Update Polymarket documentation (2026-02-19)
- Added new documentation URLs from llms.txt index - Updated TARGET.md with 244 total documentation pages - Scraped new pages for trading, concepts, and API reference sections - Updated changelog and new index pages
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# Market Maker Introduction
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# Overview
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> Overview of market making on Polymarket and available tools for liquidity providers
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> Market making on Polymarket
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## What is a Market Maker?
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A Market Maker (MM) on Polymarket is a trader who provides liquidity to prediction markets by continuously posting bid and ask orders. By laying the spread, market makers enable other users to trade efficiently while earning the spread as compensation for the risk they take.
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A Market Maker (MM) on Polymarket is a sophisticated trader who provides liquidity to prediction markets by continuously posting bid and ask orders. By "laying the spread," market makers enable other users to trade efficiently while earning the spread as compensation for the risk they take.
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Market makers are essential to Polymarket's ecosystem — they provide liquidity across markets, tighten spreads for better user experience, enable price discovery through continuous quoting, and absorb trading flow from retail and institutional users.
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Market makers are essential to Polymarket's ecosystem:
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<Note>
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**Not a Market Maker?** If you're building an application that routes orders
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for your users, see the [Builder Program](/builders/overview) instead.
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</Note>
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* **Provide liquidity** across all markets
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* **Tighten spreads** for better user experience
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* **Enable price discovery** through continuous quoting
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* **Absorb trading flow** from retail and institutional users
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**Not a Market Maker?** If you're building an application that routes orders for your
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users, see the [Builders Program](/developers/builders/builder-intro) instead. Builders
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get access to gasless transactions via the Relayer Client.
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***
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## Getting Started
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To become a market maker on Polymarket:
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<Steps>
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<Step title="Complete Setup">
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Deploy wallets, fund with USDC.e, and set token approvals. See the [Getting
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Started](/market-makers/getting-started) guide.
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</Step>
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1. **Complete setup** - Deploy wallets, fund with USDCe, set token approvals
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2. **Connect to data feeds** - WebSocket for orderbook, RTDS for low-latency data
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3. **Start quoting** - Post orders via CLOB REST API
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<Step title="Connect to Data Feeds">
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WebSocket for real-time orderbook updates, Gamma API for market metadata.
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See [Market Data](/market-data/overview).
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</Step>
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## Available Tools
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<Step title="Start Quoting">
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Post orders via the CLOB REST API. See [Trading ](/market-makers/trading).
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</Step>
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</Steps>
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### By Action Type
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<CardGroup cols={2}>
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<Card title="Setup" icon="gear" href="/developers/market-makers/setup">
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Deposits, token approvals, wallet deployment, API keys
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</Card>
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<Card title="Trading" icon="chart-line" href="/developers/market-makers/trading">
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CLOB order entry, order types, quoting best practices
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</Card>
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<Card title="Data Feeds" icon="database" href="/developers/market-makers/data-feeds">
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WebSocket, RTDS, Gamma API, on-chain data
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</Card>
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<Card title="Inventory Management" icon="boxes-stacked" href="/developers/market-makers/inventory">
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Split, merge, and redeem outcome tokens
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</Card>
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<Card title="Liquidity Rewards" icon="gift" href="/developers/market-makers/liquidity-rewards">
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Earn rewards for providing liquidity
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</Card>
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<Card title="Maker Rebates Program" icon="gift" href="/developers/market-makers/maker-rebates-program">
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Earn rebates for providing liquidity
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</Card>
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</CardGroup>
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***
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## Quick Reference
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| Action | Tool | Documentation |
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| --------------------- | -------------- | ------------------------------------------------------------- |
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| Deposit USDCe | Bridge API | [Bridge Overview](/developers/misc-endpoints/bridge-overview) |
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| Approve tokens | Relayer Client | [Setup Guide](/developers/market-makers/setup) |
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| Post limit orders | CLOB REST API | [CLOB Client](/developers/CLOB/clients/methods-l2) |
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| Monitor orderbook | WebSocket | [WebSocket Overview](/developers/CLOB/websocket/wss-overview) |
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| Low-latency data | RTDS | [Data Feeds](/developers/market-makers/data-feeds) |
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| Split USDCe to tokens | CTF / Relayer | [Inventory](/developers/market-makers/inventory) |
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| Merge tokens to USDCe | CTF / Relayer | [Inventory](/developers/market-makers/inventory) |
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| Action | Tool | Documentation |
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| ---------------------- | -------------- | ------------------------------------------------- |
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| Deposit USDC.e | Bridge API | [Bridge](/trading/bridge/deposit) |
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| Approve tokens | Relayer Client | [Getting Started](/market-makers/getting-started) |
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| Post limit orders | CLOB REST API | [Create Orders](/trading/orders/create) |
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| Monitor orderbook | WebSocket | [WebSocket](/market-data/websocket/overview) |
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| Split USDC.e to tokens | CTF / Relayer | [Inventory](/market-makers/inventory) |
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| Merge tokens to USDC.e | CTF / Relayer | [Inventory](/market-makers/inventory) |
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***
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## What's in This Section
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<CardGroup cols={2}>
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<Card title="Getting Started" icon="gear" href="/market-makers/getting-started">
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Deposits, token approvals, wallet deployment, API keys
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</Card>
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<Card title="Trading" icon="chart-line" href="/market-makers/trading">
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Quoting best practices, strategies, and risk controls
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</Card>
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<Card title="Inventory Management" icon="boxes-stacked" href="/market-makers/inventory">
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Split, merge, and redeem outcome tokens
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</Card>
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<Card title="Liquidity Rewards" icon="gift" href="/market-makers/liquidity-rewards">
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Earn rewards for providing liquidity
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</Card>
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</CardGroup>
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## Risks
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<Warning>
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Be careful with spread management — if your bid price is higher than your ask
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price (a "negative spread" or "crossed market"), you will lose money on every
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fill. Always validate your quote prices before submission.
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</Warning>
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## Support
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