Concepts
Series and bands
One Pyth price, a band from L to H, and a Friday expiry.
A series is three things: a Pyth price feed, a band from L to H, and an expiry, always a Friday at 20:00 UTC. Anyone can open a series on any feed Pyth publishes, for any of the next four Fridays.
The band
L and H are price levels, written in the feed's own units, and they double as USDC amounts: one point of price is one USDC. A gold band from 3,700 to 4,600 has a width of 900, so one pair locks 900 USDC.
The band can sit anywhere, including below zero for rates that go negative. The only rule is that H is above L.
What each side pays
At expiry the series settles on one price, P. Then:
| Side | Pays per token |
|---|---|
| LONG | P − L, but at least 0 and at most H − L |
| SHORT | H − P, but at least 0 and at most H − L |
The two always add up to H − L, the amount each pair locked. Inside the band LONG moves point for point with the price. Above H LONG pays the whole width and SHORT pays nothing; below L it is the other way round.
A worked example
Gold opens a series at 4,142.47 with L = 3,700 and H = 4,600, expiring Friday at 20:00 UTC.
| Gold at expiry | LONG pays | SHORT pays |
|---|---|---|
| 4,300.00 | 600.00 USDC | 300.00 USDC |
| 4,142.47 | 442.47 USDC | 457.53 USDC |
| 3,500.00 | 0.00 USDC | 900.00 USDC |
| 4,800.00 | 900.00 USDC | 0.00 USDC |
Default bands
When you open a series, the app suggests a band around Pyth's current price, as wide as the feed's class usually moves in a week. You can change both edges before you open it.
| 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 |
Expiry
Every series expires on a Friday at 20:00 UTC. The program accepts expiries that are still ahead and at most four weeks out. Until expiry you can mint pairs; merging works at any time. After expiry the series settles and both sides redeem. See Settlement on Pyth.