Settlement on Pyth

Every series settles on one number: Pyth's first price published at or after its expiry, Friday at 20:00 UTC. Settlement fixes what each LONG and each SHORT pays, once and for good.

Which price

Pyth publishes many prices per second for an open market. The program takes the first one whose publish time is at or after the expiry, and it checks this from the price itself: the update carries its own publish time and the time of the previous print, and the program requires

• the previous print to be before the expiry, and
• this print to be at or after the expiry.

So exactly one price qualifies. For a market that is closed at 20:00 UTC on a Friday, the first price comes when it reopens, within the settlement window in Parameters.

How it is checked

• The price is a signed Pyth update, posted to Solana and verified by Pyth's receiver program with full guardian verification.
• Its confidence interval must be within the policy's limit, as a share of the price.
• The price is converted to six decimals, rounding toward zero, and both payouts are computed from it.

Who settles

Anyone can settle an expired series: choose it in the app and select Settle on Pyth. Ditto's keeper also settles expired series on its own once the price is available. Settling once is enough; a second attempt finds the series already settled.

After settlement

The series shows its settlement price and what each side pays. Redeem LONG and SHORT for USDC at any time afterwards, and merge any remaining pairs whenever you like. See Settle and redeem.