Session Lifecycle
Click through each stage below to explore the full session lifecycle.
Step 1 - Initialization
Start price is timestamped from Pyth oracle. Session countdown begins. Long and short tokens both start at $0.50.
Step 2 - Active Trading
Deposit USDC, receive Long (Up) or Short (Down) position tokens. Payoffs follow x¹⁶ or x³² curves depending on the market (see Markets & Feeds for which pairs use which power). Positions can be opened and closed freely throughout the session.
Funding flows between the overweight and underweight sides at two fixed points during the session - at the 40% and 80% marks. See Layer 2 for the funding schedule.
Step 3 - Settlement
End price is timestamped from Pyth. Pool locks - no more trading.
| Outcome | Result |
|---|---|
| End price > Start price | Longs win |
| End price < Start price | Shorts win |
| End price = Start price | 50/50 split |
Step 4 - Claim
Anyone can permissionlessly call claim to settle the pool on-chain. Winners swap position tokens for USDC proportional to their share. Losers who didn't close before expiry have their tokens burned - remaining funds are redistributed to the winning side as the Winner-Takes-All Bonus.
Step 5 - Auto-Rollover
New session auto-creates with a fresh start price.
The Payout: Base Return + Winner Bonus
Two Layers
Your payout has two layers:
- Layer 1: Base Return - the power curve determines how much your token is worth based on market movement
- Layer 2: Winner-Takes-All Bonus - unclaimed losing positions are redistributed to winners at settlement