NVDA/AMD is one ERC-20 that goes up when NVIDIA beats AMD. Its mirror goes up when AMD wins. Fully collateralised in USDG. Marked to Chainlink. Never liquidated.
Both sides deposit USDG. When NVIDIA outperforms AMD, USDG moves from the AMD side to the NVIDIA side. The loser always pays from its own balance, so nobody can be liquidated.
Drag the book off balance and watch the heavy side earn less than 1x: its counterparty is thinner. The dashboard shows this number before every mint.
Deposit USDG, pick a side, receive one ERC-20 at the current NAV. 20 bps.
Chainlink prices both stocks 24/5, dividends included. The pool marks on every trade or poke. No funding, no expiry.
Back to USDG at NAV whenever you like. 20 bps. Or sell the token on any AMM.
Charts show the ratio (grey) and both NAVs (green long, red short) as recorded by the keeper every minute. Feeds move 24/5, so lines are flat over weekends.