Market Maker Protection (MMP) API Configuration

Deribit provides a suite of API methods for managing Market Maker Protection (MMP) settings.  Market Maker Protection (MMP) helps reduce exposure risk by automatically pausing quoting activity when certain limits are reached. 

Each MMP configuration contains the following key parameters:

• Quantity Limit – Maximum total traded volume (in base currency) allowed before MMP triggers.

• Delta Limit – Maximum directional exposure.

• Vega Limit – (Options only) Maximum change in vega exposure allowed before triggering.

• Time Interval – Time window (in seconds) over which limits are measured.

• Frozen Time – Duration (in seconds) for which quoting remains disabled after an MMP trigger.

• Maximum Quote Quantity (MQQ) – Maximum combined open MMP order size per side, per index.

Note

MMP groups exist but apply only to Mass Quotes Specifications. For standard order-based quoting, MMP configuration is defined per index.

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.

For comprehensive details on MMP configuration and management, refer to the Deribit API Documentation.

Tip

MMP Settings can also be configured inside Account settings page

Understanding Interval vs Frozen Time

These two required parameters serve different roles within the MMP system:

interval – Monitoring Window

The interval defines how long Deribit monitors trading activity after the first trade occurs:

• It starts after the first trade.

• If no new trades happen after the interval ends, a new interval begins with the next trade.

• If trades occur during the interval, it continues uninterrupted.

• This creates short, rolling windows used to detect potential bursts of exposure or risky trading behavior.

• All activity inside a single interval is counted toward MMP limits.

• If set to 0, MMP is removed.

frozen_time – Freeze Duration

The frozen_time defines how long MMP remains triggered and blocking new MMP orders after a limit is breached:

• During the frozen period, quoting for that index is disabled.

• After the frozen period ends, MMP resets automatically.

• Setting frozen_time = 0 disables automatic reset. In this case:

  • A manual reset is required using private/reset_mmp

Understanding Maximum Quote Quantity (MQQ)

Important

Maximum Quote Quantity will be available after 25 November 2025 release.

Maximum Quote Quantity (MQQ) defines the cumulative limit on the total size of open MMP quotes or orders per side, per instrument (order book). It acts as an exposure cap, preventing excessive quoting volume even before trades occur.

Key Concepts

• Per Instrument (Order Book): 

  MQQ is enforced independently for each instrument, not aggregated across instruments or expiries. Each instrument (order book) has its own separate MQQ limit.

• Cumulative Size Limit, Not Order Count: 

  MQQ limits the total combined size of open MMP orders per side, not the number of orders.

  Example: with MQQ = 3 BTC, you can place three 1 BTC orders, or one 2.5 BTC and one 0.5 BTC order, as long as the total per side per instrument ≤ 3 BTC.

• Independent per MMP Group: 

  Each MMP group (used only for mass quotes) has its own MQQ configuration. Limits are applied separately for each group.

• Relation to Quantity Limit: 

  MQQ can be set greater than quantity_limit.

  This allows larger open quotes while still letting MMP trigger on partial fills, and decouples MMP’s reserved margin from the quantity limit.

• Base Currency Enforcement: 

  MQQ is specified and enforced in the base currency of the instrument.

• Size Calculations: 

  • Inverse futures: size = amount / price

  • Inverse spreads: size = amount / indexPrice

    (Switching to minimum mark price of legs in December 2025.)

• Account Limitations: 

  MMP orders and quotes on options or option combos are not supported for SM accounts.

• Rejections and Validations: 

  • Quotes or MMP orders exceeding max_quote_quantity are rejected.

  • Regular orders above MQQ may still enter the market, but new quotes that would exceed the limit are not accepted.

  • Starting December 2025, if one side of a two-sided quote is rejected, the other side will also be rejected.

• Precision: 

  All MMP configuration parameters, including MQQ, support up to four decimal places.

• Margin Calculation: 

  • From 18.11.2025 Release: margin reserved = max(MQQ, quantity_limit)

  • From December 2025 Release: margin reserved = max_quote_quantity (≈ 3 % of MQQ)

  • This change shifts MMP margin logic from quote size limits to active quote exposure.

• Latency: 

  MQQ provides no latency advantage if you already use mass quote functionality; it purely adds exposure control.

Understanding other parameters

index_name

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.

quantity_limit

The total traded quantity, measured in units of the base currency(e.g., BTC in BTC-PERPETUAL), within the interval.

• This count is direction-agnostic —a buy followed by a sell counts double.

  Example:Buy 10 BTC and sell 10 BTC = 20 total quantity.

• Applicable to both options and futures.

  Note

  Once this is set, an initial margin will be reserved even without any open positions. initial_margin = quantity_limit * 0.03

delta_limit

The maximum allowable net transaction delta change during the interval.

• Expressed in units of base currency.

