No book, no matching
Prices come from an oracle, not from bids meeting offers. Size is available at the mark until the pool runs out of room to honour it.
Perpetuals with no order book. The pool takes the other side of every trade.
Open outcry ran on a stepped octagon like the one above. You stood on a step, shouted a price, and someone shouted back. The whole thing worked because there was always somebody on the other side.
There is nobody here. Instead a pool of deposited capital is counterparty to every position on the desk — traders who win are paid out of it, traders who lose pay into it. Depositors are, collectively, the house.
Prices come from an oracle, not from bids meeting offers. Size is available at the mark until the pool runs out of room to honour it.
When longs outweigh shorts the pool is net short, so it collects from longs directly. Same economics as a book, none of the distribution machinery.
A price older than five minutes stops counting as a price and trading halts. A dead feeder closes the floor rather than settling anyone against a stale print.
Every price is checked against a second exchange before it is published. When they disagree, nothing is published and the desk goes quiet.
Every design here bought something by giving something up. The trades are worth stating plainly rather than discovering them with a position open.
That exact amount is set aside in the pool the moment you open, so a winner is always payable. The cost is that a runner stops earning past the cap. A pool that promises unbounded payouts cannot reserve against them, and an unreserved promise is the one that breaks.
Closing needs a live price, because settling against a stale one robs whichever side the staleness favours. Margin can always be added, so a position can be defended through a closure even when it cannot be exited.
There is no trustworthy Dow index source wired up yet, and publishing a correlated proxy under that name would be a lie the desk settles on. The market stays shut until there is a feed worth trusting.
SPX, NAS, GOLD, SOL, XRP, BNB and HYPE are next, and they are held back rather than half-shipped: the current engine sums unrealised profit across exactly three markets, so a position on a fourth would be invisible to the pool's own accounting and the vault would report itself richer than it is. Listing them early would look like progress and quietly break the number depositors rely on.
Collateral is a test token anyone can mint, on a testnet, worthless on purpose. The Arc faucet gives a dollar a day, which cannot seed a pool deep enough for any number here to mean anything.
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