Update Polymarket documentation (2026-02-19)
- Added new documentation URLs from llms.txt index - Updated TARGET.md with 244 total documentation pages - Scraped new pages for trading, concepts, and API reference sections - Updated changelog and new index pages
This commit is contained in:
AI Agent
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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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# Markets & Events
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> Understanding the fundamental building blocks of Polymarket
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Every prediction on Polymarket is structured around two core concepts: **markets** and **events**. Understanding how they relate is essential for building on the platform.
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<Frame>
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4c62bd08a405868307cdd6799b368ca5" alt="" className="dark:hidden" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/core-concepts/event-market.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0bd6fa8d9505b0f2fa4626c7d596b0e8 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=f6acefe7559f5e48d1903fb772754aeb 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=603c382f66e84f9020d45cd43ac59ea4 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=eaed4a9b88ff99c795bb27654a1914cd 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=020326eff37833ae1111575e85ecf898 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event-market.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=57ce32b2abd1a2f7193a0c9bad064fbc 2500w" />
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=2eb5c9b0f8a2afe52bc2e717b7b796a2" alt="" className="hidden dark:block" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/dark/core-concepts/event-market.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=c4da01c8fec2e6cfe7f2d4934200ebf7 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e52eafe9dca3370f2cf9f48aa7a587fa 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=420de664532386a57e674c37e2475f45 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e7aeeb9c591df58d3de1d3d3ee9b6aa5 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b68ab7f2f68b3ee6c1670edab68dddd6 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event-market.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=89ae2017bf3ee1eec57ebd4ac4b5cddc 2500w" />
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</Frame>
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## Markets
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A **market** is the fundamental tradable unit on Polymarket. Each market represents a single binary question with Yes/No outcomes.
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<Frame>
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0c9a264aec9a22ce5a20c4cc7980806d" alt="" className="dark:hidden" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/core-concepts/event.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=72a07b6b9d83367b9aa829a60c07f2b3 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=a222505efdc485a3b2410055394109cd 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=1afd89af327cef04f03a0c085a4a0ef5 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=a419c0d09ca0cbb7f870372157c56727 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=19797452df63f42cf2d84e709483a4a2 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/event.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4643344994e4717bfdc94bad606eda7f 2500w" />
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=912e41bebfe8c1a43ef53b89685ca3d2" alt="" className="hidden dark:block" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/dark/core-concepts/event.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=541e0c044f32f667c9c59e31f1572167 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=16e79044e1f4cb99e3c28335308ea821 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=71d440db449638eec0f3b8a5d80bef13 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=25f781834c41ecd4d835e0c209bceb2e 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=1a2120728cf262e68d993a1db44371b1 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/event.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=9ecb8ab37d7fc4460fa07c892ab1978a 2500w" />
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</Frame>
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Every market has:
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| Identifier | Description |
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| ---------------- | ------------------------------------------------------------------------ |
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| **Condition ID** | Unique identifier for the market's condition in the CTF contracts |
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| **Question ID** | Hash of the market question used for resolution |
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| **Token IDs** | ERC1155 token IDs used for trading on the CLOB — one for Yes, one for No |
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<Note>
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Markets can only be traded via the CLOB if `enableOrderBook` is `true`. Some
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markets may exist onchain but not be available for order book trading.
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</Note>
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### Market Example
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A simple market might be:
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> **"Will Bitcoin reach \$150,000 by December 2026?"**
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This creates two outcome tokens:
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* **Yes token** - Redeemable for `$1` if Bitcoin reaches `$150k`
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* **No token** - Redeemable for `$1` if Bitcoin doesn't reach `$100k`
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## Events
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An **event** is a container that groups one or more related markets together. Events provide organizational structure and enable multi-outcome predictions.
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### Single-Market Events
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When an event contains just one market, it creates a simple market pair. The event and market are essentially equivalent.
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```
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Event: Will Bitcoin reach $100,000 by December 2024?
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└── Market: Will Bitcoin reach $100,000 by December 2024? (Yes/No)
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```
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### Multi-Market Events
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When an event contains two or more markets, it creates a grouped market pair. This enables mutually exclusive multi-outcome predictions.
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```
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Event: Who will win the 2024 Presidential Election?
