Concepts
The opening price
The 30-minute average of the Pyth price from the company's first official trade.
The first trade
When the company's shares trade for the first time, the market authority records the time of that trade on chain, within 60 seconds of it, together with the SHA-256 hash of the exchange's evidence. From then on the market is Listed: minting closes and trading continues.
The authority cannot set a price, and it cannot change the market's feed, fees, end date or the bands already on its ladder. The app shows the authority's account and the evidence hash under Market terms.
The 30-minute average
From the first trade, each update of the market's Pyth feed is recorded on chain. An update counts when:
- Pyth's receiver program has verified it in full,
- its confidence interval is within 1% of its price,
- it links to the update before it, at most 60 seconds earlier,
- and, for the first one, it was published no more than 60 seconds before the first trade.
Each price counts for as long as it stood. When 1,800 seconds (30 minutes) are covered, their time-weighted average is the opening price, in micro-USDC.
Settling
Once the window is complete, the market can be settled by anyone; Bell's keeper does it as soon as it can. Settlement fixes what every UP and DOWN redeems for. See Settlement and redemption.