> ## Documentation Index
> Fetch the complete documentation index at: https://dev.jup.ag/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Market Listing

> How Metis lists markets and the liquidity criteria they must meet to remain routable.

This page covers how Metis decides which markets to include in routing. Markets follow one of two routing types: **Instant routing** for new markets on supported DEXes, and **Normal routing**, the default, with a periodic liquidity check.

## Routing types

### Instant routing

New markets created on supported DEXes are listed automatically. During a grace period, the liquidity criteria do not apply.

The grace period is determined by **token age, not market age**. A new pool created for an existing token does not reset the grace period.

| Token age | Scenario                        | Result                               |
| --------- | ------------------------------- | ------------------------------------ |
| —         | Token minted, no pool           | —                                    |
| 1 day     | First pool created and trading  | Within grace period, instant routing |
| 20 days   | Second pool created and trading | Within grace period, instant routing |
| 30 days   | Third pool created and trading  | Outside grace period, normal routing |

After the grace period ends, the liquidity criteria apply (see [Liquidity criteria](#liquidity-criteria)).

For bonding curves: if the token does not graduate before the grace period ends, the market is removed from routing. Once the bonding curve graduates to a new market, the graduated market is added to routing.

<Accordion title="DEXes eligible for instant routing">
  * Meteora Dynamic Bonding Curve
  * Meteora Dynamic AMM
  * Meteora DAMM V2
  * Meteora DLMM
  * Raydium
  * Raydium CLMM
  * Raydium CPMM
  * Raydium Launchlab
  * Pump.fun AMM
  * Pump.fun
  * Fluxbeam
  * Whirlpool
  * Moonshot
  * Virtuals
  * Boop.fun
</Accordion>

### Normal routing

The default for all markets. Every 30 minutes, the routing engine re-checks the liquidity of each market. Markets that fail the check are removed from routing.

## Liquidity criteria

A market must pass **one** of the following to remain routable.

### 1. Less than 30% price difference on a \$500 round-trip

Using a benchmark position size of \$500, the price difference between buying \$500 worth and selling it back on the same market must be less than 30%.

```
Price Difference = ($500 - Final USD value) / $500
```

If the price difference exceeds 30%, the market does not have enough liquidity for the benchmark position size.

### 2. Less than 20% price impact comparing \$1000 vs \$500 buys

If the round-trip test does not pass, the engine compares the price per token from a \$1000 buy against the price per token from a \$500 buy. If the price impact between the two buys exceeds 20%, the market is considered illiquid.

<Tip>
  You can check your pool's liquidity directly via the UI of the DEX it was created on.
</Tip>

## What integrators see when a market is removed

These criteria apply to Metis. When a market is removed from Metis routing:

* `/swap/v1/quote` returns `NO_ROUTES_FOUND`
* `/swap/v2/build` returns `No routes found`
* `/swap/v2/order` may still return a quote via another router (JupiterZ, OKX, or Dflow)

If a token quotes on jup.ag but `/swap/v1/quote` returns `NO_ROUTES_FOUND`, the route is most likely coming from a non-Metis router. Use `/swap/v2/order` for Meta-Aggregator coverage across all routers.