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├── Market: Donald Trump? (Yes/No)
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├── Market: Joe Biden? (Yes/No)
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├── Market: Kamala Harris? (Yes/No)
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└── Market: Other? (Yes/No)
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```
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## Identifying Markets
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Every market and event has a unique **slug** that appears in the Polymarket URL:
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```
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https://polymarket.com/event/fed-decision-in-october
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└── slug: fed-decision-in-october
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```
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You can use slugs to fetch specific markets or events from the API:
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```bash theme={null}
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# Fetch event by slug
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curl "https://gamma-api.polymarket.com/events?slug=fed-decision-in-october"
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```
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## Sports Markets
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Specifically for sports markets, outstanding limit orders are **automatically cancelled** once the game begins, clearing the order book at the official start time. However, game start times can shift — if a game starts earlier than scheduled, orders may not be cleared in time. Always monitor your orders closely around game start times.
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***
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## Next Steps
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<CardGroup cols={2}>
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<Card title="Prices & Orderbook" icon="chart-line" href="/concepts/prices-orderbook">
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Learn how prices are determined and how the order book works.
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</Card>
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<Card title="Fetching Market Data" icon="code" href="/market-data/overview">
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Start querying markets and events from the API.
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</Card>
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</CardGroup>
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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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# Order Lifecycle
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> Understanding how orders flow from creation to settlement
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Every trade on Polymarket follows a specific lifecycle. Orders are created offchain, matched by an operator, and settled onchain through smart contracts. This hybrid approach combines the speed of centralized matching with the security of blockchain settlement.
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<Frame>
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4db07008193421bfe359afe44b5f604e" alt="" className="dark:hidden" data-og-width="2336" width="2336" data-og-height="952" height="952" data-path="images/core-concepts/order-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=7269f450774ef5d4886455043ade1d83 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e5329a354884b11c94c2ce1ffc89c1d4 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=2e31c345d92dcce72a824361c1522ab5 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=8dead82080254f84858526c62c5b003b 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=557ef2f860a87dc7c3e47a66707a34ad 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/order-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=f69b7cd9fb0ccb6e4a058b187d51eb24 2500w" />
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<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=5a0f3eba2f20c44471bae05c0670de4a" alt="" className="hidden dark:block" data-og-width="2336" width="2336" data-og-height="952" height="952" data-path="images/dark/core-concepts/order-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=6c7265f6dfed87cb901bde64686ce13e 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=bbf111f3efe60e15b9022c313befaf0e 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=9e81f0b099ce605683d7c0fcca2d2006 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=98ffaa7a741369b9b5fa9aefcc851e37 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=96126a395420dbe087ac104ca0fbc773 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/order-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e6f9c36ce23716a00a6563bf428d3aa8 2500w" />
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</Frame>
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## How Orders Work
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All orders on Polymarket are **limit orders**. A limit order specifies the price you're willing to pay (or accept) and the quantity you want to trade.
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<Note>
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"Market orders" are simply limit orders with a price set to execute
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immediately against the best available resting orders.
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</Note>
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Orders are **EIP712-signed messages**. When you place an order, you sign a structured message with your private key. This signature authorizes the Exchange contract to execute the trade on your behalf—without ever taking custody of your funds.
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## Order Types
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| Type | Behavior | Use Case |
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| ------- | ------------------------------------------------------------- | ------------------------ |
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| **GTC** | Good Till Cancelled — rests on book until filled or cancelled | Standard limit orders |
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| **GTD** | Good Till Date — auto-expires at specified time | Time-limited orders |
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| **FOK** | Fill Or Kill — fill entirely or cancel immediately | All-or-nothing execution |
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| **FAK** | Fill And Kill — fill what's available, cancel the rest | Partial fills acceptable |
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### Post-Only Orders
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Post-only orders will only rest on the book. If a post-only order would match immediately (cross the spread), it's rejected instead of executed. This guarantees you're always the maker, never the taker.
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<Steps>
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<Step title="Create & Sign">
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Your client creates an order object containing:
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* Token ID (which outcome you're trading)
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* Side (buy or sell)
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* Price and size
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* Expiration time
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* Nonce (for replay protection)
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You sign this order with your private key, creating an EIP712 signature.
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</Step>
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<Step title="Submit to CLOB">
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The signed order is submitted to the Central Limit Order Book (CLOB) operator. The operator validates:
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* Signature is valid
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* You have sufficient balance
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* You have set the required allowances
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* Price meets minimum tick size requirements
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</Step>
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<Step title="Match or Rest">
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**If the order is marketable** (your buy price ≥ lowest ask, or your sell price ≤ highest bid), it matches immediately against resting orders.
