How it works

1. A series is createdA series names one market (JitoSOL, mSOL or hSOL), a start time on a five-minute boundary, the maximum number of lots, three reporter keys, a grace period for late reports, and the hash of the price policy. Every term is fixed at creation and cannot be changed afterwards. The term is always seven days: 2,016 intervals of 300 seconds.
2. Before the start: mint pairsDeposit 0.03 SOL per lot and receive one BREAK note and one HOLD note per lot. The SOL is wrapped and locked in the series vault. Minting closes at the start time, so nobody can add exposure after the discount is already visible.
3. Keep one side, sell the otherNotes are ordinary SPL tokens. To sell, escrow the side you do not want with a fixed price per lot in SOL and an expiry. A buyer fills any number of remaining lots, paying the premium straight to your wallet in the same transaction. There are no bids and no automated market maker; the book is the set of open sell offers.
4. During the term: the discount is measuredEvery 300 seconds the reporters compute the pool discount against net asset value and two of three co-sign it on chain. The part of the discount above 0.25% counts, capped at 3% per interval, and accrues to BREAK. How the price is measured
5. If an interval is missingA report is accepted until the interval ends plus the grace period. After that, anyone can skip the interval permanently with zero accrual. There is no backfill and no fallback price.
6. Before settlement: merge if you want outA wallet holding both notes for the same lots can merge them at any time before finalization and withdraw the full 0.03 SOL per lot, whatever the discount has done so far.
7. SettlementOnce every interval has been reported or skipped and the term has ended, anyone can finalize. The accrued area is converted once into a per-lot BREAK payout; HOLD gets the remainder.
8. ClaimBurn BREAK notes for the BREAK payout, HOLD notes for the HOLD payout, in wrapped SOL. A side that pays zero is still burned. Claims have no deadline.

Series status

The app shows this status on every series page together with the interval counter, the number of skipped intervals, and the payout accrued so far. Before settlement that payout is a running total, not a final number.