Markets

# Markets Each market we list gets its own page, stating the terms that decide its payout. Those terms are written on-chain when the market is minted and cannot be edited afterward. A launch specification is explicitly labeled until its deployed terms can be checked. ## Recurring price markets | Market | Underlying | Cadence | Feed | Page | |---|---|---|---|---| | BTC Hourly | Bitcoin | every hour at `:00` UTC; 24/day | [Perp](/price-feeds/perp) — the BTC perp's own trades | [BTC Hourly](/markets/btc-hourly) | | BTC 4-Hour | Bitcoin | three strikes every four hours at `:00` UTC | [Perp](/price-feeds/perp) — the BTC perp's own trades | [BTC 4-Hour](/markets/btc-4-hour) | | BTC Daily | Bitcoin | five strikes daily at 08:00 UTC | Hyperliquid BTC perp trade price | [BTC Daily](/markets/btc-daily) | | BTC Weekly | Bitcoin | seven strikes per Monday/Friday weekly lane at 08:00 UTC | [Pyth](/price-feeds/pyth) `Crypto.BTC/USD` | [BTC Weekly](/markets/btc-weekly) | | US500 Weekly | S&P 500 | weekly Mon/Wed/Fri lanes at 16:00 ET | [Pyth](/price-feeds/pyth) `Equity.Index.US500/USD` | [US500 Weekly](/markets/us500-weekly) | | NSDQ Weekly | Nasdaq-100 | weekly Mon/Wed/Fri lanes at 16:00 ET | [Pyth](/price-feeds/pyth) `Equity.Index.US100/USD` | [NSDQ Weekly](/markets/nsdq-weekly) | All six families above are live on mainnet. ## Anthropic IPO launch | Market | Strikes | IPO cutoff | Resolution sources | |---|---|---|---| | [Anthropic IPO](/markets/anthropic-ipo) | Above $1.5T, $1.75T, $2T, $2.25T, $2.5T | April 30, 2027, 11:59 p.m. New York time | Official listing exchange and final filed IPO prospectus; SEC EDGAR for a U.S. filing | The Anthropic page documents the approved launch specification. These five markets are independent binaries. The IPO cutoff determines eligibility; the separate seven-day evidence window controls when manual settlement may occur. An earlier IPO can resolve earlier, after its evidence window. Check the [app](https://app.skew.trade) for availability and deployed terms. ## How to read a market page Every page answers the same questions in the same order. **The question.** What the market asks and the rules that decide it. The published on-chain text is the contract: if a page and the chain disagree, the chain is right. **The strike.** The number the settlement price is compared against. Either *fixed* — a threshold chosen in advance for that market — or *derived*, struck at mint from a reading of the same feed the market later settles from. **The settlement window or evidence deadline.** Price markets use an interval ending at expiry; see the relevant [price feed](/price-feeds/overview) for how samples become one price. Event markets such as Anthropic IPO instead specify official sources and a separate deadline for evidence. **The schedule.** When markets mint, how long they trade, and how many are open at once. ## Shapes Markets come in a few shapes, and the shape determines how a payout is computed. **Binary.** One threshold, two sides. An established value above the strike pays Yes; equality and below pay No. A market's fallback rules can instead specify a 0.5 resolution, paying 0.50 USDC per token on both sides. **Ladder.** Several binary markets on one underlying and one expiry, at different strikes. Each rung is an independent market with its own book; the ladder is a presentation of them, not a separate instrument. BTC Daily has five rungs and BTC Weekly has seven per expiry. Several Yes tokens can win together; the strikes do not represent mutually exclusive price ranges. **Scalar.** Payout is a position within a range rather than a winner and a loser. Used where the interesting question is *how much*, not *whether*. **Question.** One question with several named outcomes, exactly one of which pays. Used for events with more than two possible answers. ## Timing Recurring price markets use minimum lead and settle delay to govern minting and settlement. **Minimum lead** is how far before expiry a market must be minted. It always exceeds the settlement window, so a market can never be struck from samples it will later settle against — that would bias every market toward the price it opened at. **Settle delay** is how long after expiry settlement waits before reading the window. It is what "the settlement window has finished happening" means in practice, and it is why a market does not resolve at the instant it expires. For [Anthropic IPO](/markets/anthropic-ipo), the IPO cutoff determines whether the first trading day qualifies. Manual resolution waits until the separate seven-day evidence window has ended.