> For the complete documentation index, see [llms.txt](https://docs.trade.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.trade.xyz/events/resolution.md).

# Resolution

Resolution sources and settlement methodologies for Events.

Resolution has two distinct stages. First, the market’s published methodology determines the result from its declared data source. Second, the `txyz` outcome deployer or an authorized settlement sub-deployer submits that result to HyperCore, which applies the settlement onchain. A data source does not settle the market by itself.

The terms displayed for a particular market govern if they differ from the general methodologies below.

## Up/Down markets

### Daily markets

Daily Up/Down markets resolve using a five-minute time-weighted average price, or TWAP, of the corresponding `xyz` HIP-3 market or Hyperliquid perpetual market ending at the designated resolution time. Hyperliquid candle data for that market is the declared data source.

The five-minute window reduces the effect of a single trade or short-lived price movement immediately before resolution.

### Resolution calculation

1. Retrieve the five closed one-minute candles immediately preceding the resolution time from Hyperliquid’s candle endpoint. The fifth candle must close at the market’s designated resolution time.
2. For each candle, calculate its price: `(high + low + close) / 3`.
3. Take the arithmetic mean of the five prices: `resolution_price = (P1 + P2 + P3 + P4 + P5) / 5`.

Because every candle represents an equal one-minute interval, this calculation produces the specified five-minute average.

For a `binaryPrice4` market, Yes wins when `resolution_price` is strictly greater than the market’s strike. If the values are equal, or if `resolution_price` is below the strike, No wins. A Yes result is submitted as `settleFraction = 1` and a No result is submitted as `settleFraction = 0`. The applicable market template and displayed terms determine if another comparison or fractional treatment is specified.

### Example

For a market resolving at `2026-08-19T00:00:00Z` against `xyz:SKHY`:

```
market:  xyz:SKHY
network: mainnet
window:  2026-08-18T23:55:00Z to 2026-08-19T00:00:00Z
method:  arithmetic mean of five typical prices, (H + L + C) / 3
result:  153.516
```

The five prices were `153.7000`, `153.5433`, `153.4533`, `153.4600`, and `153.4233`:

`153.516 = (153.7000 + 153.5433 + 153.4533 + 153.4600 + 153.4233) / 5`

### Resolution times

Resolution times are generally aligned with the main trading session for the referenced equity market. For example, an S\&P 500 Daily Up/Down market may use the five-minute TWAP of `xyz:SP500` ending at 4:00 p.m. Eastern Time. 

The market terms identify the reference market and exact resolution time.

### Weekend markets

Weekend markets can use separate strike and resolution windows. For example, a market referencing `xyz:SPCX` may establish its strike from the five one-minute candles ending at 4:00 p.m. Eastern Time on Friday and resolve from the five one-minute candles ending at 9:35 a.m. Eastern Time on Monday. Equivalent local-session times apply to other referenced markets.

## Sports markets

Initial sports markets use ESPN as the declared result source unless the applicable market terms state otherwise. The corresponding Hyperliquid market template and the market-specific terms define the treatment of a win, tie, postponement, cancellation, correction, or other exceptional result.

A result obtained from the declared source is translated into the settlement value required by the market terms and then submitted onchain by the outcome deployer or a sub-deployer authorized for the applicable settlement action. Delays, source corrections, and ambiguous outcomes may delay settlement. See [Events Risks and Disclaimers](/legal-and-disclaimers/events-risks-and-disclaimers.md).


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