Proposed Statebook Would Route Trades by Target Payoff

A working paper dated Sept. 9, 2026, proposes a market layer called a statebook that would help traders assemble requested payoffs from existing contracts, potentially reducing the need for a separate order book for every outcome. The proposed system would compare executable routes and disclose their all-in price, firm size, component provenance and residual payoff. It describes a market structure design, not an operating venue traders can currently access. The paper illustrates the idea with a claim paying $1 if an index finishes above 100 and at or below 110.

Source: TokenPost