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**If the order is not marketable**, it rests on the book waiting for a counterparty. It remains open until:
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||||
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* Another order matches against it
|
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* You cancel it
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* It expires (GTD orders only)
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</Step>
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<Step title="Settlement">
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When orders match, the operator submits the trade to the blockchain. The Exchange contract:
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* Verifies both signatures
|
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* Transfers tokens from seller to buyer
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* Transfers USDC.e from buyer to seller
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Settlement is **atomic**—either the entire trade succeeds or nothing happens.
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</Step>
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<Step title="Confirmation">
|
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The trade achieves finality on Polygon. Your token balances update and the trade appears in your history.
|
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</Step>
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</Steps>
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||||
## Order Statuses
|
||||
|
||||
When you place an order, it receives one of these statuses:
|
||||
|
||||
| Status | Description |
|
||||
| ----------- | --------------------------------------------------------------------------- |
|
||||
| `live` | Order is resting on the book |
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||||
| `matched` | Order matched immediately |
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||||
| `delayed` | Marketable order subject to a 3-second matching delay (sports markets) |
|
||||
| `unmatched` | Marketable order placed on the book after the delay expired without a match |
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||||
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||||
## Trade Statuses
|
||||
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||||
After matching, trades progress through these statuses:
|
||||
|
||||
| Status | Terminal | Description |
|
||||
| ----------- | -------- | ------------------------------------------------------ |
|
||||
| `MATCHED` | No | Trade matched, sent to executor for onchain submission |
|
||||
| `MINED` | No | Transaction mined into the blockchain |
|
||||
| `CONFIRMED` | Yes | Trade achieved finality, successful |
|
||||
| `RETRYING` | No | Transaction failed, being retried |
|
||||
| `FAILED` | Yes | Trade failed permanently |
|
||||
|
||||
## Maker vs Taker
|
||||
|
||||
| Role | Description | When |
|
||||
| --------- | ------------------------------- | ----------------------------------------------------- |
|
||||
| **Maker** | Adds liquidity to the book | Your order rests and is later matched |
|
||||
| **Taker** | Removes liquidity from the book | Your order matches immediately against resting orders |
|
||||
|
||||
Price improvement always benefits the taker. If you place a buy order at `$0.55` and it matches against a resting sell at `$0.52`, you pay `$0.52`.
|
||||
|
||||
## Cancellation
|
||||
|
||||
You can cancel orders at any time before they're matched:
|
||||
|
||||
* **Via API** — Cancel through the CLOB API (instant)
|
||||
* **Onchain** — Cancel directly on the Exchange contract (fallback if API is unavailable)
|
||||
|
||||
Partial fills cannot be cancelled—only the unfilled portion of an order can be cancelled.
|
||||
|
||||
## Requirements
|
||||
|
||||
Before placing orders, ensure:
|
||||
|
||||
| Requirement | Description |
|
||||
| ------------------- | -------------------------------------------------- |
|
||||
| **Balance** | Sufficient USDC.e (for buys) or tokens (for sells) |
|
||||
| **Allowance** | Approve the Exchange contract to spend your assets |
|
||||
| **API Credentials** | Valid API key for authenticated endpoints |
|
||||
|
||||
<Info>
|
||||
Order size is limited by your available balance minus any amounts reserved by existing open orders.
|
||||
|
||||
$$
|
||||
\text{maxOrderSize} = \text{balance} - \sum(\text{openOrderSize} - \text{filledAmount})
|
||||
$$
|
||||
</Info>
|
||||
|
||||
## Next Steps
|
||||
|
||||
<CardGroup cols={2}>
|
||||
<Card title="Resolution" icon="gavel" href="/concepts/resolution">
|
||||
Learn how markets are resolved and winning tokens redeemed.
|
||||
</Card>
|
||||
|
||||
<Card title="Trading Guide" icon="book" href="/trading/overview">
|
||||
Start placing orders with our step-by-step guide.
|
||||
</Card>
|
||||
</CardGroup>
|
||||
@@ -0,0 +1,116 @@
|
||||
> ## Documentation Index
|
||||
> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
|
||||
> Use this file to discover all available pages before exploring further.
