“Did a goal happen before ETH crossed $3,000?” reads like one question. Run by hand, it is a fresh specification and a fresh resolution every time anyone asks it. Compile it once and it becomes an instrument: it has an address, it executes against the feeds, and it knows the exact moment its answer became final.
An instrument should not care how a person phrased it. “Rain and gas” and “gas and rain” compile to one specification and one address, so two markets on the same question are the same market. Order still matters where it means something: rain before gas is not gas before rain.
The question you built in the instrument, run across thirty different market hours. Each dot is the moment its answer became final. A person resolving at close waits for the bell every time. An instrument settles the second the outcome is known.
Every new feed can be joined with every other one. Specified and resolved by hand, composite markets cost work for each pair. Compiled, each feed is described once and each way of joining them is written once.
Feeds on this page are generated from a seed and shaped like their real counterparts: a price walk, a gas series with spikes, a view counter, and events that arrive when events do. They are not market data. The composite counts are a model of two-feed questions with four ways to join them; they illustrate how the catalogue grows, not Fermah’s numbers. Fermah’s figure of 100,000+ resolved markets is their stated number.
This dispatch is an independent model built by this desk. It is not published by Fermah and describes their thesis, not their implementation.