How a round works
One minute, from the strike to the bell, and what happens on-chain at each step.
| Time | What happens | On-chain |
|---|---|---|
| 00:00 + ~2 s | The round opens, struck at the open of Hyperliquid's 1-minute candle for this minute. | openRound(opensAt, expiresAt, strike, sourceMs) |
| 00:00 – 00:35 | Entries. Each pick is filled at the contract's live quote. | buy(round, side, budget, maxPrice, mark, sourceMs) |
| any second | BAIL. The contract buys your shares back at the live bid. | sell(round, side, shares, minPrice, mark, sourceMs) |
| 00:55 – 01:00 | No new buys in the last 5 seconds. Selling stays open to the bell. | |
| 01:00 + ~3 s | The bell. The round settles on the open of the next minute's candle, which also becomes the next round's strike. The scoreboard settles in the same transaction. | settle(round, close, sourceMs) → ArenaRegistry.onRoundSettled |
| then | Winners redeem, and surviving stacks roll into the next minute. | redeem(round) |
What "your climber's height" means
Height is the live value of your position against what you put in, drawn on a log scale so equal relative moves are equal distances on the wall. The number on the BAIL button is exactly what a sale would pay right now: the bid for your side, not the price to buy it.
Winning, losing, compounding
- A winning share pays 1 tUSDC. If you bought UP at 0.51, each share cost 0.51 and pays 1. That's about 1.96× on the stake.
- A losing share pays nothing. You can never lose more than your seat.
- If you survive, your whole stack rides the next round. That's how a run compounds: 10 → 19.5 → 38…
- If HYPE closes exactly on the strike, nobody beat the line and the round voids. See Voids & refunds.