How settlement works

At maturity the market fixes its settlement value Long_T = (1 + ρ) / 2, where ρ is the realized correlation of ETH and BTC five-minute returns over the whole window.

Each Long then pays Long_T tUSDC and each Short pays 1 − Long_T, so a Long + Short pair always pays exactly 1. If the market is void, both pay 0.5.

Settlement needs the final price report. Anyone can trigger it once that report is confirmed; the operator's bot does it too.