How a Ditto pair works. A series is a Pyth feed, a band from L to H and an expiry, always a Friday at 20:00 UTC. Minting n pairs takes n ร (H โ L) USDC, plus the mint fee that's for buying Ditto, and hands you n LONG and n SHORT.
L and H are written in the feed's own units and double as USDC amounts, so one point of price is one USDC. Inside the band LONG moves point for point with the price, and SHORT moves the other way.
Holding oil or the Nikkei on-chain usually means a perp with margin and a liquidation price.
On Ditto it's a token that just sits in your wallet: every pair is fully funded, and its USDC stays locked in its own series.