Settlement & Voids

What settles a market

Each window resolves against its opening price: if the settlement price is at or above it, Up wins; below it, Down wins. The settlement price comes from a multi-source price reference — never a single exchange tick — and each market's reference and result are published, so every settlement can be checked.

Checking a settlement yourself

Every market's settlement question is public on the oracle explorer. Open a question and switch to the Graph tab to see the whole pipeline for that specific market: the question as it was recorded on-chain, each price source with the value it returned, the median across them, how many sources had to agree, and which side that median landed on.

Nothing about a settlement is a black box. If a result ever looks wrong, that page is the receipt.

The lifecycle

1. Trading — orders accepted while the window is open. You can exit any time at the live price.
2. Locked — the window ends; no new orders. Resting orders can still be cancelled.
3. Resolved — the settlement price is compared to the opening price and the winning side is fixed. Winning contracts redeem for 1 USDso each.

The comparison happens within a short settlement window after expiry. Markets roll continuously, so the next window is already open while the previous one settles.

Voided markets

If a reliable settlement price cannot be determined within the settlement window, the market voids rather than settling on bad data. In a voided market there is no winner: both sides redeem at 0.5 USDso per contract, returning the pooled collateral evenly. No fee is taken on a void.

A voided market is a refund, not a loss: whatever side you held, each contract returns 0.5 USDso — exactly the collateral that backed it.