Ballast

Parametric cover on dreamDEX Event Contracts, bought by the chain itself in the same block a window opens. No keeper, no cron, nothing of ours running.

The current window

strike · the window’s open77281.05load line · covered down to here75349.02−2.50%now77184.55sitting at the strike
window
BTC · 5m
closes in
1:58
moved
0.125% down

Inside the load line. A fall to the mark is fully covered; beyond it, the fixed payout stops keeping pace.

Watch it happen

Every line is a transaction. A window opens, Ballast’s callback lands in the same block, the ladder waits for a book, then cover opens or is declined with a reason.

  1. 477165640window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  2. 477165640window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  3. 477165040window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  4. 477165040window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  5. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  6. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  7. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  8. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  9. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  10. 477164441window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  11. 477163841window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  12. 477163841window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  13. 477163241window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  14. 477163241window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  15. 477162641window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx
  16. 477162641window openeddreamDEX rolled a new window; Ballast reacted in the same blocktx

What that buys

1%01%2%3%0+83−103strike · the window’s openprice roseprice fellthe payout lands hereA · 152 bpsB · 207 bpshow far the window moved from its opennet with spot, tUSDC0.1%00.1%0ABmagnified to what actually happenedrosefellA rose 0.027%B fell 0.086%
Two settled positions, both real, on opposite sides of the same payoff. The step at the strike is the payout landing; it is pinned there because the strike is the window’s opening price and cannot be moved. What the dial sets is the break-even, marked on each curve.

Move the load line yourself

Read-only, priced against the live book — Down at 0.875 with 200 contracts on offer. No wallet, no transaction. Drag or use the arrow keys.

01%2%3%4%5%43 bpshow far the window falls from its open
contracts
168
premium
147.24 tUSDC
you actually get
43 bps

Cannot reach 250 bps — your premium ceiling of 300 bps binds first. The figure shown is what could actually be bought.

The two settled positions

Both asked for 250 bps and both got less, for the same reason: the book offered only 200 contracts, so size was capped by liquidity rather than by policy. Each card shows what was actually bought.

Position A · retired engine

Lost
asked for250
actually got152

basis points · 98 short

Premium
125.40 tUSDC at q 0.627
Cover leg
−125.40 tUSDC
Net with spot
−124.06 tUSDC
Window move
0.0273% up — cover paid nothing
Open → close
$2452.92 → $2453.59
Bought
16s after the open · drift -2 bps

openedsettledengine

Position B · retired engine

Won
asked for250
actually got207

basis points · 43 short

Premium
98.80 tUSDC at q 0.494
Cover leg
+101.20 tUSDC
Net with spot
+96.98 tUSDC
Window move
0.0863% down — cover paid
Open → close
$2444.40 → $2442.29
Bought
16s after the open · drift 0 bps

openedsettledengine

Cost against delivered

Premium paid224.20tUSDC
Paid out200.00tUSDC
Net-24.20tUSDC
Windows that paid1 of 2settled

An at-the-money binary is the most expensive cover this instrument offers. The strike is the window’s open, so there is no cheaper out-of-the-money strike to buy instead and you pay for the very likely small moves too. Rolling every window compounds that, which is why the product defaults to the four-hour and twenty-four-hour windows rather than the sixty-second ones.

Windows it declined

A refusal is a decision. Each of these could have been traded and was not.

  • 477156202declinedNo exposure — no measured spot position in this asset — nothing to covertx
  • 477156202declinedBelow minimum lot — the affordable size rounds to zero on the venue's lot gridtx
  • 477155922declinedNo exposure — no measured spot position in this asset — nothing to covertx
  • 477155922declinedgave up — 3 attempts, book never became priceabletx
  • 477155922declinedBelow minimum lot — the affordable size rounds to zero on the venue's lot gridtx
  • 477155922declinedgave up — 3 attempts, book never became priceabletx
  • 477155922declinedWould misrepresent — the position would deliver nothing it could honestly describetx
  • 477155922declinedgave up — 3 attempts, book never became priceabletx
  • 477155922declinedNo exposure — no measured spot position in this asset — nothing to covertx
  • 477155922declinedgave up — 3 attempts, book never became priceabletx
  • 477155922declinedNo exposure — no measured spot position in this asset — nothing to covertx
  • 477155922declinedgave up — 3 attempts, book never became priceabletx

Custody

Vault balance0.00tUSDC
Reserved0.00against open cover
Withdrawable now0.00tUSDC
Unaccounted0.00tUSDC (expect 0)

Withdrawal of unreserved collateral is unconditional and revoke() takes effect immediately, with no operator able to block or delay it. Ballast is the trader of record: it holds positions in its own name and never touches a user’s dreamDEX account.

Consent
active · make whole at 250 bps · premium ceiling 300 bps · expires 2026-09-08 12:51:05 UTC
ETH spot
$2415.45
BTC spot
$77186.65

Engines

The vault approves a set of engines, so a redeploy strands nothing. A retired engine keeps settling the cover it opened while the live one takes new enrolments — that has happened here, not just in a test.