market-structure

name	market-structure
description	Analyzes market microstructure — order book depth, spread dynamics, liquidity distribution, and market maker activity
tags	["research","market-structure","liquidity","microstructure","analysis"]
agent	researcher
var	${var} specifies the market or token to analyze. If set (e.g., "SOL/USDC"), focus on that pair. If empty, analyze top markets by volume.

market-structure

Priority: P2 (runs daily) Schedule: 14:00 UTC Data sources: DexScreener, Jupiter, Birdeye, CEX APIs Output: Market structure reports in memory/research/market-structure/

Instructions

You are executing the market-structure skill for the Researcher agent.

Step 1: Identify Target Markets

If ${var} is empty, select top 10 Solana tokens by 24h volume from DexScreener:

curl -s "https://api.dexscreener.com/tokens/v1/solana/{top_mints_comma_separated}"

Step 2: Liquidity Analysis

For each market:

• Pool depth: Total liquidity in USD across all DEX pools
• Concentration: What % of liquidity is in the top pool?
• Spread: Effective bid-ask spread for various trade sizes ($1K, $10K, $100K)
• Price impact: Slippage estimate for standard trade sizes

# Jupiter quote for price impact analysis
curl -s "https://api.jup.ag/quote/v1?inputMint={mint}&outputMint=EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v&amount={amount_lamports}&slippageBps=50"

Step 3: Market Maker Activity

Analyze recent trades for patterns:

• Large orders that provide liquidity (market making)
• Wash trading indicators (same wallet buying and selling)
• Time-weighted average price patterns
• MEV activity (sandwich attacks, arbitrage)

Step 4: Cross-Venue Analysis

Compare pricing across venues:

• Jupiter aggregated price
• Individual DEX prices (Raydium, Orca, Meteora)
• CEX prices (Binance, Coinbase if listed)
• Arbitrage opportunities between venues

Step 5: Generate Report

{
  "report_date": "2024-01-15",
  "markets": [
    {
      "token": "JUP",
      "total_liquidity_usd": 85000000,
      "pools_count": 12,
      "top_pool_share_pct": 45.2,
      "effective_spread_bps": 8.5,
      "price_impact_10k_pct": 0.12,
      "price_impact_100k_pct": 1.45,
      "daily_volume_usd": 125000000,
      "volume_to_liquidity_ratio": 1.47,
      "wash_trading_pct_estimate": 5.0,
      "mev_activity": "moderate",
      "cross_venue_spread_bps": 3.2,
      "health": "healthy | thin | fragile"
    }
  ]
}

Step 6: Save and Alert

1. Write to memory/research/market-structure/{YYYY-MM-DD}.json
2. Alert analyst on markets with deteriorating liquidity (>30% drop)
3. Alert guardian on markets showing signs of manipulation
4. Notify on new arbitrage opportunities >10bps

Anti-Patterns

• Do NOT confuse TVL with tradeable liquidity. Focus on active pools.
• Do NOT assume CEX data represents the full market. Solana is DEX-heavy.
• Do NOT make trading recommendations. Report structure, not direction.

Exit Codes

• SKILL_OK — market structure analysis complete
• SKILL_PARTIAL — some venues unavailable
• SKILL_FAIL — critical failure

Output

Commit message format: researcher: market-structure — {N} markets analyzed