The daily cycle
Yesterday uses UTC days. Each day runs from 00:00 UTC up to, but not including, the next 00:00 UTC.
A Monday fill
Section titled “A Monday fill”| Day | What happens |
|---|---|
| Sunday | The full day’s prices form the reference, called K |
| Monday | Orders can fill using that fixed reference |
| Tuesday | The full day’s prices form the settlement average, called H |
| Wednesday, 00:00 UTC or later | Settlement can credit payouts after H is valid and finalized |
This is not a fixed 24-hour countdown from the moment you trade. A fill early on Monday waits longer than a fill late on Monday, but both use Tuesday’s full-day average.
What stays fixed today?
Section titled “What stays fixed today?”Yesterday’s reference stays fixed for the whole trading day. The current price keeps moving. That means the eligible directions and estimated Split rate may change before an order fills.
Once a fill is created, its own reference, direction, size, Split rate, funds, and schedule are fixed.
What happens at midnight?
Section titled “What happens at midnight?”Unfilled orders expire at the trading day’s UTC cutoff or at an earlier expiry set by their owner. They do not automatically become orders for the next day.
Already funded fills keep their original schedule. New-day orders use the new daily reference when it is valid.
If the price data is late
Section titled “If the price data is late”An unavailable reference prevents contract fills that depend on it. If the settlement average is unavailable or invalid, settlement waits. The design does not allow someone to choose a replacement price just to finish on time.
The production recovery policy for a lasting outage still needs to be completed. Read the risks.
Settlement and withdrawal are separate
Section titled “Settlement and withdrawal are separate”Settlement assigns the funded assets and credits available balances. A withdrawal then moves available assets to the owner’s wallet. An earliest settlement time is not a promise of an immediate wallet transfer.