> For the complete documentation index, see [llms.txt](https://docs.gammaswap.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gammaswap.com/markets-and-trading/contracts.md). # Contracts ### Contract Explanation The size of an order is measured in contracts and all contracts are denominated in USD. Therefore, 1 contract represents a notional value of $1, and 100 contracts represents a notional value of $100. This means that if 1 contract wins it resolves to $1 and if 100 contracts win they resolve to $100. Alternatively, if 1 or 100 contracts lose, they all resolve to $0. ### Outcomes Buying the contract or selecting up is going long the contract. The contract wins if the underlying asset's price is at or above the price to beat by expiration. The contract loses if the asset's price is below the price to beat by expiration. Selling the contract or selecting down is going short the contract. The contract wins if the underlying asset's price is below the price to beat by expiration. The contract loses if the underlying asset's price is at or above the price to beat by expiration. When the market epoch ends the resolution price (price that determines if the contract won or lost) is calculated based on the underlying asset's price given by the oracle. Keep in mind that the resolution prices are based on a Time Weighted Average Price (TWAP). ### Comparison to Futures It is similar to longing or shorting tokens on margin in a perpetual futures exchange. There are no separate contracts for up and down. There are no liquidations or funding fees, unlike perpetual futures. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.gammaswap.com/markets-and-trading/contracts.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.