Settlement and results
Settlement divides a fill’s already funded assets between its buyer and seller. It uses tomorrow’s full-day average, after that average is valid and finalized.
Who receives what?
Section titled “Who receives what?”| Direction | Buyer receives a payout when… | Otherwise… |
|---|---|---|
| Sell yesterday | H is above K | Buyer receives zero; seller receives all funds |
| Buy yesterday | H is below K | Buyer receives zero; seller receives all funds |
K is yesterday’s reference. H is tomorrow’s settlement average. At H = K, the buyer receives zero in both directions.
When the buyer receives a payout, the amount is capped at that fill’s funded assets. The seller gets the exact remainder. No additional deposit or swap is needed at settlement.
Gross payout and net result
Section titled “Gross payout and net result”Gross payout means the assets a person receives at settlement.
Buyer net result is the buyer’s payout minus the Contract price they paid. If they paid 1,000 USDC and receive 600 USDC, their payout is positive but their result is -400 USDC before costs.
Seller net result at entry compares the seller’s payout with the amount from immediate conversion at entry. If conversion produced 76,000 USDC and the seller receives 75,000 USDC, this result is -1,000 USDC.
This seller comparison is not profit against the seller’s original BTC purchase cost. Those are different benchmarks. BTC results and USDC results must also be kept separate unless a conversion price is clearly named.
Rounding and conservation
Section titled “Rounding and conservation”The buyer’s payout is rounded down to a whole unit of the smallest supported token amount. The seller gets every remaining unit.
For each fill:
buyer payout + seller payout = funded assetsNo extra funds appear when q is large. No fill can spend another fill’s assets.
Timing and delays
Section titled “Timing and delays”The earliest credit is T+2 at 00:00 UTC, after H is valid. A delayed or invalid H delays settlement. There is no selected rule that allows an operator to invent a fallback price.
Valid settlement is intended to be callable without the original matcher. The balance credit must happen exactly once. Withdrawal remains a separate action.
See a sell example or a buy example to follow the numbers.