Trade where a company opens, before it lists.
Anyone with a Solana wallet can take a side on where a company opens before it lists, with USDC price bands that pay UP below the opening price and DOWN above it.
Kestrel OrbitalExample market
- $40–45 UP 4.86 DOWN 0.14
- $45–50 UP 4.25 DOWN 0.75
- $50–55 UP 2.96 DOWN 2.04
- $55–60 UP 1.53 DOWN 3.47
- $60–65 UP 0.58 DOWN 4.42
- $65–70 UP 0.17 DOWN 4.83
One band, $55 to $60
Deposit the band’s width in USDC, $5 here, and you hold one UP and one DOWN. Both trade until the listing, and a pair merges back into the deposit whenever you like. Once the stock opens, the opening price splits the band: UP takes the part below it, DOWN the part above.
Kestrel OrbitalExample market
What each side trades at before the listing. A pair always adds up to the band.
Example wallet
- USDC
- 20.00
- UP 55–60
- 0
- DOWN 55–60
- 0
The implied open
Start at the bottom of the ladder and add each band’s UP price. The total is the opening price the market expects before anyone has traded the stock, and on the bell it falls exactly on the mean.
- $40.00Bottom of the ladder
- + 4.86UP 40–45
- + 4.25UP 45–50
- + 2.96UP 50–55
- + 1.53UP 55–60
- + 0.58UP 60–65
- + 0.17UP 65–70
- $54.35Implied open
Kestrel OrbitalExample market
I think it opens at $62.00
Name one price. Every band under it is bought as UP and every band over it as DOWN, and the line traces what that order returns wherever the stock opens. Drag the print, or use the arrow keys.
Kestrel OrbitalExample market
Listing day
Kestrel OrbitalExample market
Before the first trade
- 09:29:30 Before the first trade
- 09:30:00 First trade at $59.36
- 10:00:00 The 30 minutes are up.
Opening price$57.40
- Pyth price
- —
- Running average
- —
- Window
- 00:00 / 30:00
Pyth price, every 10 s 30-minute average
- $40–45 UP 4.86 DOWN 0.14
- $45–50 UP 4.25 DOWN 0.75
- $50–55 UP 2.96 DOWN 2.04
- $55–60 UP 1.53 DOWN 3.47
- $60–65 UP 0.58 DOWN 4.42
- $65–70 UP 0.17 DOWN 4.83
The ladder implied $54.35 before the listing; the 30-minute average after the first trade settled every band.
The example, settled
Preview the example order at $62.00 with $100. These illustrative redemptions do not move funds. Use Live markets to redeem tokens from your wallet.
- UP$40–454.69 × $5.00$23.46
- UP$45–504.69 × $5.00$23.46
- UP$50–554.69 × $5.00$23.46
- UP$55–604.69 × $2.40$11.26
- UP$60–651.88 × $0.00$0.00
- DOWN$60–652.82 × $5.00$14.08
- DOWN$65–704.69 × $5.00$23.46
Market terms
What every Bell market on Solana is built from.
- Band width
- Per market
- Each market sets its own ladder. The example on this page runs in $5 bands from $40 to $70.
- Collateral
- USDC
- A pair is paid for in full when it is minted, so a position can never owe more than it cost.
- Opening price
- 30-minute average
- Pyth's price, averaged across the half hour that begins with the first official trade.
- No listing by the end date
- Midpoint
- Should the company not list in time, both sides of every band settle at the middle of the band.
- Order books
- Solana CLOB
- UP and DOWN change hands on a permissionless book from the mint until settlement.
- Fees
- Mint · settlement
- Charged when a pair is minted and when a payout is redeemed.
- A market
- Five fields
- Company, expected listing window, ladder, end date, and the Pyth feed it settles on.
$BELL
- Supply
- 1,000,000,000, fixed
- Distribution
- 100% public launch, the same terms for everyone
Bell’s own token, apart from UP and DOWN, the band tokens of each market.
How $BELL works- Pair mint fee and settlement feeevery market, in full
- Fee vaultUSDC, one per market
- $BELLbought on the open market