Place an Up or Down trade
Order types, the four fill paths, and how a Window settles or voids.
A Window is the unit of trading: one ticker, one cadence, one opening print and one closing print. Every call resolves to Up or Down against those two prints — nothing else decides the outcome.
Order types
- Normal — rests on the book if it doesn't fully fill immediately; if the order's fill budget runs out while it could still cross, the unfilled remainder cancels rather than resting mid-cross.
- IOC (immediate-or-cancel) — fills what it can right now and cancels the rest; reverts if it fills nothing at all.
- FOK (fill-or-kill) — reverts unless it fills completely.
- PostOnly — never takes; it reverts if it would cross the book immediately. This is the only order type allowed on a Window that hasn't opened for trading yet — see Pre-open calls.
Every order also carries an expiry no later than the Window's lock time, and a self-match rule (cancel the taker side or the resting maker side) so you can't trade against yourself by accident.
How a fill actually happens
The engine matches on price and time, and every fill lands as one of four kinds, depending on what's resting on the other side:
| You place | Matches against | What happens |
|---|---|---|
| Buy Up | Sell Up | You buy Up directly from a seller |
| Sell Down | Buy Down | You sell Down directly to a buyer |
| Buy Up | Buy Down | A complete Up+Down pair is minted between you two |
| Sell Down | Sell Up | A complete Up+Down pair is burned between you two |
All four pay out by the identical rule at settlement — Up wins if the close is at or above the open, Down wins otherwise. The fill path only changes who ends up on the other side of the position, never what a winning or losing position is worth. A fill always executes at the resting order's price; if you paid more than that price as a taker, the difference is refunded.
If your stake is more than the book can fill right now, the ticket says so and offers Use …, all the book can fill to resize the order to what is resting. A Window nobody is quoting reads No quotes yet.
How a Window settles
Once the Window's close time arrives, the venue needs a verified price print for both the open and the close before it can pay anyone out:
- Settles Up or Down once both prints exist and (for tickers with a cross-check) they agree closely enough. A real devnet drive produced exactly this: TSLA's Pyth print and its RedStone cross-check agreed within tolerance, and the Window settled Up.
- Voids
MissingPrintif a required print never showed up in time — everyone gets 0.5 back per lot (their stake, not a loss) plus their seat bond. A real devnet drive produced this too: an NVDA Window with no price posted voided honestly rather than settling on a guess. - Voids
CrossCheckDivergenceif a ticker has two price sources and they disagree past the allowed tolerance — same 0.5-back treatment. A real devnet drive produced this for a test ticker whose attested price landed about 1% away from its RedStone check.
See Halts and voids for the honest labels the app uses for each of these, and every one of these transactions with its explorer link in the repository's docs/plan/acceptance.md.
Claim your result
Nothing pays into your wallet automatically. Open Portfolio once the Window shows a result and claim it — a settled position sits there until you redeem it, and redeeming still works even after the Window itself has been cleaned up on-chain.