• The delta limit is treated as an absolute threshold:

  e.g.,delta_limit: 10 → MMP is triggered if net transaction delta exceeds +10 or drops below -10.

• Direction matters: buying +5 delta and selling −5 delta cancels out if within the same interval.

  Note

  Note that we use the net transaction delta instead of delta. 

  Net Transaction Delta = Delta - Mark Price. 

  In the rest of this document, "delta" actually refers to net transaction delta

vega_limit

The maximum change in vega exposure allowed within a given interval, measured in absolute terms.

• Expressed in USD, representing the change in sensitivity to implied volatility across executed trades.

• This parameter is primarily relevant for options traders managing risk in volatile markets.

• Similar to delta_limit, the vega_limit is direction-aware and evaluated on a net basis. If the exposure exceeds the set threshold (positively or negatively), MMP will be triggered.

Notice

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.

mmp_group

Specifies the MMP group used for Mass Quotes. If omitted, the methods apply to the default MMP settings.

Notice

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 Mass Quotes Specifications

block_rfq

When set to true, the methods apply to Block RFQ MMP settings. See Deribit Block RFQ API walkthrough for more details.

Setting up MMP

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.

Required parameters 

• index_name 

  The index for which MMP is being configured (e.g., btc_usd, eth_usd).

• interval 

  Duration (in seconds) of the monitoring window used to track trading activity.

• frozen_time 

  Duration (in seconds) that MMP remains active/frozen once triggered.

• At least one limit parameter 

  You must set at least one of the following:

  • quantity_limit 

  • delta_limit 

  • vega_limit 

  • max_quote_quantity (MQQ)

    Caution

    After December 2025 Release, MQQ will be enforced as a required parameter.

Example

{ "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 } }

Once this configuration is submitted, the system enforces MMP for the selected index based on the configured parameters.

Note

Block RFQ MMP 

MMP can also be configured for Block RFQ quoting. The configuration process for Block RFQ MMP is described in the Deribit Block RFQ API walkthrough article.

Resetting MMP

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.

Behaviour

• If the configured frozen_time has expired, the system will automatically reset MMP and quoting resumes for that index.

• If frozen_time is set to 0 (automatic reset disabled), you must call private/reset_mmp to re-enable quoting.

• You can also perform a manual reset during the frozen period if you want to resume quoting early.

• After reset, the previous MMP configuration remains unchanged (the limits, interval, etc. stay in effect).

Placing orders with MMP flag

Clients can control whether individual limit orders are subject to Market Maker Protection by setting the mmp flag in buy, sell, or edit requests.

• To enable or disable MMP for a specific order, include "mmp": true or "mmp": false in the request.

• 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.

• The edit method supports toggling the MMP flag, allowing you to apply or remove protection without canceling and resubmitting the order.

Monitoring MMP

You can monitor both the current configuration and the live MMP state for any index using two API methods.

1. Checking the Current MMP Configuration 

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.

2. Checking the Current MMP Status 

Calling private/get_mmp_status returns the live MMP state for the index, including:

• Whether MMP is enabled or triggered

• Remaining frozen time (if triggered)

• Whether quoting is currently allowed

• Any active freeze conditions

This method lets you track whether protection is active and when quoting will resume.

MMP Events and Notifications

Deribit provides real-time feedback on MMP (Market Maker Protection) activity via user.mmp_trigger.{index_name} subscription and event flags, enabling clients to react promptly when protection is triggered.

Clients can subscribe to the channel:

user.mmp_trigger.{index_name}

Replace {index_name} with the desired instrument index, such as:

user.mmp_trigger.btc

Upon MMP being triggered for a given index, the client will receive a trigger notification in the following format:

{ "frozen_until": 1594390902986 }

• The value is a Unix timestamp in milliseconds indicating until when the MMP is active (i.e., orders remain blocked).

• If frozen_until: 0, it means MMP will remain active until manually reset using the private/reset_mmp method.

This notification allows the client to track MMP state per index and avoid submitting new orders that would be rejected due to ongoing MMP freeze.

MMP Flags in WebSocket Responses 

In addition to the event channel, Deribit also communicates MMP-trigger-related actions using a special field in order event messages.

If an order is cancelled as a direct result of an MMP trigger, the order event will include:

{ "mmp_cancelled": true }

This field will be absent in all other cases, allowing clients to clearly distinguish between MMP-related cancellations and other reasons (e.g., manual, timeout, user API).

Best Practices 

• Monitor both user.mmp_trigger events and mmp_cancelled flags to maintain a complete picture of your quoting activity and protection status.

• On receiving a frozen_until timestamp, you should pause quote submission for the affected index until the freeze period ends or you manually reset MMP.

• Always handle the mmp_cancelled flag explicitly in order management logic to prevent resubmitting orders that may immediately be cancelled again.

FIX Configuration

Please review the FIX specs here: https://docs.deribit.com/#mmprotection-limits-mm