Protocol Design
Batch Mechanism
The Batch Auction Cycle
Biddex transitions away from continuous matching models. Instead, orders are collected over a discrete time window. At the end of the window, a single uniform price is computed that clears the max possible volume.
Front-Running Immunity
Since all matched trades in a batch occur at the same price, there is no advantage to submitting orders micro-seconds faster. This levels the playing field for human analysts against automated bots.
Implied Probabilities
Biddex clearing prices directly reflect the market's collective consensus. These prices are normalized to represent 0-1 probabilistic confidence levels, creating a precise stream of forward-looking data.