_trigger活动和mmp_cancelled标记，以全面了解您的报价活动和保护状态。 -
在收到一封信时
frozen_until时间戳，你应该 暂停报价提交 在冻结期结束或手动重置 MMP 之前，对受影响的索引进行保存。 -
务必处理
mmp_cancelled在订单管理逻辑中明确标记，以防止重新提交可能立即再次取消的订单。
请在此处查看 FIX 规格： https://docs.deribit.com/#mmprotection-limits-mm