A cycle is one instance of a recurring market — a single 15-minute BTC Up/Down window, for example, from the moment it opens to the moment it resolves. Each cycle is a distinct market on-chain with its own identifiers, even though it looks like a continuation of the last one.
Historical datasets on this site are organised by cycle for exactly that reason: a cycle is the natural unit of analysis, because it is the span over which a single position is opened, managed and settled.
Treating consecutive cycles as one continuous market. Each cycle is a separate on-chain condition with its own identifiers, so anything that carries state across the boundary — a position, an order id, a token mapping — is carrying it into a different market.
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