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

# Competition lifecycle

> From join to payout

Every competition moves through the same states, in the same order. Know the lifecycle and you know exactly when you can join, when the clock starts, and when your payout lands.

## States

| State         | Meaning                                                          |
| ------------- | ---------------------------------------------------------------- |
| **PENDING**   | Open to join. The lobby is filling. Trading has not started.     |
| **LIVE**      | Trading is on. Everyone is competing on the clock.               |
| **ENDED**     | Settled. Positions are closed, ranks are final, prizes are paid. |
| **CANCELLED** | The lobby never filled in time. Entry fees are refunded in full. |

A competition normally runs **PENDING → LIVE → ENDED**, or **PENDING → CANCELLED** if the lobby never fills. In rarer cases a live competition can still be cancelled and fully refunded — an admin cancellation, or a duel that ends in an exact tie.

<Steps>
  <Step title="Join">
    Entering a paid competition is gasless. You sign a USDC permit and an authorization — that's it. Speculate's relayer submits the transaction and covers the gas. **Speculate pays the gas.**

    Free competitions skip the payment step entirely — no permit, no entry fee. Open free competitions just need you logged in to join; token-gated free competitions add a one-time Solana wallet signature to prove you hold at least \~\$50 of \$SPEC.
  </Step>

  <Step title="Fill and start">
    A competition stays **PENDING** until its lobby fills to max participants. The moment it fills, registration closes and the countdown begins: it goes **LIVE one hour later**, giving everyone time to get ready before the clock starts.

    Private and whitelist competitions skip the wait — they go **LIVE immediately** once full.
  </Step>

  <Step title="Live">
    Once **LIVE**, every participant trades with the same **\$10,000 simulated balance** until the timer runs out. Same starting capital, same clock, same market — the only variable is skill.
  </Step>

  <Step title="Settlement">
    When the timer hits zero, the competition moves to **ENDED**. All open positions are force-closed at settlement, final ROI is calculated for every participant, ranks are locked, and the prize pool is distributed according to the payout curve.
  </Step>

  <Step title="Claim">
    Winnings are delivered gaslessly and automatically — you don't need to do anything to receive them. If automatic delivery ever fails, you can self-claim any time within a **30-day window**.
  </Step>
</Steps>

<Note>
  If a competition never fills by its cancel date, it's automatically **CANCELLED** and every entry fee is refunded in full — no action needed on your part.

  You can also **leave a competition before it starts**, gaslessly, which frees your slot for someone else.
</Note>

<CardGroup cols={2}>
  <Card title="Payouts" icon="trophy" href="/competitions/payouts">
    See exactly how the prize pool splits across ranks.
  </Card>

  <Card title="Spectating" icon="eye" href="/competitions/spectating">
    Watch a competition live before you're ready to join.
  </Card>
</CardGroup>