Argent on Ondo.
Gold and the S&P 500.

What market making actually is

A market maker posts buy and sell quotes and tries to capture the spread. When one side fills first, the account holds inventory and is exposed to price movements. A quoted spread is potential gross revenue, not a guaranteed net return.

Fees and adverse price movements can erode that spread. CPM means cost per million dollars traded: net session cost divided by executed turnover, multiplied by 1,000,000. Lower CPM means lower normalized cost, not necessarily a profitable or safer session. Check dollar P&L, open exposure and the measurement window alongside it.

Fees are one component of CPM, not a mathematical floor: realised gains can offset them and losses can increase total cost. Use the same turnover convention, time window and fee scope when comparing runs. See how CPM is calculated and current product and venue costs.

Gold and the S&P 500

Argent supports these two markets. Before quoting, compare your proposed order with current depth on both sides of the book. Depth changes throughout the session: a size that was small yesterday can be large relative to today's available liquidity.

• Gold (XAU)

  Check the venue's current contract, trading availability, spread and depth. A commodity-linked perpetual is not ownership of physical gold.

• S&P 500 (US500)

  Check the index-linked contract and liquidity, including when the underlying market is closed. Few fills can reflect a thin book, but do not by themselves prove that connectivity and order handling are healthy.

Market availability is a product constraint, not evidence that these markets always have the lowest execution cost. Check the choices in your current strategy settings.

What the dashboard tells you

The Pulse card explains the reported phase. Making markets describes two-sided quoting; Working off inventory describes reducing exposure; Holding for calm describes a guard delaying new entries. A phase label is not independent proof of current venue orders. Check fresh fills, positions and orders when the display is stale or inconsistent.

Your settings and the live count of cycles, fills and quoted volume.

Read CPM alongside turnover, fees and realised P&L. Check the card's fee scope and the actual fill record; do not subtract fees or add rebates twice.

CPM can swing sharply with little turnover and is undefined at zero executed volume. No fixed dollar volume guarantees a stable estimate. Open inventory, funding and the measurement window can affect a live comparison.

Quotes, exits and actual fills

Argent focuses on quote placement and inventory exits. These mechanisms should be evaluated from actual fills over comparable periods, not treated as a promise of lower costs in every market.

• Quote updates

  Quotes can be replaced as the book changes. A replacement can lose queue priority or be rejected if the market moves before acceptance.

• Closing quotes

  The mode aims to place its closing quote inside the spread when permitted by the book and maker constraints. Acceptance, fills and fees are not guaranteed.

• Exits the exact position

  Closing size should track the remaining position. Verify the order's reduce-only protection and the final filled quantity.

• Result

  Compare session turnover, fees and realised P&L together. A valid comparison needs a stated time window, comparable settings and enough completed trades.

What changes when order size grows

Larger orders can increase both turnover and execution cost. Book depth, queue position and inventory matter alongside margin. Use these checks before comparing two sizes.

Historical simulations do not establish a safe live size or predict current CPM. Review inventory and exit controls before changing exposure.

Stop and verify cleanup

The documented Argent release had no automatic drawdown stop or run timer. Do not assume a hidden loss threshold will end a session. Check the current mode's controls before Start.

A market maker can retain inventory while its unrealised result changes. A temporary loss may grow rather than recover. Closing the browser or disconnecting the wallet does not replace the server-side Stop workflow.

• Limits are not insurance

  Inventory limits and volatility guards constrain specific activity. They do not cap every loss or ensure an immediate exit during gaps, low liquidity or an outage.

• Verify the end state

  Use Pause / Stop and complete any requested authorization. Wait for Stopped, then independently check the venue for zero position and no open orders and review History. Cleanup may use a taker fill and realise a loss. If it fails or stays unknown, do not start another session; inspect the venue and contact support. Revoking a key does not itself cancel existing orders or close a position.