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Protocol

Oracle

Settle’s internal oracle determines the expiry price and proposes the market outcome on-chain.

Expiry price

For the exact minute a market expires, the oracle reads closing prices from Coinbase, Kraken, and Binance.

  1. 1
    Read exchange prices

    Collect the closing price for the exact expiry minute from each available source.

  2. 2
    Confirm source agreement

    At least two sources must agree within 0.5%.

  3. 3
    Use the median price

    The median of the agreeing prices becomes the settlement price.

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Why use multiple sources?

Agreement and median pricing prevent one bad or missing source from deciding the market outcome.

Determine the outcome

The oracle compares the settlement price with the market’s strike.

Above / YESAt or above

The settlement price meets or exceeds the strike.

Below / NOBelow

The settlement price is lower than the strike.

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A tie settles Above / YES

If the settlement price equals the strike, Above wins.

Propose the result on-chain

The keeper submits the settlement price and proposed outcome to the appropriate internal oracle contract.

Standard marketsOperatorOracle
Rolling marketsFast OperatorOracle

The proposal remains pending during its review window. After that window closes, the market can be finalized through the Settle hub contract.

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Continue to settlement

See Settlement for review windows, finalization, claims, and the seven-day backstop. Verified oracle addresses are listed under Contracts.