How It Works

Call where a price closes its Window, at the venue's firm quote, in a position only you and the venue can see. Settled on a price three oracle parties sign, on the Canton ledger.

Getting Started

Take a Seat

Take a seat: this browser makes a signing key that cannot leave it, and the venue leases the seat a Canton party of its own with demo credits in it. No wallet app to install, and no network fee.

Pick a Window

Each Window is a stock — TSLA, NVDA, AAPL and six more — on a cadence lane the venue lists: 5m, 15m and 1h through the session, the overnight Gap, and the 24/7 token lane. A basket, a small group of pre-IPO companies bet on together, runs on that 24/7 lane too, scored as an index in points rather than a price. The line is the opening print, the signed price recorded at the open of the round.

Trade UP or DOWN

Go UP if the Window closes at or above its opening print, DOWN if below — a close exactly on the line pays UP. Stake in credits and see the exact quote for your size before you sign.

Collect Payout

When the Window closes, three oracle parties sign the price for that second and the resolver decides the Window. Winning contracts pay 1 credit each; losing contracts pay 0; a void returns what you paid, stake and fee. The venue settles every leg in a batch, so a win lands in your credits without you signing anything; Portfolio shows each payout.

Payout Example

Worked example — not a live quote

64¢

UP price

36¢

DOWN price

1.00

Max payout / contract

You buy100 UP @ 64¢ eachTSLA closes at or above the lineYou get100 credits(+36 credits, less the fee paid with the fill)

Sessions & Lanes

A stock exchange keeps hours, so the venue does too. Windows are listed in three lanes on the NYSE clock, and which lanes are on the board right now depends on the hour you are reading this.

Regular

5m · 15m · 60m · NYSE hours

Windows run back to back while US markets are open, 09:30 to 16:00 ET, Monday to Friday. A 5m Window opens on the five-minute mark and settles five minutes later; 15m and 60m run the same way on their own marks. The venue lists nothing outside the session, and an early close ends the lane early.

Gap

Friday close → Monday open

One Window a week across the weekend. Calls open at Friday's 16:00 ET close, the Window locks Sunday 20:00 ET, and it settles on Monday's first regular-session print at 09:30:00 ET — the opening print of the new session, not the opening cross.

Token

24/7 · xStocks

Tokenised stock — TSLAx, NVDAx, SPYx, QQQx — keeps trading when the exchange does not, so these Windows run every hour of every day on the same 5m, 15m and 60m cadences. They settle on the token's own price, the median of three Jupiter Price v3 samples taken just before the boundary and attested by the three oracle parties, not the exchange's print.

What the clock says

The session chip, the marquee and every card say the same word about the hour, with a countdown to the boundary that matters. Nothing is ever just “closed”.

Open: : the exchange is trading; Windows open and close on their marks
Pre-market: : before 09:30 ET — the first Windows are listed; calls open at the bell
After hours: : after 16:00 ET — the session is done and the next open is on the clock
Weekend: : Saturday or Sunday; the Gap Window is the lane that is awake
Holiday: : the exchange is shut for the day, and the chip says so by name
Early close: : a half day — 13:00 ET — and the lane ends with it

Calls before the bell

The venue lists tomorrow's first Windows at tonight's close, so you can see them while the market is shut. Under Schedule a call you rest a call on one at your own price, and it fills within the first minute after the bell if the venue's price comes to yours.

Your stake is held from the moment you schedule: it sits inside a contract that only your seat and the venue can see, and it is yours to cancel until it fills.
Nothing fills before the bell. After it, the venue takes your call at exactly your price, in whole or in part, whenever its own price reaches it.
An unfilled call expires 90 seconds after the bell and the stake comes back as venue credit; you can opt in to rest until the Window locks. A Window that voids costs an unfilled call nothing.

Key Mechanics

Firm-Quote Pricing

The venue publishes a price ladder and gives your seat a firm quote for your exact size. The quote holds while you take it, and the venue is the other side of every call.

Live Price

The chart plots the same feed the Window settles on, so the distance to the line is the distance that matters. A tick that has stopped is shown frozen with its age, never as live.

Fast Rounds

Windows run back to back on fixed cadences while their lane is awake. Entries close inside a no-entry buffer before expiry — 40% of the round, never under 30 s or over 5 min — so a call cannot be made after the answer is in.

Ledger Settlement

Each position is a Daml contract on the Canton ledger that only your seat's party and the venue can see. Every print and settlement opens on the proof page.

How a Price Is Made

The price of UP is the venue's firm quote for it, in cents — read as the market's probability. DOWN is the same Window priced from the other side. The venue is the house: it publishes a price ladder for every live Window and quotes each seat off it, so there is a price from the first second, and no order book.

price(DOWN) = 1 − price(UP)cost = contracts × pricepayout if right = contracts × 1.00

stake: : what you put in
contracts: : how many the quote fills for that stake
avg price: : the average fill across the ladder's levels
max cost: : the firm quote you confirm — a fill can never cost more
payout if right: : contracts × 1.00, the whole amount
fee: : charged with the fill and held in your leg; kept by the venue only when the Window settles, returned on a void
odds: : the price of UP in cents — the venue's quoted probability

Every quote is priced off the venue's live ladder for your exact stake, so the cost you see is the cost you would pay now. The quote is firm while you take it: it fills at that price or not at all, and the price you confirmed is the most a fill can ever cost.

