> ## Documentation Index
> Fetch the complete documentation index at: https://docs.updown.fast/llms.txt
> Use this file to discover all available pages before exploring further.
# How windows work
> Interval markets: windows, the level to beat, Up and Down, the $1 payout, and settlement.
An **interval market** tracks one live price and cuts time into **windows**. Every window is a fresh Up-or-Down question: will the price close the window above where it opened?
## Markets and windows
updown runs interval markets on:
* **Stocks:** AAPL, NVDA, SPCX, TSLA, GOOGL, PLTR, META, HOOD, SPY, COIN
* **Crypto:** BTC, ETH, SOL, DOGE, HYPE
Each subject runs three markets, one per cadence:
| Cadence | Grid |
| ---------- | ---------------------------------------------------------- |
| **5 min** | Windows start every 5 minutes on the UTC clock |
| **15 min** | Windows start on the quarter hour (:00, :15, :30, :45 UTC) |
| **60 min** | Windows start on the UTC hour |
Windows roll continuously. When one closes, the next has already opened. The price at the instant a window opens becomes the level **to beat**.
## Up and Down
* **Up** wins if the price closes the window **strictly above** the level to beat.
* **Down** wins if it closes **at or below** it.
**Tie rule.** An unchanged close settles **Down**. The ticket's ⓘ note puts it plainly: "If the price is unchanged, it settles as Down. Up needs a real move."
## Contracts and payout
You buy **contracts** on a side, priced from **1¢ to 99¢**. The price is the market's implied chance that the side wins. At settlement:
```
Winning contract → $1.00
Losing contract → $0.00
```
Every position is fully collateralized when you enter it. An Up contract at p¢ and a Down contract at 100 − p¢ together set aside exactly \$1.00. You can never lose more than you paid, and you can never be short or owe money.
**Options are different.** An option contract on updown is one stock token and pays by distance past the strike. See [How options work](/options/how-options-work#how-options-differ-from-interval-markets).
### Worked example
> **Apple (AAPL)**, 15-minute window 2:00 – 2:15 PM. **To beat: \$325.40.**
>
> You tap **\$5** on **Up** at **51¢**, which buys 9.80 contracts.
>
> * Close at **$325.62** → Up wins → you receive **$9.80**. Profit \$4.80.
> * Close at **$325.40** or lower → Down wins → your **$5** is gone.
### Fees
Interval trades carry a small **taker fee** on every buy and sell, never on settlement. It is built into the price you see and has no separate line. It is largest near 50¢ and shrinks toward the extremes. See [Placing interval orders](/interval/placing-orders).
## Reading the window header
| Element | What it shows |
| --------------- | --------------------------------------------------------------------------------------- |
| **Window line** | The date and the open and close times, in your local time |
| **LIVE** | The window is trading |
| **To beat** | The price when the window opened |
| **Now** | The live price, with the move since the open ("+\$2.00 (+0.60%)") |
| **Time left** | Countdown to the close. White, then amber under half the window, then red under a fifth |
After the close the header reads "Ended Sep 23, 2:15 PM EDT".
## Settlement
Settlement is automatic. There is no claim step.
1. When the window closes, updown compares the closing price with the level to beat, using the same feed that powers the chart.
2. Strictly higher settles **Up**. Anything else settles **Down**.
3. Winning contracts are paid **\$1.00 each**. One net transfer per window moves the difference between your payout and what you staked in or out of your wallet, in USDG.
The settlement job runs **every minute**, so a closed window is usually paid within a minute or two. Until then your position reads "settling" or "awaiting settle". Afterwards, your activity shows **Won**, **Lost**, or **Settled** with "· paid \$1 each", "· settled worthless", or "· nothing owed either way". See [Positions and history](/portfolio/positions-and-history).
Every settled window has its own page with **Result** ("Up won" or "Down won"), **Open**, **Close**, and the full chart with the level to beat marked "Target". Open it from the **Past** dropdown on the market page or from an activity row.
### Settlement rules on every market page
Each market page has a **Settlement rules** section. It reads, for a 15-minute Apple market:
> A new window opens every 15 minutes. Its opening price is AAPL's price at the moment the window opens.
>
> Up wins only if AAPL's price closes strictly above that opening price. Down wins if it closes at or below it — so a window that finishes exactly unchanged settles Down.
>
> Each winning contract pays $1.00 and each losing contract expires at zero. Every position is fully collateralized when you enter, so an Up at p cents and its matching Down at 100 minus p cents together set aside exactly $1.00.
## Market hours
| Market | Hours |
| ------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Crypto** | 24/7 |
| **Stocks** | 24/5: **Sunday 8:00 PM to Friday 8:00 PM ET** |
| **Stocks at the weekend** | AAPL, NVDA, SPCX, TSLA, GOOGL, META, HOOD, and COIN **stay open** from Friday 8:00 PM to Sunday 8:00 PM ET, priced off a 24/7 perpetual market that tracks where traders expect the stock to reopen. PLTR and SPY close for the weekend. |
Weekend stock prices are not exchange quotes and can differ from the price when trading resumes. Weekend windows open and settle entirely on that feed.
While a stock market is closed, its cards leave the hub and its page reads "Market closed — PLTR trades Sunday 8:00 PM – Friday 8:00 PM ET." with a **Back to markets** button. A phase pill on stock cards reads **Market hours**, **Extended hours**, or **Overnight**.
The settled price comes from the minute-level history feed at the close, which can differ by a tick from the last print you saw on the tape. Both the chart and settlement use the same feed.