PnL Market settles against figures anyone can look up, at a time fixed in advance. No panel decides who won.
Every market asks whether a trader, clan or token crosses a figure — “Will @unipcs clear $1M PnL?”. The subject is real and the number is read from FOMO and Pumpfun, the same boards those traders are ranked on publicly.
Stakes go into a YES pool or a NO pool. The odds you see are simply the pools' relative sizes, so they move as money arrives — there is no market maker setting a price and no spread to cross.
FOMO's 24-hour figure is a trailing window, so read exactly at midnight it is that calendar day's PnL. One reading settles the entire board, and betting closes three hours earlier, at 21:00 UTC, so nobody can stake on a number that is all but final.
When the market settles, 10% of the whole pool goes to the platform and the winning side splits the other 90% in proportion to what each person staked. Back an unpopular side that comes in and you take more of it.
A market has 400 PNL on YES and 200 PNL on NO, so YES is trading at 67¢. You hold 300 of the YES pool.
Those are the contract's own figures, asserted in its test suite and verified on chain. The number quoted here and the number paid out are produced by the same maths.