Reveal delay
Every trade lands on-chain at once, from an exec account that names no one. Who made it is published later, after the strategy's reveal delay.
Choosing the delay
A leader sets the delay when creating the strategy: 24 hours to 30 days, 7 days by default. Short delays build a public record quickly; long delays keep a strategy's positioning private for longer.
When a trade is revealed
Openings are posted per period — one UTC day, the same day as the epoch. A period's openings are published once:
- every strategy that was active in the period has passed its own delay — so a strategy with a 24-hour delay that traded on the same day as a strategy with a 30-day delay is revealed with it, after 30 days; and
- each trade being revealed is closed — an open position is never attributed.
No opening is ever published before its own strategy's delay. Waiting for the whole period means no trade can be picked out early by elimination from the trades revealed around it.
Revealed trades appear on the strategy page and in the explorer as soon as they are posted.
What an opening contains
A commitment is 32 bytes. Its opening is everything needed to recompute it:
| Field | |
|---|---|
strategyId | The strategy that made the trade |
execIndex | The exec account's random 64-bit index |
signalSeq | The signal that caused the trade |
salt | 32 random bytes, so a commitment can't be guessed from the others |
Version 2 openings also bind the deployment (genesis hash, program, executor key), the signed signal, the executor's signed receipt and the policy evidence for the fill. See Verify a trade.
After a reveal
Anyone can rebuild a revealed strategy's full trade log and its NAV history from chain data alone: every exec account, every fill and every fee is on-chain, and the openings tie them to the strategy.