Reference
Parameters
The live policy, the program's bounds, and the app's default bands.
Policy
The policy is set once, when the protocol is initialized, and cannot change afterwards. These values are read from the chain now.
Reading the policy from the chain.
Program rules
These hold for every series and vault, whatever the policy:
| Rule | Value |
|---|---|
| Expiry | A Friday at 20:00 UTC, still ahead, at most four weeks out |
| Band | H above L; edges are signed, so a band can sit below zero |
| Pair | H − L USDC of collateral, whole pairs only |
| LONG payout | P − L, between 0 and H − L |
| SHORT payout | H − P, between 0 and H − L |
| Opening price | A fully verified Pyth price, no older than the price age |
| Settlement price | Pyth's first price at or after expiry, fully verified, within the settlement window |
| Prices on chain | Six decimals, rounded toward zero |
| Spot band | L above zero |
| Spot shares | Six decimals; 1.000000 share per LONG in an empty vault |
| Next week's band | Same width, L = settlement price − width ÷ 2, expiry one week later |
| Offer | Ask above zero and at most the width, strictly below the best ask, escrowing budget ÷ (next L + ask) LONG |
| Policy bounds | Mint and roll fees up to 5%; price age 1–300 s; settlement window up to 3 days; confidence up to 10%; auction 60–3,600 s |
Default bands
When you open a series, the app suggests these half-widths around Pyth's price, by feed class. They cover the widest Friday-to-Friday move each class showed on Pyth from April 24 to October 2, 2026. They are the app's suggestion only: any band can be opened.
| Metals | ±10% around the price |
|---|---|
| Energy & softs | ±20% around the price |
| FX | ±4% around the price |
| Equities | ±12% around the price |
| Rates | ±12% around the price |
| Crypto | ±30% around the price |