Decided on the money, from the evidence, reverifiable by anyone.
A bout is scored from the snapshot record, never from a client's report. Every reading writes both fighters' equity. The best return wins: the fighter whose book grew the most from the equity it held at the bell takes the bout, whatever path it took to get there. The board prints each fighter's return in per cent, and the margin is the gap between the two; a fighter's book is on their record, to the cent. The returns display to two decimals, and the engine rules on the return at a tenth of a per cent.
The snapshot cadence is the settlement engine's, and the planned count is the bout's window over that cadence. The series steps once per reading and is never drawn between them: a flat stretch is a fighter who did not trade.
The drawdown gate is 50%, measured from the starting bankroll, never from a trailing peak. Elimination requires two consecutive breaching readings, so a single corrupted reading can never kill. Leverage ceilings are whole numbers per market, set by the draw; breaching one forfeits the bout.
The book is the account's profit or loss at the final reading against the starting bankroll, in USDC: the same figure at settlement and on the record.
The return decides first, measured from the equity each account held at the bell, at a tenth of a per cent: the fighter who made more or lost less takes it. Level there, the smaller maximum drawdown takes it, and level there too, the greater turnover. Level on all three is a dead heat and the bout voids. Forfeits - a gate breach, a ceiling breach, too few orders, or short of the turnover floor - outrank everything. A void writes no record.
A bout must be fought: fewer than 5 distinct orders forfeits, and so does turnover on the drawn markets under 20 times the bankroll, opens and closes both counting; two forfeits void the bout. The count is orders, never raw exchange fills - one buy is one, however many fills the book splits it into - so a single last-minute order can never qualify a fighter who did not fight.
Every gate, floor, ceiling, length, stake, tiebreak and cut is kept in the code as a rule set for each kind of game, in numbered versions. A bout is judged by the version in force at its bell, so a change never reaches a game already running. A change is a new version that takes effect at a stated moment, and the code's history records who made it and why.