|
||||
|
||||
# Positions & Tokens
|
||||
|
||||
> Understanding outcome tokens and how positions work on Polymarket
|
||||
|
||||
Every prediction on Polymarket is represented by **outcome tokens**. When you trade, you're buying and selling these tokens. Your **position** is simply your balance of tokens for a given market.
|
||||
|
||||
<Frame>
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=cad279109c43c68c541123c2d348c4c5" alt="" className="dark:hidden" data-og-width="1596" width="1596" data-og-height="952" height="952" data-path="images/core-concepts/token-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0ffccd48fc17a9f42af63ef241da60bc 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=01cd5803170451665113299880e5e7c6 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=858762e2dfd9f89a3a2e9356f74baa2d 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=984d76c377540e42777ae7d55f0d85bd 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b29bd8c950689ad8dc8a960368d85152 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b99b9c4e684ca44f096dbfa4e5c3d9fc 2500w" />
|
||||
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=204d16c1d89892a3c8573060aa04780e" alt="" className="hidden dark:block" data-og-width="1596" width="1596" data-og-height="952" height="952" data-path="images/dark/core-concepts/token-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=23a54d7a2360619ac2e40adadd586f4d 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=903265a9549d5e0c98ec5c27052fdef2 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=a319bab4226ccd72ae0904db21cb08ff 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=3ab25065f1b7247c2162c8e3a94ffc76 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=6f2ed88467e198b6c4a76704669436c4 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=125a45e3954df870f6d1ade7d7a9e389 2500w" />
|
||||
</Frame>
|
||||
|
||||
## Outcome Tokens
|
||||
|
||||
Each market has exactly two outcome tokens:
|
||||
|
||||
| Token | Redeems for | If... |
|
||||
| ------- | ----------- | ------------------------ |
|
||||
| **Yes** | \$1.00 | The event occurs |
|
||||
| **No** | \$1.00 | The event does not occur |
|
||||
|
||||
Tokens are **ERC1155** assets on Polygon, using the [Gnosis Conditional Token Framework](https://github.com/gnosis/conditional-tokens-contracts/) (CTF). This means they're fully onchain and function as standard ERC1155 tokens.
|
||||
|
||||
<Note>
|
||||
Outcome tokens are always fully backed. Every Yes/No pair in existence is
|
||||
backed by exactly `$1` of USDC.e collateral locked in the CTF contract.
|
||||
</Note>
|
||||
|
||||
### Split
|
||||
|
||||
Convert USDC.e into outcome tokens. Splitting \$1 creates 1 Yes token and 1 No token.
|
||||
|
||||
```
|
||||
$100 USDC.e → 100 Yes tokens + 100 No tokens
|
||||
```
|
||||
|
||||
Use this when you want to:
|
||||
|
||||
* Create inventory for market making
|
||||
* Obtain both sides of a market
|
||||
|
||||
### Trade
|
||||
|
||||
Buy or sell tokens on the order book. This is how most users acquire positions.
|
||||
|
||||
* **Buy Yes** at `$0.60` → Pay `$0.60`, receive 1 Yes token
|
||||
* **Sell Yes** at `$0.60` → Give up 1 Yes token, receive `$0.60`
|
||||
|
||||
You can sell your position at any time before resolution.
|
||||
|
||||
### Merge
|
||||
|
||||
Convert a complete set of tokens back into USDC.e. Merging requires equal amounts of Yes and No tokens.
|
||||
|
||||
```
|
||||
100 Yes tokens + 100 No tokens → $100 USDC.e
|
||||
```
|
||||
|
||||
Use this when you want to:
|
||||
|
||||
* Exit a position without trading
|
||||
* Convert accumulated tokens back to collateral
|
||||
|
||||
### Redeem
|
||||
|
||||
After a market resolves, exchange winning tokens for USDC.e.
|
||||
|
||||
| Outcome | Yes tokens | No tokens |
|
||||
| ------------------- | -------------- | -------------- |
|
||||
| Event occurs | Worth \$1 each | Worth \$0 |
|
||||
| Event doesn't occur | Worth \$0 | Worth \$1 each |
|
||||
|
||||
```
|
||||
100 winning tokens → $100 USDC.e
|
||||
```
|
||||
|
||||
### Position Value
|
||||
|
||||
The value of your position depends on the current market price:
|
||||
|
||||
```
|
||||
Position value = Token balance × Current price
|
||||
```
|
||||
|
||||
If you hold 100 Yes tokens and Yes is trading at \$0.75:
|
||||
|
||||
```
|
||||
Position value = 100 × $0.75 = $75
|
||||
```
|
||||
|
||||
## Profit & Loss
|
||||
|
||||
Your profit depends on how the market resolves compared to your entry price.
