How to Create OpenBook Market in Solana

Okay, so, creating an OpenBook Market in Solana is like setting up your own little trading spot in the vast world of Solana blockchain. It's pretty cool and can be done super quick – no coding needed! Plus, it's cheaper than Raydium, costing just 0.4 SOL.

What is an OpenBook Market

Market, or OpenBook Market, simply refers to creating a space where token pairs are exchanged. Essentially, it's like defining a 'Token Pair' in Solana.

Once you've got your Market up and running, it's like having your own little corner of the blockchain world where trades happen smoothly and efficiently.

This market occupies a special space on the blockchain, facilitating transactions specifically for that pair of tokens.

How much does it cost to creare an OpenBook market on Solana

Now, about the cost – it can vary based on the size of your market. Ideally, you'd want to spend around 2.8 SOL for the best setup. But guess what? You can get started for just 0.4 SOL. Pretty sweet deal, huh?

Problems of a cheap OpenBook market

But wait, before you get too excited, there are some things you should know. While it's awesome to save some SOL, there are risks involved. See, "Cheap" Markets have handled tokens worth $500k just fine. But if you're serious about your project, cutting costs might not be the smartest move.

So, if you decide to go with the cheaper option, you might want to set a higher "minimum order size" to avoid a bunch of tiny transactions clogging things up.

Long story short, the main issue you might run into is if your token starts getting tons of transactions and some of them get stuck because our marketplace can't handle them all.

Create OpenBook market step by setup

With our tool, you can tweak the length of your OpenBook Market, which can significantly cut costs – although, as mentioned earlier, there are some downsides to consider. Here, I'll walk you through the byte "measures" that I find most useful: for 0.4 SOL, 1.5 SOL, and 2.8 SOL.

Let's jump straight into creating your OpenBook Market ID in Solana, no coding needed! We'll be using our dApp, "Create OpenBook Market". It's super quick – just 1 minute – and costs only 0.1 SOL.

Here's what you'll see on the user interface:

Once there, make sure to connect your wallet to start using the software.

Next, you'll need to select the "Base Token" – this is the token you've created that currently has no value.

Then, choose the "Quote Token" – typically SOL or USDC, a token with an established market value.

After that, set your "Minimum Order Size" – this determines the smallest amount users can buy of your token.

Lastly, set the "Price Tick" – this is the minimum amount that can change your token's price.

And if you're feeling adventurous, explore the advanced options – but only if you're aiming for a market size lower than 2.8 SOL.

Select openbook market prices based on your requirements.

• 0.4 SOL:
  • Event Queue Length: 128
  • Request Queue Length: 63
  • Orderbook Length: 201
• 1.5 SOL:
  • Event Queue Length: 1400
  • Request Queue Length: 63
  • Orderbook Length: 450
• 2.8 SOL:
  • Event Queue Length: 2978
  • Request Queue Length: 63
  • Orderbook Length: 909

The protocol typically recommends the last option, which is 2.8 SOL.

Here's a handy reference chart to guide you on configuring the parameters for Minimum Order Size and Minimum price tick size:

To finish the process, simply click on "Create Market" and confirm the transactions.

The most popular choice is Raydium, where the current cost of adding liquidity is 0.6 SOL.

I hope this article would be useful for you to create Market Id on solana blockchain.

If you have any question please reach out to us. we'll help you.