In my previous article I covered How to earn Passive Income through Acentian and unlock a 10% Discount on Fees. In this article I’ll go through how to use the important pieces of the user interface of our first derivative contract Over/Under Futures.
To the left is a annotated overview of the user interface. As follows:
- The real-time price stats of the asset market you’re on.
- The create/join contracts section.
- The users history of positions and stats.
- The different markets and below it, the order-book. White contracts are live and you can join them, grey contracts are locked but not expired.
- The real-time last positions taken for the market you’re on.
- Real-time depth chart plotted as Over positions (green) and Under positions.
- Real-time expired and settled contracts.
- A interactive trading chart courtesy of TradingView.com
- The Acentian Index Price. This is what price is used to settle contracts.
Creating Contracts
I’ll focus on how to create a contract. There are several inputs and I will explain how to fill each one depending on what you wish to achieve.
- Strike Price (USD): This is the price the end price will be compared to.
- Open for (minutes/hours): The time period the contract will be open for others to join.
- Expires in (minutes/hours): The time period the contract will expire in.
*The total time of the contract is Open + Expires. In this example the total time = 6 minutes
4. Bet Amount (ETH): The size of your position/amount you wish to bet.
5. Over / Under: The position you wish to take. Over is selected in the image.
6. Create Contract: Prompts a confirmation box then Metamask will open for the user to sign and send to the smart contract.
7. Acentian Index Price: The price that will settle the contract. The price composition is the average Binance Price over 30 seconds with outliers removed + the average GDAX Price over 30 seconds with outliers removed / 3 to find the average. The weight composite is 2/3 Binance and 1/3 GDAX.
8. Time Units: The time unit options for Open and Expires. Either minutes (default) or hours.
Scenario: The above example says: The current index price is $6594.16 USD. I want to create a contract at the price $6591.33 USD. I want it to be open for 4 minutes for others to join and I want it to expire 2 minutes later. I’m betting 1.3 ETH on the position Over.
Simply: I believe the price of BTC will be above $6591.33 USD in 6 minutes.
Reading the Order-Book and Joining Contracts
Now I’ll go through how to read the order-book and then how to join a contract.
- Reading a Contract: The Strike Price of this contract is $6640.00 USD. The End Price is to be determined. This is because the contract is open / active as indicated by the status and the green unlocked padlock. The CoF is the remaining time the contract is Open. The CD is the contract duration or how long before it Expires. CV represents the contract value. BoO and BoU represent the value of bets on Over and Under.
2. Bet Amount: Click a contract that is open and it will be highlighted red indicating it is selected. Then enter the amount you wish to bet in Ether.
3. Over / Under: Select which position you want to bet on. Over indicated you believe the index price will be over the contract Strike Price when the contract expires. For Under it is the opposite scenario.
4. Join Contract: A confirmation will pop-up and then a Metamask window will ask you to sign and send it to the smart contract.
5. Calculator: Use the calculator to see how much potential profit or loss at a certain bet amount and position you have. *Note: People can join after you so the shown P/L is not necessarily final.
Scenario: The above example says I want to join a contract with a Strike Price of $6640.00 USD. The contract is Open for 4 minutes and 14 seconds. The contract Expires in roughly 2 hours. The contract value is 0.5 ETH. I want to Bet 0.3 ETH on the position Under. My P/L with the current contract state is +/- 0.3 ETH.
Summary
Over/Under Futures is a unique product which offers desired functionality in a never before seen way. This leads to a small learning curve as users aren’t used to it. Now you’ll be able understand the important parts of the user interface and how to use it for what you want to achieve. I’ll be releasing a video soon with examples of Creating/Joining contracts!
Help us make you money! Please give your feedback, criticism and thoughts on our Over/Under Futures dApp. The better it is, the more users and volume will be attracted to it. This will allow you as a trader/bettor to make more successful trades or use your hedging strategies to protect and create profit. As an affiliate you’ll benefit from receiving more passive income as your referral users have the ability to trade more because the market is liquid.
As always, spread the word! Invite your friends or others and get paid for it.
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