Expiry and wind-down
Position expiry
Every position expires 7 days after it opens. The expiry time is fixed when you open. A change to the expiry period only applies to new positions, and a longer one waits a public 6 h delay.
Before expiry, a position ends only when you close it or it is liquidated. To hold longer, close and reopen. That pays the close and open fees again.
Closing an expired position
- Anyone can close it once it has expired. The bot that runs price updates does this in practice.
- It is priced exactly like your own close: same fill price, funding, close fee and profit fee.
- The payout and the account deposit (rent) go to you, never to whoever closed it. They pay only the network fee.
Dead pool at expiry
If the pool cannot be read and no valid price has existed for 0.5 h, an expired position pays the lower of its margin and its equity at the last valid price, with no fees. A winner on a dead pool gets at most its margin back.
Wind-down
Because no position outlives its expiry, the vault can always be emptied in bounded time:
- The team pauses opens on the vault or the whole app. Closes, liquidations, price updates and withdrawal requests carry on.
- Every position is closed by its owner, liquidated, or closed after expiry and paid to its owner. This takes at most 7 days.
- Nothing is set aside any more, so the whole vault is free.
- Every depositor is paid out through the normal withdrawal queue. See The vault.
There is no admin access to traders' margins or depositors' shares at any step. The team gets back only what its own vault shares are worth, like any other depositor. The wind-down tests check that every depositor is paid through the queue once the last position ends.
The buyback treasury is separate from the vault. See Fees.