Market Resolution

When a company goes public, Ventuals pre-IPO markets resolve.

This is resolution mechanism is intended to be temporary. In the future, Ventuals markets will convert into normal perps upon public listing.

The resolution price is the company's total valuation, based on the market close price at the end of the first day of trading on the relevant stock exchange.

Once the stock market opens on the first day of trading (9:30am ET):

• Funding rates are set to 0

• The oracle price is always set to the mark price

• The live stock price is included as the externalPerpPxs, which limits the price that orders can be placed at to ±20% away from externalPerpPxs

When the stock market closes on the first day of trading (4:00pm ET):

• The Ventuals mark price is overriden to the stock market close price

• Once the Ventuals mark price is set – haltTrading is called, settling all open positions at the final mark price

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In the near future – and likely before any company listed on Ventuals does go public – Ventuals pre-IPO markets will convert into normal perps that track the live stock market price. Once the conversion process is live in production, this docs page will be updated to reflect the conversion mechanism.