Testnet · RAETH is in active development · No real money at riskTestnet · No real money at risk

Opening RAETH

Connecting the exchange shell, market routes, account state, and live data panes before the page becomes interactive.

Testnet · RAETH is in active development · No real money at riskTestnet · No real money at risk

Swagger UI

User Guide Developer API API Reference

Settlement & Resolution

Every market resolves mechanically from recorded oracle data — no committee, no discretion in the happy path. This page covers how the BTC up/down windows snapshot and settle, what the tie rule is, when a window voids, how perpetuals mark and fund, and how the mirror instruments inherit all of it.

BTC up/down windows — open/close snapshots

Each 60-second window settles on two boundary snapshots of the BTC reference feed:

At the window's open (a 60-second UTC boundary) the lister records the open price — the oracle's value effective AT that instant, not whenever a poller happened to tick.
Trading runs for the window's life; the book is a normal CLOB in a 1–99¢ band.
At the close boundary the settler records the close price from the same feed.
Resolution: close > open → YES (Up) wins; close < open → NO wins. An exact tie voids (refund) — UP requires the close strictly above the open.
Winning contracts pay 100¢ each, losing contracts pay 0; cash settles immediately and the window is final.

The reference feed is Chainlink's BTC/USD stream (consumed via Polymarket's public relay — the same series Polymarket settles on), with an exchange-median (Binance + Coinbase) fallback when the relay is unavailable. The terminal's header shows which leg is live at any moment.

Note

Settlement is evidenced, not asserted: each window's metadata records the open and close prices, the exact source leg that produced each (open_price_source), and the basis (a boundary report vs a best-effort current price). Replaying the ledger reproduces identical settlement.

Voids

A window voids — all positions unwound at cost, no winner — only when no oracle leg can supply a usable boundary value (a full feed outage across the close). Voids are rare and recorded with the same evidence trail; a tie is NOT a void (ties resolve UP).

Perpetuals — mark, funding, no expiry

Perps never settle; they tether to the index instead:

Mark price = the book mid, clamped to a band around the external BTC index — your unrealized PnL and liquidations use the mark, so a thin book can't print fake liquidations.
Funding applies hourly: rate = the clamped premium of mark vs index, longs pay shorts when positive. Funding transfers are zero-sum between traders; the venue takes nothing.
Liquidation triggers on maintenance margin (1.25% at 40× max leverage), executed as a forced reduce-only close.

Parlay resolution

BTC-native parlays settle from their component 60-second BTC windows:

Any leg loses and the parlay resolves NO immediately.
All legs win and the parlay resolves YES.
Any leg voids, ties according to its void path, or times out and the whole parlay voids/refunds.