Trades and pricing
How coupons are built, priced, and settled.
What a trade looks like from the trader's side, and where the price comes from.
To build a coupon, you pick up to 4 legs from Betlana markets, choose a side on each, set your stake for the whole coupon, and submit. The protocol bundles the coupon into a Jito bundle and routes it on-chain. Either every leg lands at the prices you saw, or none of them do, there is no partial fill. Coupon odds are the product of each leg's odds; payout is stake × couponOdds.
Who you're trading against
The counterparty on every coupon is the LP. There is no orderbook on this protocol, no matching engine, no other trader on the other side. Whether the coupon wins or loses, the PnL flows directly to or from the LP's balance.
Where the price comes from
The odds each leg trades at are aggregated from 3rd party providers and read by the program at bundle-inclusion time.
Coupon lifecycle
Each coupon lives as its own self-contained position. The stake you commit at submission is the stake the coupon carries until it ends. You cannot edit legs after the bundle lands, cannot add or remove legs, cannot top up the stake, and cannot partially close.
A coupon ends in exactly one of four ways:
- All legs win, coupon pays
stake × couponOdds, settled against the LP. - Any leg loses, the whole coupon loses; stake is forfeit to the LP.
- A leg voids on a Betlana market, that leg drops out of the product, and the coupon settles on the remaining legs.
- All legs void, the coupon is refunded at stake.
What's available, what's the cap
Any live Betlana market is eligible. The protocol inherits the available Betlana market set automatically. The only hard cap on the user side is 4 legs per coupon.