|
||||
|
||||
### Example: Buying Yes at \$0.40
|
||||
|
||||
| Scenario | Outcome | Return | Profit |
|
||||
| ------------------- | -------- | ------ | ------------------------- |
|
||||
| Event occurs | Yes wins | \$1.00 | +\$0.60 per token (150%) |
|
||||
| Event doesn't occur | No wins | \$0.00 | -\$0.40 per token (-100%) |
|
||||
|
||||
### Holding Rewards
|
||||
|
||||
Polymarket pays a **4.00% annualized** Holding Reward based on your total position value in eligible markets. Your total position value is randomly sampled once each hour, and the reward is distributed daily. The rate is variable and subject to change at Polymarket's discretion.
|
||||
|
||||
### Example: Selling before resolution
|
||||
|
||||
You can lock in profits or cut losses by selling before the market resolves:
|
||||
|
||||
* Bought Yes at `$0.40`
|
||||
* Price rises to `$0.70`
|
||||
* Sell at `$0.70` → Profit of `$0.30` per token (75%)
|
||||
@@ -0,0 +1,116 @@
|
||||
> ## Documentation Index
|
||||
> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
|
||||
> Use this file to discover all available pages before exploring further.
|
||||
|
||||
# Prices & Orderbook
|
||||
|
||||
> How prices work and how the order book enables peer-to-peer trading
|
||||
|
||||
Polymarket uses a **Central Limit Order Book (CLOB)** for trading. Prices aren't set by Polymarket—they emerge from supply and demand as users trade with each other.
|
||||
|
||||
<Frame>
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=119174bcaaeb3b9abbd4c2d94b7bdae6" alt="" className="dark:hidden" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/core-concepts/orderbook.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4cd823593d6e2ad297d0167864d1609c 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=7d8dbe330255b2e9a4ad3c29cbf75314 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=9cc094dc2019b2dbfbbc4599de5a2130 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=74433ab1e13b0824014684a73bdfa4f1 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=71a63d5439e2f2d546b0cfb42e1842f4 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/orderbook.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e38a76f49a70c8a81e9cdb3413373ee0 2500w" />
|
||||
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b940f4b5f28ab6ed5845dda2bfe03edb" alt="" className="hidden dark:block" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/dark/core-concepts/orderbook.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=533188cbd9f6291614252ae4b8ab4369 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=dd1f19796326f6aec10dbfbe711796a5 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=f9b45316ed1c8456d48050ec5afba8ce 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e22b48d04c52f6dea3a75f0a5a234bd3 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4b41a58adc9bbb24d31b1a6c9e7a78e1 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/orderbook.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=010efa3dc9eacb8f76a4045af81b97f6 2500w" />
|
||||
</Frame>
|
||||
|
||||
## Prices = Probabilities
|
||||
|
||||
Every share on Polymarket is priced between `$0.00` and `$1.00`. The price directly represents the market's belief in the probability of that outcome.
|
||||
|
||||
| Price | Implied Probability |
|
||||
| ------ | ------------------- |
|
||||
| \$0.25 | 25% chance |
|
||||
| \$0.50 | 50% chance |
|
||||
| \$0.75 | 75% chance |
|
||||
|
||||
<Note>
|
||||
The displayed price is the **midpoint** of the bid-ask spread. If the spread
|
||||
is wider than \$0.10, the last traded price is shown instead.
|
||||
</Note>
|
||||
|
||||
### Example
|
||||
|
||||
If the best bid for "Yes" is `$0.34` and the best ask is `$0.40`:
|
||||
|
||||
```
|
||||
Displayed price = ($0.34 + $0.40) / 2 = $0.37 (37% probability)
|
||||
```
|
||||
|
||||
You won't necessarily trade at `$0.37`—you'll pay the ask (`$0.40`) when buying or receive the bid (`$0.34`) when selling.