Fee Structure

The Fee

Charged once, with the fill, and held in your leg rather than paid out: the venue keeps it only when the Window settles, and a void returns it with your stake. It is ⌈contracts × rate × p × (1 − p)⌉ at price p, so it is largest at even odds and falls to zero at the ends; the default rate of 100 bps is about 0.25% of the payout at 50¢. The quote shows it before you confirm, and the receipt prints it.

Network Fees

There is no network fee on Canton and nothing to sign for gas. The venue runs every settlement itself.

Total Cost

Cost = contracts × the quoted price, plus the fee. A winning contract pays the full 1.00, so a call bought under 1.00 profits if it is right by more than its fee.

The Leg and Who Sees It

A call is one contract, a Leg, with two signatories: your seat and the venue. Both sides of the bet are inside it, so every leg is fully backed before the Window closes, and nobody else's node ever receives it.

you pay = contracts × p + the feethe venue locks = contracts × (1 − p)the winner gets = contracts × 1.00

Firm quote: : the venue prices your exact size off its ladder and holds it for 20 s; it fills at that price or not at all
Backing: : your stake and the venue's are both escrowed in the leg, so the pair always covers the payout
Settle: : the venue pays in a batch after the resolver decides; you sign nothing
Void: : missing or disagreeing prints void the Window, and each leg returns its stake and fee
If the venue stalls: : after the leg's refund time your seat can take its stake and fee back by itself

Who sees it

Each line is the ledger's answer to that party, not a setting in this app.

You: your quotes, your legs, your credits and your receipts
The venue: every leg, because it is the other side of each one
Another trader: nothing of yours: their query returns only their own
Oracle parties and the resolver: the prints and the result, never a position
An outsider: nothing at all: the ledger returns an empty list

Settlement Process

Window Closes
The round reaches its scheduled expiry — the second its settlement price is asked about.
The Print Is Recorded
Three oracle parties each post a signed print for that boundary: a 1-minute candle close from Coinbase, Kraken and Bitstamp for BTC and ETH, and the lane's own source (RedStone, Alpaca, Jupiter Price v3 or PreStocks) for the rest. The Window needs at least 2 of the 3 to agree; a price with no quorum is never used.
Settlement
The resolver party compares the closing print with the opening one, once: a Window resolves or voids exactly once. Close at or above the open pays UP, and a close exactly on the line pays UP; anything below pays DOWN. Prints that disagree by more than the policy allows void the Window instead.
Payout
Winning contracts pay 1 credit each, and the venue keeps the fee held in each leg. The venue settles every leg itself, in a batch, so you are paid without signing anything; if it ever failed to, after the refund time your seat could take its stake and fee back on its own. Portfolio shows each payout.

Ledger Architecture

Private Positions

Your side and size are a Daml contract only your seat's party and the venue can see — not other players, not an outsider. The "Who can see this" chip says so on every position.

One Ledger, No Fee

A call is final when the Canton ledger commits it, with no network fee, and settlement lands as soon as the resolver has the closing quorum.

Rules in Daml

Daml choices hold the stake, resolve the Window from the oracle quorum and pay the winner. The venue cannot resolve a Window itself, and cannot take a seat's cash.

Halts, Voids & Your Money

Halts

There is no licensed halt feed here, so a lane is halted when the signed price it settles on stops being printable, judged on that lane's own source and nothing else: no RedStone package for 60 s (TSLA, NVDA, AAPL, MSFT, META, AMZN, GOOGL), no IEX trade from Alpaca for 120 s (QQQ, VOO), no PreStocks read for 60 s (a pre-IPO name or basket), or three failed Jupiter Price v3 quotes in a row (an xStock). Each says “Signed price stale”. An xStock its issuer has flagged as halted says “Trading halted”. Stock lanes are watched while the exchange is open, the others at every hour; BTC and ETH have no halt, since a missing or disagreeing print voids their Window. A halted lane gets no new Windows and the maker pulls its quotes. A halt never touches the ledger, and it is never given as the reason a Window resolved.

Voids

If no reliable print lands inside the settlement window, the Window voids and both sides get back what they paid, stake and fee. The verdict says “Void — no reliable print, both sides get their stake and fee back”, and one line under it says why: a missing print names the source, the boundary and the deadline it passed; a disagreement names the 1% band the oracle parties' prints fell outside. Redemption credits the venue, the same as a win.

Your money

Everything here is demo credits on the Canton test network, issued by the venue — it is worth nothing anywhere else. Your seat's key is made in this browser and cannot leave it, so a call costs one tap and no network fee. Only your seat's party and the venue can see your cash and positions. Nothing on the server ever holds a key of yours.

