Questions

For as long as you like: it pays out on every day the club is in the Premier League, unless you choose to sell it at the prevailing market price.

You keep it. The market maker goes on quoting it, so it keeps its price and continues to trade, shown below the twenty and marked as playing outside the Premier League. The daily pay goes with a place in the Premier League table, so while the club is outside it the token earns nothing and its yield is zero. Its price is the market's estimate of the chance it returns, and it earns again from the first daily table that has it back in the twenty. See Promotion and relegation.

It already exists. Every club with a plausible path to the Premier League has a token from the start, so promotion changes what a token earns, never which tokens exist. From the next daily table, the promoted club's token earns its place. The market maker goes on quoting the twenty clubs TopFlight opened with, so a promotion adds a club to the paying places rather than to the quoted ones.

They share it. The table is ranked by points, then goal difference, then goals scored, and clubs level on all three show a joint place, such as =3, and split the pay of the places they cover equally until a goal separates them.

Once a day. TopFlight reads the published Premier League table and that reading sets every club's rate until the next one.

Trading. Buying a club raises its price and the other prices give way because every price on TopFlight is part of one total that always adds up to $1. Results reach prices through the people who trade on them.

The price you paid for it. Every token on TopFlight is paid for up front, out of money already held, a club's token and its Field alike. The purchase price is the whole cost of holding it, and a token is held until its owner sells it, however far the price travels in between.

What cash balances earn is credited to accounts automatically. Payouts from club tokens need to be manually claimed, but this is easy to do via one button, whenever you like, in the Account section.

A club's yield is its daily pay measured against what its tokens cost: the club's pay for the day, divided across every token that club has, divided by the token's price, annualised. The club's pay moves with the float and the club's place. The rest moves with trading: the token's price. The number shown is today's rate on today's figures.

Yes. Field v Arsenal's share follows every place in the table except Arsenal's.

Twenty clubs are quoted on the board. The unquoted clubs have a token of their own that the market maker does not quote yet, and each earns on every day its club is in the Premier League table. Every other club in English football has no token of its own and sits behind one token, The Rest. The Rest is paid nothing itself, because the daily pay goes to the twenty places in the Premier League table. The board shows it at whatever the twenty quoted prices leave of the $1, and because the market maker quotes no club outside the twenty, that one figure carries the unquoted clubs as well. See Promotion, relegation and The Rest.

Nothing stops. TopFlight holds one table, the league as it stands, and a table pays until another replaces it, so the final standings keep paying right through the summer and the daily payments continue across the break.

The table is the published Premier League table. Club prices come from trading on TopFlight, and every trade is published as it happens. The tape keeps a rolling window of the most recent trades, the last 165,000, rather than the whole history. What a token has earned is calculated second by second from the table in force, the tokens held, and what the float is earning. Every figure on a club's page derives from those.