How it works

Markets run in rounds that tile the clock back to back — one minute on the token markets, five on everything else. A round opens on the bell, records the price at that instant, and settles on the next bell against the price then. There is no gap between rounds: the moment one settles, the next is already live.

You can trade for essentially the whole round, not just at the start. Buy, flip sides, or cash out entirely at any point until trading closes a few seconds before the bell — that short window exists so your transaction can't land on the wrong side of settlement.

Each round has two shares: UP and DOWN. Exactly one of them pays $1 when the round settles; the other pays nothing.

So the price of a share is the market's probability. If UP costs 56¢, the market thinks there's a 56% chance the price closes higher, and $56 buys you 100 shares worth $100 if it does. The two prices always sum to $1, because every dollar of collateral in the round mints one UP share and one DOWN share together. That is also why the market can always pay out in full: the money to settle every winning share was deposited when that share was created.

Prices move as people trade. Buying UP makes UP more expensive and DOWN cheaper — you are trading against everyone else in the round and against the house liquidity that takes the other side of whatever is left over.

Rounds are decided by an oracle contract on Robinhood Chain, not by us. Two kinds are in use, and every market tells you which on the ⓘ chip next to its name:

• ▸DEX— a time-weighted average of the token's own Uniswap v4 pool. The price is whatever people actually traded at onchain.
• ▸Index — an equal-weight basket of Robinhood stock tokens, each priced by the Chainlink feed built into the token itself. The basket moves whenever any constituent prints.

Settlement is permissionless. Anyone can call the function that opens or settles a round; we run a keeper that does it on time, but if it went down, you or anyone else could poke the contract instead.

Nobody — including us — can set the price a round settles at. The contract reads it from the oracle at the moment of settlement and has no override.

• ▸No admin price.There is no function to set, nudge, or veto a settlement price. The only inputs are the oracle's answer and the clock.
• ▸Stale prices refuse to settle.If the oracle's last update is older than the round can tolerate, settlement reverts and the round voids rather than deciding on a price nobody could have traded against.
• ▸Averaged, not snapshot.DEX markets settle on a time-weighted average, so moving the price for a single block doesn't move the settlement — you would have to hold the pool away from fair value for the whole window, against arbitrageurs, and pay pool fees the entire time.
• ▸A missed window voids.If the round can't be settled inside its window at all, anyone can void it and everyone takes their money back.

A round voids if the price is dead flat between the two bells, if the oracle is stale, or if the settle window is missed. Nobody wins and nobody loses: you get your stake back in full, including the fee. Voids are more common on the one-minute markets, where a quiet minute genuinely can pass with no trades in the underlying pool.

1% on the way in and on the way out. It goes to the house liquidity that seeds every round and stands as counterparty. There is no fee on winnings and no fee on a voided round — the fee is only earned once a round actually resolves.

This is experimental software and you can lose everything you put in. Read the terms and risk disclosure — they cover eligibility, jurisdiction, and what this product is and isn't.