> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xo.market/llms.txt
> Use this file to discover all available pages before exploring further.

# 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

<Steps>
  <Step title="Confirm the round">
    Check the exact round time and the displayed price to beat.
  </Step>

  <Step title="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.
  </Step>

  <Step title="Choose your side and order type">
    Buy or Sell, Market or Limit, then Up or Down.
  </Step>

  <Step title="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.
  </Step>

  <Step title="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.
  </Step>
</Steps>

## 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.

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