> ## Documentation Index > Fetch the complete documentation index at: https://staging-docs.orderly.network/llms.txt > Use this file to discover all available pages before exploring further. # Rounds and Settlement > Understand how an Orderly Predict round moves from open to settled, and how the outcome is decided. Orderly Predict trades happen inside **rounds**: fixed-length cycles that open for trading, record a starting price, and settle to UP, DOWN, or a tie at expiry. This page covers round states, how the outcome is decided, and how settlement works. For order types, price limits, and how to exit a position, see [Trading Rules](https://staging-docs.orderly.network/introduction/trade-on-orderly/orderly-predict/trading-rules.md). ## Life of a round Rounds don't open one at a time, back to back -- Orderly keeps several upcoming rounds open for trading at once, each waiting on its own strike. A round opens for trading roughly 10 rounds' worth of lead time before its strike is recorded (about 50 minutes, since each round is 5 minutes); the platform can adjust this lead time, so treat it as approximate rather than a fixed window. During this lead time -- and until the strike is recorded -- the round shows as "strike pending," as in the first row below. | Stage | What's happening | | - | - | | Open (strike pending) | The round is open and fully tradable, but its strike hasn't been recorded yet -- this is simply the state before the strike time; it's not a separate, more limited mode. The UI shows "strike pending." | | Open | The strike (see below) has been recorded. Trading continues exactly as before, until a few seconds before expiry, when new orders, edits, and cancellations stop being accepted -- see [Order cutoff](#order-cutoff) below. | | Settling | The round has reached its expiry time, and the outcome is being decided. | | Result published | The outcome has been decided and published. Positions are being closed out and funds are being credited back to your account balance. | | Ended | Open orders and positions for the round are closed out. This doesn't by itself confirm your funds have arrived -- see [Settlement](#settlement) below for when your position actually settles. The outcome, strike, expiry price, and settlement details stay available to query. | ### Order cutoff A round keeps accepting new orders, order edits, and cancellations right up until its order cutoff. * Whether a request makes the cutoff is judged by the time Orderly's server receives it, not the time you sent it -- a request that arrives after the cutoff is rejected, even if you sent it in time. * Requests that reached the server before the cutoff are processed normally. * The cutoff defaults to 5 seconds before expiry, though the platform can adjust this -- if your order is rejected as the round closes, it means you missed this window, whatever the exact margin was at the time. ## How the outcome is decided Every round compares two prices: * **Strike (S0):** the first index price observed inside the round's observation window. * **Expiry price (S1):** the last index price observed inside the round's observation window (see below for the window's exact boundaries). Both S0 and S1 are taken from Orderly's BTC index price. The observation window runs from the start time up to, but not including, the expiry time. A price observed exactly at the expiry time belongs to the next round instead. * If the expiry price is above the strike, **UP wins**. * If the expiry price is below the strike, **DOWN wins**. * If the expiry price equals the strike, the round is a **tie** -- neither side wins. See the [Glossary](https://staging-docs.orderly.network/introduction/trade-on-orderly/trading-basics/glossary.md) for short definitions of strike, expiry price, and outcome. ## Settlement Once the outcome is decided, it's published the next time round info refreshes (see the timing below). The round's settlement price is fixed per share: \$1 for the winning side and \$0 for the losing side, or \$0.50 for both sides if the round ties. There's no separate settlement fee for this step -- only the trading fees you already paid when you opened or closed your position apply; see [Orderly Predict fees](https://staging-docs.orderly.network/introduction/trade-on-orderly/trading-basics/trading-fees.md#orderly-predict-fees). Publishing the outcome and crediting your funds are two different moments: * The **outcome** (UP, DOWN, or tie) is published the next time round info refreshes after it's decided -- round info updates about once a minute, so there can be a delay of roughly a minute or sometimes longer. * Your **position** is then closed at the settlement price, and the resulting balance returns to your account balance. This can happen a short time after the outcome is published. Your position only shows as settled, with its final profit or loss, once this second step completes. ## Example: a tied round Say you bought 100 UP shares at \$0.60 per share, for a total cost of \$60. If the round ties, your position settles at \$0.50 per share: 100 shares x \$0.50 = \$50. You get back \$50 against the \$60 you paid, a \$10 loss before trading fees -- even though you didn't guess the direction wrong. A tie pays a fixed \$0.50 per share regardless of your entry price, so whether it's a profit or a loss for you depends on what you paid. ## When price data is delayed If the price needed to record the strike or the expiry price isn't available right away, the round stays in **Settling** until it is. No substitute or estimated result is created, and your position and funds stay locked until a real outcome is reached. In rare cases, Orderly may need to manually verify and record the missing price before the round can settle; see [Supplemental Terms for Orderly Predict](https://staging-docs.orderly.network/introduction/trade-on-orderly/orderly-predict/supplemental-terms.md) for the terms that cover this. ## Related pages * [Trading Rules](https://staging-docs.orderly.network/introduction/trade-on-orderly/orderly-predict/trading-rules.md) -- order types, price and size limits, and margin. * [Orderly Predict fees](https://staging-docs.orderly.network/introduction/trade-on-orderly/trading-basics/trading-fees.md#orderly-predict-fees) -- how trading fees are calculated. * [Glossary](https://staging-docs.orderly.network/introduction/trade-on-orderly/trading-basics/glossary.md) -- short definitions of Orderly Predict terms. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.