diff --git a/dex/crank/src/lib.rs b/dex/crank/src/lib.rs
index 9e96b85a..297b4bd6 100644
--- a/dex/crank/src/lib.rs
+++ b/dex/crank/src/lib.rs
@@ -42,8 +42,8 @@ use serum_common::client::Cluster;
 use serum_context::Context;
 use serum_dex::instruction::{
     cancel_order_by_client_order_id as cancel_order_by_client_order_id_ix,
-    close_open_orders as close_open_orders_ix, MarketInstruction, NewOrderInstructionV3,
-    SelfTradeBehavior,
+    close_open_orders as close_open_orders_ix, init_open_orders as init_open_orders_ix,
+    MarketInstruction, NewOrderInstructionV3, SelfTradeBehavior,
 };
 use serum_dex::matching::{OrderType, Side};
 use serum_dex::state::gen_vault_signer_key;
@@ -850,8 +850,12 @@ fn whole_shebang(client: &RpcClient, program_id: &Pubkey, payer: &Keypair) -> Re
     )?;
     debug_println!("Minted {}", pc_wallet.pubkey());
 
-    debug_println!("Placing bid...");
     let mut orders = None;
+
+    debug_println!("Initializing open orders");
+    init_open_orders(client, program_id, payer, &market_keys, &mut orders)?;
+
+    debug_println!("Placing bid...");
     place_order(
         client,
         program_id,
@@ -997,6 +1001,51 @@ pub fn close_open_orders(
     Ok(())
 }
 
+pub fn init_open_orders(
+    client: &RpcClient,
+    program_id: &Pubkey,
+    owner: &Keypair,
+    state: &MarketPubkeys,
+    orders: &mut Option<Pubkey>,
+) -> Result<()> {
+    let mut instructions = Vec::new();
+    let orders_keypair;
+    let mut signers = Vec::new();
+    let orders_pubkey = match *orders {
+        Some(pk) => pk,
+        None => {
+            let (orders_key, instruction) = create_dex_account(
+                client,
+                program_id,
+                &owner.pubkey(),
+                size_of::<serum_dex::state::OpenOrders>(),
+            )?;
+            orders_keypair = orders_key;
+            signers.push(&orders_keypair);
+            instructions.push(instruction);
+            orders_keypair.pubkey()
+        }
+    };
+    *orders = Some(orders_pubkey);
+    instructions.push(init_open_orders_ix(
+        program_id,
+        &orders_pubkey,
+        &owner.pubkey(),
+        &state.market,
+    )?);
+    signers.push(owner);
+
+    let (recent_hash, _fee_calc) = client.get_recent_blockhash()?;
+    let txn = Transaction::new_signed_with_payer(
+        &instructions,
+        Some(&owner.pubkey()),
+        &signers,
+        recent_hash,
+    );
+    send_txn(client, &txn, false)?;
+    Ok(())
+}
+
 pub fn place_order(
     client: &RpcClient,
     program_id: &Pubkey,
diff --git a/dex/fuzz/fuzz_targets/multiple_orders.rs b/dex/fuzz/fuzz_targets/multiple_orders.rs
index 40015d66..40a69e78 100644
--- a/dex/fuzz/fuzz_targets/multiple_orders.rs
+++ b/dex/fuzz/fuzz_targets/multiple_orders.rs
@@ -45,6 +45,9 @@ enum Action {
     ConsumeEvents(u16),
     SettleFunds(OwnerId, Option<ReferrerId>),
     SweepFees,
+    InitOpenOrders {
+        owner_id: OwnerId,
+    },
     CloseOpenOrders {
         owner_id: OwnerId,
     },
@@ -585,6 +588,29 @@ fn run_action<'bump>(
             )
             .unwrap();
         }
+
+        Action::InitOpenOrders { owner_id } => {
+            let owner = owners
+                .entry(owner_id)
+                .or_insert_with(|| Owner::new(&market_accounts, &bump));
+            process_instruction(
+                market_accounts.market.owner,
+                &[
+                    owner.orders_account.clone(),
+                    owner.signer_account.clone(),
+                    market_accounts.market.clone(),
+                    market_accounts.rent_sysvar.clone(),
+                ],
+                &MarketInstruction::InitOpenOrders.pack(),
+            )
+            .map_err(|e| match e {
+                DexError::ErrorCode(DexErrorCode::WrongOrdersAccount)
+                    if owner.closed_open_orders => {}
+                e => Err(e).unwrap(),
+            })
+            .ok();
+        }
+
         Action::CloseOpenOrders { owner_id } => {
             let owner = owners
                 .entry(owner_id)
diff --git a/dex/src/instruction.rs b/dex/src/instruction.rs
index d87dad78..b7dc0ce3 100644
--- a/dex/src/instruction.rs
+++ b/dex/src/instruction.rs
@@ -438,6 +438,11 @@ pub enum MarketInstruction {
     /// 2. `[writable]` the destination account to send rent exemption SOL to
     /// 3. `[]` market
     CloseOpenOrders,
+    /// 0. `[writable]` OpenOrders
+    /// 1. `[signer]` the OpenOrders owner
+    /// 2. `[]` market
+    /// 3. `[]` the rent sysvar
+    InitOpenOrders,
 }
 
