Market price.
Buyers and sellers set the price on an order book. RAVA doesn't.
Why long plus short is about $1.
Anyone can turn $1 into a pair, or a pair back into $1. If the pair trades above $1, people mint and sell. Below $1, they buy and redeem. That keeps the sum near $1.
What the price tells you.
The short price is where the market expects the index to land. Short at 40¢ means it expects a landing 40% of the way up the range.
Your exit is bigger than your side.
To sell short, you need a short buyer, or someone selling long. Your short plus their long make a pair, the pair redeems $1, and you each take your share.
Two ways to sell
A short buyer takes your tokens, or a long seller's tokens pair with yours and the dollar splits.
Example: nobody bids for short, but long is offered at 88¢. You sell short at 12¢, since $1 minus 88¢ is 12¢.
New windows.
Each window opens with one auction, so everyone filled gets the same starting price.