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Earn settlement

RAMX and NANDX capped futures are monthly. Each market expires at 00:00 UTC on the 1st of the month and settles on the oracle’s final value of its index for that month. That value is not final straight away: the oracle finalizes the month after its evidence and dispute window. See How the oracle works and Market lifecycle.

How a market settles

Section titled “How a market settles”

Once the oracle has finalized the month, the market fixes its settlement value. Amoeba’s keeper then pays out the market; anyone may send these steps, so they do not depend on Amoeba alone:

  • Every position is paid what its range pays at the settlement value. A long on a range receives the points the index settled above its low end, up to its high end. A short receives the rest of the range’s value.
  • The maker’s held pieces are paid the same way.
  • Orders still waiting on the book are cancelled and their held cost is returned.

Each payment goes to its owner’s free USDC in that market. Every position was backed in full when it opened, so the market pays exactly what it holds. Amoeba charges no settlement fee.

If the oracle fails the month, or has not settled it, the governance council can set the market’s settlement value instead, any time after expiry.

Earn depositors

Section titled “Earn depositors”

You do not need to do anything at settlement. The pieces the Earn vault holds in the market are paid into the vault’s cash there, so that market’s part of the gap between the vault’s lowest and highest values closes. The maker then moves the cash into the next months’ markets: settled cash rolls over, and the vault keeps backing the maker in every market.

Your shares are a part of the whole vault, not of one market, so a settlement does not end them. They stay in the vault until you withdraw them. Select Withdraw on the Earn page whenever you like; there is no deadline. Nothing is sent to your wallet until you do. See Earn: deposit into the Earn vault.

Limit orders and positions

Section titled “Limit orders and positions”

Your positions and the cost of any orders still waiting are paid into your free USDC in that market. Withdraw it from Account → Ledger → Orders with Withdraw. See Providing liquidity.

You can also close a position before settlement with Exit, at the best price available then.

See Risk disclosures and the Math appendix.