|
||||
|
||||
## The Order Book
|
||||
|
||||
The order book is a list of all open buy and sell orders for a market. It has two sides:
|
||||
|
||||
| Side | Description |
|
||||
| ---- | ----------------------------------------------------------- |
|
||||
| Bids | Buy orders—the highest prices traders are willing to pay |
|
||||
| Asks | Sell orders—the lowest prices traders are willing to accept |
|
||||
|
||||
The **spread** is the gap between the highest bid and lowest ask. Tighter spreads mean more liquid markets.
|
||||
|
||||
## Order Types
|
||||
|
||||
### Market Orders
|
||||
|
||||
Execute immediately at the best available price. Use when you want instant execution and are willing to pay the spread.
|
||||
|
||||
* **Buying**: You pay the lowest ask price
|
||||
* **Selling**: You receive the highest bid price
|
||||
|
||||
### Limit Orders
|
||||
|
||||
Execute only at your specified price or better. Use when you want price control and are willing to wait.
|
||||
|
||||
* Your order sits in the book until someone trades against it
|
||||
* Orders can **partially fill** as different traders match portions of your order
|
||||
* You can cancel unfilled orders at any time
|
||||
|
||||
<Note>
|
||||
All orders on Polymarket are technically limit orders. A "market order" is
|
||||
simply a limit order priced to execute immediately against resting orders.
|
||||
</Note>
|
||||
|
||||
## How Trades Work
|
||||
|
||||
Polymarket's CLOB is **hybrid-decentralized**:
|
||||
|
||||
1. **Offchain matching** — An operator matches compatible orders
|
||||
2. **Onchain settlement** — Matched trades settle via smart contracts
|
||||
|
||||
<Frame>
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=2acec8befdfbba57fb554170f7d5813c" alt="" className="dark:hidden" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/core-concepts/trade-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b87b109ead5fae763112e70cd9e397d0 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=ce4b5a18e73aa1a0c69cc0d075ab318c 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=c32ae4a5b13fbde13ae3b73387013d3c 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4df792716a2bc70678325cd40d17dc72 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0e419e401bc9e018c70e5205899d2242 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/trade-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b055567fe354f162e62b3fcdb3ef26da 2500w" />
|
||||
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=d18b22ad7629820ad554dda8cb83ec18" alt="" className="hidden dark:block" data-og-width="1540" width="1540" data-og-height="952" height="952" data-path="images/dark/core-concepts/trade-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=514a93dfdc97bf4f59e75dd689b2388e 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=45e5eebd5694861b5102554bab6068d1 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=25363946221517ab70226fdba090ede9 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=677c7865a1df1b598af0bdee8ad803a1 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=b611e2585cadcebc0a505dcac60dbf02 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/trade-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=ec586a31f469c5e12c199949a57bce9e 2500w" />
|
||||
</Frame>
|
||||
|
||||
This design gives you the speed of centralized matching with the security of onchain settlement. You always maintain custody of your funds.
|
||||
|
||||
## Price Discovery
|
||||
|
||||
When a new market launches, there's no initial price. The first price emerges when:
|
||||
|
||||
1. Someone places a limit order to buy Yes at a price (e.g., `$0.60`)
|
||||
2. Someone places a limit order to buy No at the complementary price (e.g., `$0.40`)
|
||||
3. Since `$0.60` + `$0.40` = `$1.00`, the orders match
|
||||
|
||||
When matched, `$1.00` is converted into 1 Yes token and 1 No token, each going to their respective buyers.
|
||||
|
||||
## Next Steps
|
||||
|
||||
<Note>
|
||||
Polymarket's orderbook has **no trading size limits** — it matches willing
|
||||
buyers and sellers of any amount. However, large orders may move the price
|
||||
significantly. Always check orderbook depth before trading in size.
|
||||
</Note>
|
||||
|
||||
<CardGroup cols={2}>
|
||||
<Card title="Positions & Tokens" icon="coins" href="/concepts/positions-tokens">
|
||||
Learn about outcome tokens and how positions work.
|
||||
</Card>
|
||||
|
||||
<Card title="Order Lifecycle" icon="arrows-spin" href="/concepts/order-lifecycle">
|
||||
Understand what happens from order placement to settlement.
|
||||
</Card>
|
||||
</CardGroup>
|
||||
@@ -0,0 +1,151 @@
|
||||
> ## Documentation Index
|
||||
> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
|
||||
> Use this file to discover all available pages before exploring further.
