Reference
Glossary
The words these docs use, in one place.
- Auction
- The five minutes after a round starts, when approved or staked bidders bid for its calls. Bidding
- Bidder stake
- SHEAR a wallet locks to bid without approval, returned in full seven days after it asks. Bidder stake
- Call
- The right to TSLAx above the strike at expiry, paid as (close − strike) ÷ close TSLAx. Call tokens
- Clearing price
- The single price every filled bid pays: the last filled bid’s limit, or the reserve if the book was undersubscribed.
- Close mark
- Pyth’s TSLA price for the expiry session’s last second, converted to one TSLAx. Settlement price
- Collateral
- The round’s own account holding the TSLAx behind its calls until settlement.
- Dispute window
- The 15 minutes after the close mark in which a conflicting verified price stops the round.
- Escrow
- The USDC a bid locks: its quantity times its limit. Unused escrow is refunded on claim.
- Expiry
- The close of the week’s last regular session. Market calendar
- Fallback
- Settlement seven days after expiry when no valid mark exists, reserving one TSLAx per call sold.
- Keeper
- Any wallet sending the permissionless steps; Shear runs one. Running the steps
- Multiplier
- How many Tesla shares one TSLAx represents, set by the issuer. Corporate actions
- Position
- Your account in the vault: your shares, any pending withdrawal and your premium checkpoint.
- Reserve
- The TSLAx set aside at settlement to pay the round’s calls.
- Reserve price
- The lowest bid limit the vault accepts per call, fixed at creation.
- Round
- One week: start, auction, expiry, settlement, processing, close. How a round works
- Settlement ratio
- TSLAx per share after settlement, used for every ticket of the round.
- SHEAR
- Shear’s governance token, launched with its whole supply on the same terms for everyone. SHEAR token
- Strike
- The starting TSLAx price plus 5%. Above it, the gain goes to call holders.
- Ticket
- A queued deposit and/or withdrawal for one round, processed after settlement.