Quick guide
Imagine yesterday’s average Bitcoin price was 80,000 USDC. Today, Bitcoin can be sold for 76,000 USDC.
Someone wants a chance to receive more than today’s sale price. They provide BTC. It is converted to USDC, and a second person adds a payment. Together, those funds form a Yesterday contract.
The first person can receive the full funded amount if tomorrow’s average stays at or below 80,000. If that average rises above 80,000, some or all of the funds go to the second person instead.
Who is involved?
Section titled “Who is involved?”The Contract seller, also called the issuer, starts the conditional sale or purchase. The Contract buyer pays the Contract price to take the opposite exposure.
These names describe their roles in the contract. A Contract seller can choose either to sell BTC or to buy BTC.
Two directions
Section titled “Two directions”| Direction | Contract seller provides | Both sides receive at settlement | Buyer receives a payout when… |
|---|---|---|---|
| Sell yesterday | BTC, converted to USDC | USDC | Tomorrow’s average is above yesterday’s reference |
| Buy yesterday | USDC, converted to BTC | BTC | Tomorrow’s average is below yesterday’s reference |
A positive payout does not always mean a profit. The buyer must receive more than the Contract price they paid to have a positive result before costs.
One simple sell example
Section titled “One simple sell example”For a 1 BTC reference size, suppose the conversion returns 76,000 USDC and the buyer pays 1,000 USDC. The contract holds 77,000 USDC in total.
If tomorrow’s average equals 80,000 USDC, the seller receives all 77,000 and the buyer receives zero. If tomorrow’s average is 80,800 USDC, the current rules give the buyer 2,000 and the seller 75,000.
In the second case, the buyer’s result is +1,000 USDC after subtracting their payment. The seller’s result is -1,000 USDC compared with taking the 76,000 USDC from a plain sale at entry. These examples leave out fees and other costs. Follow the full calculation.
When do you receive the result?
Section titled “When do you receive the result?”If the contract fills on Monday, it uses Sunday’s average as its reference and Tuesday’s average for settlement. The payout can be credited from Wednesday at 00:00 UTC, after the average is checked and finalized.
What can you use today?
Section titled “What can you use today?”You can read these docs, try the educational calculator on yesterday.trade, and join the waitlist. The public website does not accept trading deposits. Invited prototype testers use practice money and mock prices.
Next: the two participants, then the risks.