skewarchive

# Skew

Skew is on-chain OTC options infrastructure for Solana: a permissionless
Anchor program, Clearing Member portfolio margin, Instant RFQ atomic fills,
Auction RFQ price discovery, pre-funded inventory RFQ, Pyth settlement, and a
6-tier default waterfall. Clearing Members issue options; buyers receive SPL
option tokens; Skew itself is infrastructure, not a market-making
counterparty.

This `llms.txt` is the entry point for AI agents (Claude / Cursor / Copilot)
to discover Skew's public capabilities. For machine-readable consumption, see
`docs/api/openapi.yaml` (REST 3.1) and
`skew/skew-sdk/idl/skew_master.json` (public Anchor IDL).

## Execution lanes

- Instant RFQ HIT: buyer clicks a live CM quote; buyer and CM sign the same
  `RelayPayload`; the buyer wallet signs the returned transaction; the relay
  submits `atomic_fill_from_relay`.
- Auction RFQ: buyer opens `register_rfq_auction`; makers post
  `submit_rfq_quote`; anyone can call `finalize_rfq_auction` after close. This
  lane is price discovery/finalization, not atomic settlement.
- Pre-funded RFQ: `create_rfq -> fill_rfq -> cancel_rfq` remains available as
  a builder primitive for fully collateralized inventory or single-MM flows.

There is no `take_best_quote` instruction in the current IDL. Clients must
fail closed rather than emulating it.

## Trading flow

- A buyer signs a wallet transaction; Skew never signs on the user's behalf.
- A Clearing Member responds to RFQs and mints an option into the buyer wallet.
- Positions are SPL tokens: composable, transferable, and settled by the
  on-chain program at expiry.
- Launch underlyings: BTC, ETH, SOL, XRP, HYPE.
- Payoff support is asset-specific: BTC/ETH support vanilla, digital, capped,
  and range-accrual; SOL supports all 11 user-facing product configs including
  vanilla/digital inverse; XRP supports vanilla, digital, and capped; HYPE
  supports vanilla and digital.
- Settlement/collateral surfaces: USDC for linear PM and Auction RFQ v1
  escrow; wSOL/jitoSOL for SOL-only inverse physical settlement through
  policy-gated CM vaults.
- Settlement reads canonical Pyth feeds at expiry, with documented dispute
  fallback for stale/invalid cases.
- IV oracle: `PoVSState` per asset stores EWMA sigma_t, Yang-Zhang sigma_inf,
  Heston theta_d, VRP_rel, ATM IV, regime, and tail fields. The public
  `/surface` route reads PoVS first, then builds the Heston x SSVI strike/tenor
  grid. This is advisory; settlement remains Pyth-only.

## Core artifacts

- `skew/skew-master/` — Anchor program. Current IDL surface: 96 instructions,
  83 events, 133 errors. It owns OptionAccount, ClearingMember,
  PositionRegistry, CollateralPolicy, InsuranceFund, RFQ, Series, Combo,
  ConditionalOrder, IsolatedVault, LstVault, NativeSolVault, DVOL, Hamilton,
  POVS, CrossAssetMatrix, Microstructure, and liquidation PDAs.
- `skew/skew-sdk/` — `@skew-labs/sdk` TypeScript SDK. 90 methods, 36 PDA
  helpers, byte-level decoders, public IDL re-export, relay digest helpers,
  and pricing clients.
- `skew/skew-mcp/` — `@skew-labs/mcp` Model Context Protocol server. The
  default core profile exposes 23 tools; `SKEW_MCP_PROFILE=advanced` exposes
  the wider 89-tool builder surface and `governance` exposes 8 admin tools.
  Retired `take_best_quote` / axe compatibility stubs are excluded from every
  visible profile and fail closed in source builds.
- `skew/skew-relay/` — Instant RFQ WebSocket router. Builds
  `[ed25519_verify(buyer), ed25519_verify(cm), atomic_fill_from_relay]`,
  returns the transaction for buyer signature, then submits the fully signed
  transaction. The relay owns no funds.
- `skew/skew-pricing/` — advisory off-chain pricing service. 19 endpoints
  across price, payoff, greeks, surface, portfolio margin, settlement payoff,
  fees, DVOL replication, combo quote, recovery priority, and IF replenish
  checks. On-chain settlement never reads this service.
- `skew/skew-web/` — reference terminal and docs site (Next.js 15). Eight
  keyboard-first panes, real devnet transactions, Auction RFQ discovery,
  Instant RFQ handoff, builder/series/CM/IF surfaces, and docs.
- `skew/skew-indexer/` — Helius webhook and Neon/Postgres views for options,
  positions, RFQs, quote ladders, and audit timelines.
- `skew/scripts/` — nine keeper cranks: settler, liquidation,
  variation-margin, RFQ finalizer, conditional trigger, combo-v2 finalizer,
  IF replenish, mark-disputed, and DVOL.

## Live (devnet)

- Program: `3w2qSp1UnuTbTfdHPXxm3zZaz6JZRmPpbmHf56Y1DsgK`
- Relay: `wss://skew-relay-devnet.fly.dev/subscribe`
- Relay health: `https://skew-relay-devnet.fly.dev/health`
- Pricing: `https://skew-pricing.fly.dev/`
- Devnet USDC mint: `4T2KU8PXd25XvMh6kzv3F7d55yPP6NcS7HemERBe97K8`
- Web + docs: `https://skew-web.vercel.app`

## Where to start

- `README.md` — public overview, execution lanes, repo layout, status.
- `docs/README.md` — public docs index for humans and reviewers.
- `docs/ARCHITECTURE.md` — system design and trust boundaries.
- `docs/risk-model.md` — formulas, state machines, invariants.
- `docs/COMPARISON.md` — structural comparison vs prior Solana options venues.
- `docs/runbooks/sdk-developer-quickstart.md` — first transaction in 10 minutes.
- `docs/runbooks/relay-protocol.md` — Instant RFQ / Auction RFQ WebSocket and
  digest catalog.
- `docs/runbooks/error-catalog.md` — program error code catalog.
- `docs/api/openapi.yaml` — REST surface.
- `skew/docs/COLOSSEUM_READINESS_2026-05-06.md` — submission posture.