Add new Polymarket documentation (2026-02-17)
- Added 31 new documentation pages from llms.txt index - Updated changelog and 4 existing pages - New categories: polymarket-learn (FAQ, deposits, get-started, markets, trading) - New API: get-positions-for-a-market - New guide: builders examples
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> ## Documentation Index
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# Trading Fees
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Polymarket does not charge fees on most markets. However, certain markets have taker fees enabled to fund the [Maker Rebates Program](/polymarket-learn/trading/maker-rebates-program).
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## Fee-Free Markets
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The vast majority of Polymarket markets have **no trading fees**:
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* No fees to deposit or withdraw USDC (though intermediaries like Coinbase or MoonPay may charge their own fees)
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* No fees to trade shares
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## Markets With Fees
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The following market types charge a small taker fee on each trade. These fees are collected and redistributed daily to market makers as rebates, incentivizing deeper liquidity and tighter spreads.
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* **15-minute crypto markets**
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* **5-minute crypto markets**
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* **NCAAB (college basketball) markets** (starting February 18, 2026 for new markets)
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* **Serie A markets** (starting February 18, 2026 for new markets)
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<Card title="Maker Rebates Program" icon="coins" href="/polymarket-learn/trading/maker-rebates-program">
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Learn how taker fees fund daily USDC rebates for liquidity providers
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</Card>
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> ## Documentation Index
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# How Are Prices Calculated?
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> The prices probabilities displayed on Polymarket are the midpoint of the bid-ask spread in the orderbook.
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## Initial Price
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* When a market is created, there are initially zero shares and no pre-defined prices or odds.
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* Market makers (a fancy term for traders placing limit orders) interested in buying YES or NO shares can place [Limit Orders](../trading/limit-orders) at the price they're willing to pay
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* When offers for the YES and NO side equal \$1.00, the order is "matched" and that \$1.00 is converted into 1 YES and 1 NO share, each going to their respective buyers.
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For example, if you place a limit order at \$0.60 for YES, that order is matched when someone places a NO order at \$0.40. *This becomes the initial market price.*
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<Important>Polymarket is not a "bookie" and does not set prices / odds. Prices are set by what Polymarket users are currently willling to buy/sell shares at. All trades are peer-to-peer.</Important>
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## Future Price
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The prices displayed on Polymarket are the midpoint of the bid-ask spread in the orderbook — unless that spread is over \$0.10, in which case the last traded price is used.
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Like the stock market, prices on Polymarket are a function of realtime supply & demand.
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<VideoPlayer src="https://www.youtube.com/embed/v0CvPEYBzTI?si=9cirMPQ72orQzLyS" />
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### Prices = Probabilities
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In the market below, the probability of 37% is the midpoint between the 34¢ bid and 40¢ ask. If the bid-ask spread is wider than 10¢, the probability is shown as the last traded price.
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<Frame>
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<img className="block w-full h-auto dark:hidden" style={{ maxWidth: '100%', height: 'auto' }} noZoom src="https://polymarket-upload.s3.us-east-2.amazonaws.com/how_are_prices_calculated.png" />
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</Frame>
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<Note>You may not be able to buy shares at the displayed probability / price because there is a bid-ask spread. In the above example, a trader wanting to buy shares would pay 40¢ for up to 4,200 shares, after which the price would rise to 43¢.</Note>
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> ## Documentation Index
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# Limit Orders
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> What are limit orders and how to make them.
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## Video guide
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<iframe width="560" height="315" src="https://www.youtube.com/embed/_WfpoVGqzbw?si=yvuXC5i08Eik-PnR" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen />
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## What are Limit Orders?
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Limit orders are open orders (pending trades) that only execute when the market trades at your desired price.
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For example, if the highest you’re willing to pay for a share of Trump “Yes” in the 2024 Republican Nomination is 72c, but the current market price is 73c, you could create a limit order at 72c and wait until someone is willing to sell Yes shares at your desired price.
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<Note>
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It’s not necessary for the entire order to execute at once. Limit orders can ‘partially fill’ as individual traders fill parts of your order.
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</Note>
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<Steps>
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<Steps.Step>
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In the buy modal, select **limit** in the order type dropdown.
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</Steps.Step>
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<Steps.Step>
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Enter the price you are willing to buy (or sell, if you’ve selected to sell) shares at.
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</Steps.Step>
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<Steps.Step>
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Enter the number of shares you want to buy or sell at that price.
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*Optional: Set an expiration date for your limit order. This means that if the order does not execute at your desired price within this timeframe, it will be canceled.*
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</Steps.Step>
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<Steps.Step>
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Click **Buy** and confirm the transaction in your wallet.
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<Note>
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Your limited orders that have yet to be filled are called "Open Orders".
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</Note>
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</Steps.Step>
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<Steps.Step>
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You'll see a **“Your deposit is pending”** screen. You'll receive a confirmation email from Coinbase when your USDC purchase is successful.
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</Steps.Step>
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</Steps>
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## Managing limit orders
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When you have an open order, you'll find it displayed just below the Order Book on the market's page.
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If you have open orders across multiple markets, you can easily manage and monitor them all from the [Portfolio page](https://polymarket.com/portfolio?tab=Open+orders).
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<Tip>
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Specifically for sports markets, any outstanding limit orders are automatically cancelled once the game begins, clearing the entire order book at the official start time. Be aware, game start times can shift so it’s important to always monitor your orders closely in case they are not cleared due to game changes or other circumstances.
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</Tip>
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<Tip>
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Additionally, sports markets include a 3-second delay on the placement of marketable orders.
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</Tip>
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## Canceling limit orders
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When you have an open order, you'll find it displayed just below the Order Book on the market's page.
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To cancel the order, you can simply click the red **x** button alongside the order.
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<iframe width="560" height="315" src="https://www.youtube.com/embed/KuA2UdUfZls?si=RUpuzqB9lbBB2pl9" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen />
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If you have open orders across multiple markets, you can easily manage and monitor them all from the [Portfolio page](https://polymarket.com/portfolio?tab=Open+orders).
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Nice! You can officially call yourself an advanced trader.
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<Tip>
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If some of this still isn’t making sense, feel free to reach out to us on [Discord](https://discord.com/invite/polymarket). We’re happy to help get you up to speed.
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</Tip>
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