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OpenBook Marketplace ID Creation Tutorial

Easily create an OpenBook market on Solana without writing code, so you can quickly build liquidity pools later.

Before Raydium launches the token market, it needs to create an OpenBook market ID, but the link provided by Raydium officially costs 3-4 SOLs to create. This cost makes us reluctant to issue tokens on Solana.

This document introduces some basic concepts of OpenBook and teaches you how to create an OpenBook Market ID at a lower cost.

📺Video Tutorial

OpenBook Marketplace ID Creation Preparations

  1. Prepare equipment, a computer or mobile phone

  2. Install the Phantom wallet plugin

  3. Prepare at least 0.55 SOL in your wallet

  4. To create a token for the OpenBook Marketplace ID

OpenBook Marketplace ID Creation Steps

1. Connect Wallet

Go to the token management page , connect your wallet. Then, select Main network. Here is a demonstration using the test network.

connect wallet & select network

2. Select a token to create OpenBook ID

Select the token for which you want to create a market ID, and click "Create OpenBook ID" to enter the page for creating a market ID. You can also enter the Create Market ID page from Manage Liquidity.

select a token to create

When entering the Create Market ID page from the Management page, the target token address will be automatically filled. If entering the Create Market ID page from Manage Liquidity, you need to fill in the target token address yourself.

create openbook id page

3. Select the required base token

select base token

4. Set min order size and price increment

set min order size and price increment

Min Order Size: The minimum order quantity precision in the order book. If you fill in 2, the minimum transaction volume is 0.01. If you fill in 4, the minimum transaction volume is 0.0001. And so on, this is actually the decimal place of precision.

Price Increment: The number of decimal places for the minimum price display/change. If you enter 3, the token price is displayed with 3 decimal places, such as 11.123. If you enter 5, the minimum token price is displayed with 5 decimal places, such as 11.12345.

Min order size cannot be greater than the decimal place of the base token. That is, if your token precision is 5, you can only fill in 1 to 5 here. Please pay attention to your token precision.

Price increment cannot be greater than the decimal place of the quote token, i.e., the precision of Sol is 9, so you can fill in 19. However, the precision of USDC is 6, so you can only fill in 16. Please pay attention to the precision of the quote token.

"Minimum order quantity" + "Minimum price change" cannot be greater than the number of decimal places in the quote token: that is, the sum of the two numbers cannot exceed 9.

The min order size and the price increment can be configured according to the token supply. The following are the recommended values:

Token Supply
Min Order Size
Price Increment

100K

0.01

0.0001

1M

0.1

0.00001

10M

1

0.000001

100M

10

0.0000001

1B

100

0.00000001

10B

1000

0.000000001

100B

10000

0.0000000001

5. Set the Advanced Options.

You can click on the advanced options to configure it yourself. However, it is not recommended for novices to do this to prevent unpredictable problems.

set the advanced options

The following are the inputs for different price designations for your market ID:

#
0.29 SOL
1.4 SOL
2.7 SOL

Event Queue Length

128

1400

2978

Request Queue Length

9

63

63

Orderbook Length

201

450

909

6. After filling in all the parameters, you can create a market ID.

Creating an ID requires two confirmations from your wallet, the first to create a token account and the second to create an ID, so remember not to close the page immediately after clicking the first step.

When we click “Create” the wallet will pop up for the first time.

create a token account
account created successfully

After clicking confirm, the wallet will pop up for the second time.

create market id

After a few seconds, the ID will be created successfully.

create a market successfully

After that, you can copy the ID and go to Raydium to add the pool.

If you don't have your Market ID saved, you can find it using Search Market ID.

❓FAQ

Q: Is it safe to create an OpenBook ID on GTokenTool?

A: GTokenTool has massive monthly active users. It only calls the protocol to generate OpenBook Market ID, with no access to your wallet private keys, tokens or NFTs. All your assets are fully secure.

Q: What if I don’t save my created OpenBook ID in time?

A: OpenBook ID data is stored on-chain. You can retrieve it via the OpenBook ID query function. OpenBook ID Query Tutorial -->>

Q: Why do I need an OpenBook Market ID to add liquidity on Raydium?

A: Raydium AMM integrates with OpenBook to boost liquidity utilization. They share liquidity pools and order book funds, so an OpenBook Market ID is required to create a Raydium liquidity pool.

Q: Where does the 3~4 SOL cost for creating OpenBook ID go?

A: The fee covers Solana blockchain rent for creating independent PDA accounts: event queue, request queue and order queue. SOL is charged for on-chain account space allocation.

Q: How to cut down space costs further?

A: Adjust the event queue length to meet OpenBook official minimum standards. This reduces the rent cost to about 0.3 SOL.

Q: What are the downsides of a shortened queue?

A: It cuts costs by 5 times, but has limitations. Not recommended for long-term projects with large trading volume. It’s suitable for short-term meme projects under $1M market cap or test use only.

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