> For the complete documentation index, see [llms.txt](https://docs.helio.bet/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.helio.bet/rounds-and-settlement.md).

# Rounds and settlement

A series fixes its oracle, round duration, reference window, trading cutoff, opening allowance, settlement grace period, taker fee, and escrow cap when it is created. Existing series rules cannot be edited. A changed methodology requires a new series.

## Pilot timeline

All six deployed series use the same timing parameters.

| Event or rule                 | Pilot setting                                  |
| ----------------------------- | ---------------------------------------------- |
| Round duration                | 300 seconds                                    |
| Opening reference             | 30-second window ending at the scheduled start |
| Opening transaction allowance | From the start through 30 seconds after it     |
| Trading cutoff                | 30 seconds before the scheduled end            |
| Closing reference             | 30-second window ending at the scheduled end   |
| Settlement grace              | 600 seconds after the end                      |

For a 12:00–12:05 UTC round, the opening reference covers 11:59:30–12:00:00. Trading stops at 12:04:30. The closing reference covers 12:04:30–12:05:00.

The caller's transaction time does not move these reference windows. A late settlement still requests the original closing boundary.

## Opening and resolving

Anyone can submit an eligible opening or settlement transaction. Contracts do not run on a timer by themselves.

A round cannot open if its series is paused, its opening window has passed, or the required opening evidence is unavailable. A missed opening leaves no opened round to trade.

After the end, settlement compares valid historical closing evidence with the stored opening reference.

| Result                                      | UP payout per share | DOWN payout per share |
| ------------------------------------------- | ------------------: | --------------------: |
| Closing reference higher                    |             1 hTEST |               0 hTEST |
| Closing reference lower                     |             0 hTEST |               1 hTEST |
| Exact tie                                   |          0.50 hTEST |            0.50 hTEST |
| Invalid closing evidence after the deadline |          0.50 hTEST |            0.50 hTEST |

While the closing evidence is unavailable at or before the deadline, settlement reverts and can be retried. After the deadline, missing evidence permits invalid finalization.

Valid historical evidence still takes priority if it remains available when finalization runs. Even `finalizeInvalid` checks for valid evidence first. There is no administrator outcome override.

## A half payout is not a purchase-price refund

An outcome bought for 0.80 hTEST redeems for 0.50 hTEST on a tie or invalid round. An outcome bought for 0.20 redeems for the same 0.50. Executed trades and their fees remain in effect.

## What the oracle measures

The deployed adapters read each pool's Uniswap v3 observations and derive a geometric time-weighted average price. Prices are USDG per stock token, scaled to 18 decimals. Integer mean ticks introduce price granularity of approximately one basis point.

The adapter checks the pool's identity, token orientation, historical interval, and harmonic liquidity. The pilot uses a minimum harmonic-liquidity threshold of 1 and has no sequencer-uptime feed configured. Those settings have not been qualified for real-value collateral.

The live website at the documented commit samples rolling 30-second oracle references for its chart. Those samples are separate from the fixed opening and closing references stored for settlement. A chart cache is not settlement evidence.

For the underlying observation mechanism, see [Uniswap's price oracle documentation](https://developers.uniswap.org/docs/protocols/v3/concepts/price-oracles). For Helio's configured pools, see [Markets and price sources](/markets-and-price-sources.md).


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