Baskets

A basket is a small group of pre-IPO companies followed together: AI Labs (OpenAI, Anthropic), Frontier AI, Prediction Markets, Defense & Space, and All PreStocks. Each is scored as one equal-weight index in points, base 1,000 at prices frozen when the basket was listed, computed from one PreStocks read of every member. A basket Window is an ordinary one-hour Window on the 24/7 lane: UP if the index closes at or above its opening print, DOWN below. If any member is missing from the read, the Window voids rather than settle on a mixture.

Predict: : an Up/Down Window on the index, with demo credits
Cover: : hold two or more members and one Down bet covers the basket, sized at 10% of what you hold
Hold: : a desk keeps the basket for you inside limits you set: practice today, live desks planned

How the Desk Decides

A desk holds a basket for you while an assistant looks after it. You decide what to own and sign every owner call with your seat; the desk decides only when; on Canton the money limits are planned as Daml choices that refuse anything past them. Practice desks run today as paper ledgers. Here is the order it works in, and which step is the one question a model answers.

It wakes
Arithmetic
Every hour on the hour, around the clock, and also when money arrives, when a held company moves 3% within an hour, or when you press Check now. Every wake ends in a written decision, even when nothing was done.
It reconciles
Arithmetic
It compares the ledger's sequence number and sealed head with its own record before trusting either. Money that arrived from outside re-bases the loss limit; a holding PreStocks has paused or frozen stops the desk.
It values the desk
Arithmetic
Cash plus every priced holding, at the half-hour average of the venue's own attested prices. A holding with no price is listed, never valued at zero, and never traded.
It checks your loss limit
Arithmetic
If the desk is worth more than your limit below its baseline, it stops everything and tells you. Nothing else runs that hour.
It finds what drifted
Arithmetic
Which holdings sit further from their target than you allow, and at least 5.5% because a trade costs about 1.1% each way. Sales first, then buys, largest drift first; a buy never takes cash below your cash target.
It runs the pre-gate
Arithmetic
Eleven rules that can stop a candidate before any question is asked: the desk is not active, the name is not allowed, the venue's price is missing or stale, the name is above your premium ceiling, there is no quote at your size, the quote is more than 8% from the venue's price, the price is moving fast, transfers are paused, the account is frozen, the route is too large, or it did the same thing minutes ago.
It asks one question
The one AI question
Timing, and only timing: given the evidence, do the whole action now, part of it (25, 50 or 75%), wait, or decline? The answer must fit a strict shape; a promise, a forbidden word or a malformed answer is thrown away and the desk does nothing that hour. The model never chooses what to hold, and never more than the candidate it was shown.
It runs the limits check
Arithmetic
Plain arithmetic that mirrors the ledger's rules, rounding included: your caps, the floor on what must come back, the premium ceiling, a gap of at most 3% from the price's own average and a cost of at most 2.5%. What the ledger would refuse is never sent.
It writes first, then acts
The rules on the ledger
The record is written and fingerprinted before anything moves. A practice desk moves its paper ledger at the quote net of PreStocks' 1% fee. A live desk (planned) will post the venue's attested price, then send the buy or sell; the Daml rules check their own list in order and seal the fingerprint in the same command, or refuse the whole thing.
It grades itself a day later
Arithmetic
The timing it chose against acting at once, from the hourly prices since. Under 0.25% is “no real difference”. Neutral both ways, never a win stamp.

What the rules enforce

Your money: : only you can withdraw, and only to your own seat
Caps: : a cap per action and a cap per fixed 24-hour window, counted on the ledger
Names: : only the companies you allowed can be bought; a disallowed one can still be sold
The reference: : a venue-attested price no older than 15 minutes, or nothing trades
The premium: : a buy may not pay more than your ceiling above the reference the oracle parties attest
The band: : at least 92% of the fair amount must come back, or the command fails
Exact spend: : the desk's balance must change by exactly the amount sent, and a desk account slipped into the route fails the trade
The record: : every action, the did-nothing checkpoint included, advances a sealed hash chain in the same command

What the desk never does

Withdraw: : it has no instruction that pays anyone but you
Choose what you hold: : the basket, the weights and the cash sleeve are yours; it decides only when
Trade past a limit: : the ledger refuses it before any money moves, whatever the desk decided
Act on a stale price: : no fresh attested reference, no trade
Spend in practice: : a practice desk moves a paper ledger and never sends a transaction
Promise a return: : its words are checked against a banned list before they reach you
Hide a quiet check: : every “nothing to do” is written down; those are the proof it was awake

Practice moves no money. A live desk is planned: it will trade this venue's own markets once the Canton Coin rail lands.

Built On

The platforms under the venue, and what each one does for it today. Each mark is shown as its owner's brand kit supplies it.

The ledger

Every position is a Daml contract signed by its owner and the venue, so no other party's node receives it. Five Daml packages are written for it.

The node and the hackathon

Noders organises HackCanton Season 3 on its AppsFactory platform and hosts the shared DevNet node (Canton 3.5.19) where these packages are uploaded and the first call settled.

FAQ

What currency does Owarine use?

When can I trade?

Can I make a call while the market is closed?

How is the outcome decided?

How much do I win?

Do I need a wallet?

Is this real money?

How does Owarine ensure fair pricing?

Can I sell a position before settlement?

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