Directions and the Split rate
At each contract fill, Yesterday compares the actual conversion price with yesterday’s reference. This comparison answers two questions: which directions are allowed, and what Split rate applies?
Which direction can fill?
Section titled “Which direction can fill?”| Execution price compared with the reference | Eligible contract directions |
|---|---|
| Less than 0.5% away, on either side | Sell and buy |
| Exactly 0.5% below, or farther below | Sell only |
| Exactly 0.5% above, or farther above | Buy only |
| Exactly equal | Sell and buy |
For a reference of 80,000, both directions are allowed above 79,600 and below 80,400. At 79,600, only sell is allowed. At 80,400, only buy is allowed.
The calculation uses exact prices. A rounded screen value such as “0.50%” cannot decide whether a price is inside the band.
What is the Split rate?
Section titled “What is the Split rate?”The Split rate, written as q, controls how strongly a favorable move in the settlement average increases the buyer’s payout. The funded amount still caps that payout.
First, calculate the gap as a percentage of yesterday’s reference. Then take half of that number, with a minimum of 0.1.
gap = 100 × absolute difference between entry and reference / referenceq = the greater of 0.1 and half the gapUse percentage points: a 5% gap enters the formula as 5, not 0.05.
| Entry gap | Split rate q |
|---|---|
| 0% | 0.1 |
| 0.1% | 0.1 |
| 0.2% | 0.1 |
| 0.5% | 0.25 |
| 5% | 2.5 |
| 50% | 25 |
There is no maximum q. Each fill’s funded amount limits its payout independently.
When is q fixed?
Section titled “When is q fixed?”q is fixed at the fill, using the reference and execution price for that fill. A price preview is only an estimate. A resting buyer order can fill at a different q from the one shown when it was placed.
The Contract price does not set q. Lowering the buyer’s payment lowers the funded maximum; it does not increase the Split rate.
The coefficient 0.5, minimum 0.1, and direction band 0.5% are initial settings. Future changes would apply to new fills under a defined version. Existing funded fills keep their terms.