Pulse

Rolling five-minute BTC Up or Down rounds, priced against a 60-second TWAP.

Pulse is XO’s rolling BTC Up or Down market. Each round lasts five minutes. The product compares the live 60-second time-weighted average price (TWAP) against the round’s price to beat, lets you buy or sell Up or Down through an order book, and starts the next round the moment the current one ends.

There is no observation phase between rounds.

Trading a round

1. Confirm the round

   Check the exact round time and the displayed price to beat.

2. Compare TWAP to spot

   The 60s TWAP is what settles the round; the live BTC reference is context. The countdown tells you how much time the gap has to close.

3. Choose your side and order type

   Buy or Sell, Market or Limit, then Up or Down.

4. Enter size

   For Market, enter a USDC amount. For Limit, set price and shares. The ticket shows total, to-win value and an estimated fee.

5. Track and claim

   Follow the position and P&L below the chart. Winning positions can be redeemed with Claim or Claim All after the round resolves.

Execution behaviour

A market-style order walks the book up to a slippage cap using fill-and-kill: it takes what’s available and cancels the rest. Partial fills are normal at five-minute cadence.

If there are no orders to match, a market-style order cannot execute at all. A limit order at a valid price can still provide liquidity to the round.

The round list

The lifecycle view shows the live round plus the next two upcoming rounds, and past rounds with your positions. If no active market is available, the UI shows a recovery state rather than a stale round.

Current Pulse is BTC, five minutes, continuous. Older material describing hourly rounds, ETH, or an observation phase does not describe the live product.