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This page covers how to connect your pricing infrastructure to Musubi and set up automated quoting.

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Architecture

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Automated Quoting

For competitive latency, subscribe to SSE events and respond programmatically: Latency path: SSE event -> your pricing logic -> API call. Institutions typically select quotes within ~3 seconds of the first quote arriving, so response time matters.
Subscribe to the quote_request_new SSE event for the lowest-latency notification of new RFQs. Polling GET /quote-requests works but adds latency.

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Onboarding Checklist

1

Receive Credentials

Musubi provisions your:
  • Canton Party ID — your identity on the settlement network
  • JWT signing credentials — for API authentication
  • Network connectivity details — settlement network endpoint and TLS certificates
2

Deposit Liquidity

Deposit USDCx sufficient for your expected quoting volume. Funds are committed only when a quote is accepted and settlement executes — pending quotes do not lock funds.
3

Deploy Your Backend

Deploy the Musubi market maker backend container in your infrastructure:
  • Configure with your Party ID and JWT credentials
  • Connect to your PostgreSQL instance
  • Establish TLS connectivity to the settlement network
4

Connectivity Test

Verify your setup:
  • GET /health — confirms backend is running and connected
  • GET /whoami — confirms your Party ID and market-maker role
  • GET /quote-requests — verify you can see active RFQs
5

Test Quoting

On testnet:
  1. Wait for a quote request (or ask your integration contact to create a test order)
  2. Submit a quote via POST /quote-requests/{intent_id}/quotes
  3. Verify your quote appears in GET /quotes
  4. If accepted, verify settlement record in GET /settlements
6

Connect Your Systems

Wire up:
  • SSE events -> your pricing engine (for automated quoting)
  • Settlement events -> your P&L / reconciliation system
  • Dashboard stats -> your risk monitoring

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Monitoring

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Dashboard Stats

GET /api/v1/dashboard/stats returns:
SectionMetrics
Quotingquotes_submitted, quotes_accepted, quotes_rejected, quotes_expired, win_rate
Volumetotal_source_traded (JPYSC0 received), total_target_traded (USDCx delivered)
Activityactive_quote_requests (currently quotable)

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What to Watch

  • Win rate trending down: your spreads may be too wide relative to competitors
  • Active requests spiking: increased demand — ensure sufficient USDCx balance
  • Quotes expired increasing: your valid_until windows may be too short, or you’re quoting on requests near expiry

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Testing on Testnet

The testnet environment includes a mock institution that creates orders for testing. Scenarios to validate:
  1. Happy path: Receive RFQ -> submit quote -> verify ACCEPTED -> verify settlement record
  2. Rejected quote: Submit a quote with a poor rate while another MM has a better one -> verify REJECTED
  3. Quote expiry: Submit a quote with a very short valid_until -> verify EXPIRED
  4. Multiple quotes: Submit multiple quotes for the same request -> verify all tracked independently
  5. Settlement reconciliation: Verify mm_delivered_target_amount, mm_delivered_target_amount, and transaction_hash in settlement record