How to trade?
The contract summary page will look like this:
Let's break down the different sections.
On the top right, you can see the contract state, which can be either Active or Expired. Given that the contract expiry is in the future, the contract is still active.
On the bottom you can see which sides have been funded. Every contract has a Long side (benefit if price goes up) and a Short side (benefit if price goes down). To start, a contract needs to be funded by both sides within the deposit period. In the screenshot, the Short has already been funded so you can only fund the Long side.
Here you can see the underlying source of the contract. We use Pyth and Switchboard as oracles to settle the trades. In this case, a Pyth oracle reporting the price of SOL/USD is used.
Below the underlying you can see the on-chain contract address.
Here you can see the contract parameters. That includes the Current Price (i.e. the latest oracle reported value), and the payoff details: Strike and Size of the forward.
Moreover, you also see the deposit expiry, which is the window when users can fund the contract, and the actual contract expiry, which is when the contract will settle and users will be able to claim back their collateral plus profits/losses.
Here you can see the collateral details, i.e. how much collateral the parties need to lock for the contract to start. This contract has already been funded by the Short side (as seen above), and the Long side will have to put up 10 USDC to fund his side.
Once you connect your wallet, you will see some contextual buttons. In this example, only the Long side is available to fund. Once you click "Long" you will be asked to confirm the transaction, with the needed collateral amount.
Once both sides have been funded, a few changes will appear together a new section: PnL
Note how the Short side on the top right now shows as Funded. Also the Deposit expiry is gone since both sides have been funded.
The PnL section shows the current PnL of the two sides, which is what they would make if the contract settled immediately. This is for information only, as the final PnL will be computed at contract expiry (in around 3 days).
Once the contract expires and settle, users will be able to claim their original collateral plus profits/losses.
So if the contract settled now, the Long side would be able to claim 10 USDC (original collateral) + 0.1232 USDC (profit) = 10.1232 USDC and the Short side 10 USDC - 0.1232 USDC = 9.8768 USDC.