Settlement
Cash-settled (Robinhood Chain)
- Maturity. Trading stops. BTC and ETH rounds mature at 00:00 UTC.
- Settle. After a 60-second delay anyone can call
closeEpoch(). Split calls it every 5 minutes until it succeeds. Each band reads the Chainlink price once. - Guards. Positive answer, complete round, updated within the pool's
maxStaleness. If a guard fails, settlement reverts and is retried. No funds move on a stale price. - Claim. Holders claim USDG with
claimNAndWithdraw(Up) orclaimPAndWithdraw(Down). No deadline. A claim settles the band first if needed.
The price feed is used once, at settlement. It does not affect collateral, and there is no margin to liquidate. A bad or late feed can delay settlement; it cannot make the pool owe more than it holds.
Guards
| Check | Value on BTC and ETH |
|---|---|
| Answer | Positive |
| Round | Complete (answeredInRound ≥ roundId) |
| Freshness | Updated within maxStaleness (8 h BTC, 4 h ETH) |
| Delay after maturity | 60 s |
Chainlink BTC/USD and ETH/USD on Robinhood Chain update on a 0.5% move or a 24 h heartbeat. If the latest update is older than maxStaleness when settlement is called, the call reverts and settles on the next update.
Physical (Base)
- Exercise. During the window at expiry, a call holder burns N and pays the strike in stablecoin to receive the underlying. No price feed is read.
- Auto-exercise. On Base, an exerciser contract exercises approved in-the-money calls for the holder: it borrows the strike, exercises, swaps, repays and sends the net. It holds no custody.
- Settle and redeem. After the window, anyone can settle. P holders redeem pro-rata for what the vault holds.
A winning physical position that is not exercised during the window is not paid.
Both modes
- Fully collateralized for the maximum payout.
- No margin, no liquidation.
- Buyer's max loss is the premium.