Directions and the Split rate

At each contract fill, Yesterday compares the actual conversion price with yesterday’s reference. This comparison answers two questions: which directions are allowed, and what Split rate applies?

Which direction can fill?

Execution price compared with the reference	Eligible contract directions
Less than 0.5% away, on either side	Sell and buy
Exactly 0.5% below, or farther below	Sell only
Exactly 0.5% above, or farther above	Buy only
Exactly equal	Sell and buy

For a reference of 80,000, both directions are allowed above 79,600 and below 80,400. At 79,600, only sell is allowed. At 80,400, only buy is allowed.

The calculation uses exact prices. A rounded screen value such as “0.50%” cannot decide whether a price is inside the band.

What is the Split rate?

The Split rate, written as q, controls how strongly a favorable move in the settlement average increases the buyer’s payout. The funded amount still caps that payout.

First, calculate the gap as a percentage of yesterday’s reference. Then take half of that number, with a minimum of 0.1.

gap = 100 × absolute difference between entry and reference / reference
q = the greater of 0.1 and half the gap

Use percentage points: a 5% gap enters the formula as 5, not 0.05.

Entry gap	Split rate q
0%	0.1
0.1%	0.1
0.2%	0.1
0.5%	0.25
5%	2.5
50%	25

There is no maximum q. Each fill’s funded amount limits its payout independently.

When is q fixed?

q is fixed at the fill, using the reference and execution price for that fill. A price preview is only an estimate. A resting buyer order can fill at a different q from the one shown when it was placed.

The Contract price does not set q. Lowering the buyer’s payment lowers the funded maximum; it does not increase the Split rate.

The coefficient 0.5, minimum 0.1, and direction band 0.5% are initial settings. Future changes would apply to new fills under a defined version. Existing funded fills keep their terms.