 impl MarketInstruction {
@@ -530,6 +535,7 @@ impl MarketInstruction {
                 SendTakeInstruction::unpack(data_arr)?
             }),
             (14, 0) => MarketInstruction::CloseOpenOrders,
+            (15, 0) => MarketInstruction::InitOpenOrders,
             _ => return None,
         })
     }
@@ -873,6 +879,26 @@ pub fn close_open_orders(
     })
 }
 
+pub fn init_open_orders(
+    program_id: &Pubkey,
+    open_orders: &Pubkey,
+    owner: &Pubkey,
+    market: &Pubkey,
+) -> Result<Instruction, DexError> {
+    let data = MarketInstruction::InitOpenOrders.pack();
+    let accounts: Vec<AccountMeta> = vec![
+        AccountMeta::new(*open_orders, false),
+        AccountMeta::new_readonly(*owner, true),
+        AccountMeta::new_readonly(*market, false),
+        AccountMeta::new_readonly(rent::ID, false),
+    ];
+    Ok(Instruction {
+        program_id: *program_id,
+        data,
+        accounts,
+    })
+}
+
 #[cfg(test)]
 mod tests {
     use super::*;
diff --git a/dex/src/state.rs b/dex/src/state.rs
index 8ad18b2d..99e1c8e8 100644
--- a/dex/src/state.rs
+++ b/dex/src/state.rs
@@ -2048,6 +2048,45 @@ pub(crate) mod account_parser {
             })
         }
     }
+
+    pub struct InitOpenOrdersArgs;
+
+    impl InitOpenOrdersArgs {
+        pub fn with_parsed_args<T>(
+            program_id: &Pubkey,
+            accounts: &[AccountInfo],
+            f: impl FnOnce(InitOpenOrdersArgs) -> DexResult<T>,
+        ) -> DexResult<T> {
+            // Parse accounts.
+            check_assert_eq!(accounts.len(), 4)?;
+            #[rustfmt::skip]
+            let &[
+                ref open_orders_acc,
+                ref owner_acc,
+                ref market_acc,
+                ref rent_acc,
+            ] = array_ref![accounts, 0, 4];
+
+            // Validate the accounts given are valid.
+            let rent = {
+                let rent_sysvar = RentSysvarAccount::new(rent_acc)?;
+                Rent::from_account_info(rent_sysvar.inner()).or(check_unreachable!())?
+            };
+            let owner = SignerAccount::new(owner_acc)?;
+            let market = MarketState::load(market_acc, program_id)?;
+
+            // Perform open orders initialization.
+            let _open_orders = market.load_orders_mut(
+                open_orders_acc,
+                Some(owner.inner()),
+                program_id,
+                Some(rent),
+            )?;
+
+            // Invoke processor.
+            f(InitOpenOrdersArgs)
+        }
+    }
 }
 
 #[inline]
@@ -2150,6 +2189,13 @@ impl State {
                     Self::process_close_open_orders,
                 )?
             }
+            MarketInstruction::InitOpenOrders => {
+                account_parser::InitOpenOrdersArgs::with_parsed_args(
+                    program_id,
+                    accounts,
+                    Self::process_init_open_orders,
+                )?
+            }
         };
         Ok(())
     }
@@ -2159,6 +2205,10 @@ impl State {
         unimplemented!()
     }
 
+    fn process_init_open_orders(_args: account_parser::InitOpenOrdersArgs) -> DexResult {
+        Ok(())
+    }
+
     fn process_close_open_orders(args: account_parser::CloseOpenOrdersArgs) -> DexResult {
         let account_parser::CloseOpenOrdersArgs {
             open_orders,