Claiming Winnings

This guide explains how settlement works and how to claim your winnings.

Settlement Overview

After a market resolves, winning shares can be redeemed for USDC:

Resolution Process

1. Price Snapshots

The market captures two oracle prices:

Snapshot	When	Purpose
Start Price (`P_start`)	At `t_start`	Reference point
End Price (`P_end`)	At `t_end`	Comparison point

2. Outcome Determination

The outcome is determined by comparing prices:

Important: Equality (P_end == P_start) resolves to UP.

3. Resolution Finality

Once resolved:

Outcome is final and irreversible
No dispute window
Settlement can begin immediately

Payout Calculation

Winning Shares

Outcome	Winning Share	Payout per Share
UP	YES	1 USDC
DOWN	NO	1 USDC

Losing Shares

Outcome	Losing Share	Payout per Share
UP	NO	0 USDC
DOWN	YES	0 USDC

Total Payout

If outcome == UP:
    payout = yes_shares × 1 USDC

If outcome == DOWN:
    payout = no_shares × 1 USDC

Settlement Process

Step 1: Wait for Resolution

Step 2: Claim Settlement

Settlement is permissionless - anyone can trigger it for any user:

Step 3: Receive Funds

Your USDC is transferred directly to your token account.

Settlement Example

Scenario: You hold 100 YES shares, market resolves UP

Multiple Positions

If you hold both YES and NO shares:

Your Position	Outcome UP	Outcome DOWN
100 YES + 50 NO	100 USDC	50 USDC
50 YES + 100 NO	50 USDC	100 USDC
100 YES + 100 NO	100 USDC	100 USDC

Note: Holding equal YES and NO guarantees a fixed return regardless of outcome.

Automatic Settlement

Crank-Driven Settlement

Settlement is triggered by crank operators:

They call settle_position for each user
Earn a small reward for each settlement
You don't need to do anything

Self-Settlement

You can also settle your own position:

Call settle_position directly
Receive your payout immediately
No waiting for cranks

Position Closure

After settlement, your position can be closed:

Benefits:

Reclaim rent (~0.002 SOL)
Clean up blockchain state

Settlement Timeline

Typical settlement flow:

Time	Event
t_end	Trading ends
t_end + ~1s	End snapshot captured
t_end + ~5s	Market resolved
t_end + ~10s	Settlements begin
t_end + ~30s	Most positions settled

Edge Cases

Force Close

If a market fails to resolve within 7 days:

What happens:

All users get their collateral back
No outcome is determined
Market closes without resolution

Oracle Failure

If Pyth oracle is unavailable:

Scenario	Protocol Behavior
Stale at t_start	Waits for valid price
Stale at t_end	Waits for valid price
Extended outage	Force close after expiry

Claiming Checklist

Verify market resolved: Check outcome is set
Calculate expected payout: Based on your shares and outcome
Trigger settlement: Call or wait for crank
Verify receipt: Check USDC balance increased
Close position: Reclaim rent (optional)

Common Questions

When can I claim?

Immediately after market resolves (outcome != None).

What if I don't claim?

Cranks will settle for you, or you can claim anytime.

Is there a deadline?

You can claim until the market account is closed (7+ days).

What about partial positions?

Entire position is settled at once - no partial claims.

Next Steps

Understand Risks
Learn Market Making