|
||||
|
||||
# Resolution
|
||||
|
||||
> How markets are resolved and winning positions redeemed
|
||||
|
||||
When the outcome of an event becomes known, the market is **resolved**. Resolution determines which outcome won, allowing holders of winning tokens to redeem them for \$1 each. Losing tokens become worthless.
|
||||
|
||||
Polymarket uses the **UMA Optimistic Oracle** for decentralized, permissionless resolution. Anyone can propose an outcome, and anyone can dispute it if they believe it's incorrect.
|
||||
|
||||
<Frame>
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=6726569af3efd6f4fda54528c8eb0d0a" alt="" className="dark:hidden" data-og-width="1722" width="1722" data-og-height="952" height="952" data-path="images/core-concepts/resolution-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=5b8c5a6a402b07924479148c41070cda 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=5668cb3808cc63a8acbf2dc186286161 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=24bff0e4be1cc3925c8022751d08331f 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0b36fe72801f6ab85b61bbb15c1dd92a 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=19d35e9285543d4956fc52ed2782559b 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/resolution-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=05b5b089959b943ef70e2cc92ca8b99d 2500w" />
|
||||
|
||||
<img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=36e91c655f7f50b18dea3a23b44f8c23" alt="" className="hidden dark:block" data-og-width="1722" width="1722" data-og-height="952" height="952" data-path="images/dark/core-concepts/resolution-lifecycle.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=21f48c7daad9e075349cc0ec5933d960 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=5fd963734d2d57b302ce61f20a3cd6a8 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=46354d72ab1341abb004e10cfff79ae6 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=823d27e9e0e319c3c0b05fba495b893c 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e595d0016a19eaf64516750f4fb7d2fc 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/resolution-lifecycle.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0c72da697ee4189ff80cb079b35bdb5b 2500w" />
|
||||
</Frame>
|
||||
|
||||
## Resolution Rules
|
||||
|
||||
Every market has pre-defined resolution rules that specify:
|
||||
|
||||
* **Resolution source** — Where the outcome will be determined from (e.g., official announcements, specific websites)
|
||||
* **End date** — When the market is eligible for resolution
|
||||
* **Edge cases** — How ambiguous situations should be handled
|
||||
|
||||
<Warning>
|
||||
Always read the resolution rules before trading. The market title describes
|
||||
the question, but the **rules** define how it resolves.
|
||||
</Warning>
|
||||
|
||||
<Steps>
|
||||
<Step title="Proposal">
|
||||
Anyone can propose a resolution by:
|
||||
|
||||
1. Selecting the winning outcome
|
||||
2. Posting a bond (typically \$750 USDC.e)
|
||||
3. Submitting the proposal to the UMA Oracle
|
||||
|
||||
If the proposal is correct and undisputed, the proposer receives their bond back plus a reward.
|
||||
|
||||
<Warning>
|
||||
If you propose incorrectly or too early, you lose your entire bond. Only
|
||||
propose if you're confident in the outcome and understand the process.
|
||||
</Warning>
|
||||
</Step>
|
||||
|
||||
<Step title="Challenge Period">
|
||||
After a proposal, there's a **2-hour challenge period** where anyone can dispute the outcome.
|
||||
|
||||
* **If no dispute**: The proposal is accepted and the market resolves
|
||||
* **If disputed**: A new proposal round begins. If the second proposal is also disputed, the resolution escalates to UMA's DVM (Data Verification Mechanism) for a token holder vote.
|
||||
|
||||
There are three possible resolution flows:
|
||||
|
||||
1. **No dispute** — Propose then Resolve (fastest, \~2 hours)
|
||||
2. **One dispute** — Propose, Challenge, second Propose, Resolve (second proposal accepted)
|
||||
3. **Two disputes** — Propose, Challenge, second Propose, second Challenge, Resolve via DVM vote
|
||||
</Step>
|
||||
|
||||
<Step title="Dispute (If Challenged)">
|
||||
To dispute a proposal:
|
||||
|
||||
1. Post a counter-bond (same amount as proposer, typically \$750)
|
||||
2. The dispute triggers a new proposal round, or if already in the second round, a debate period
|
||||
|
||||
During the **24-48 hour debate period**, evidence can be submitted in UMA's Discord channels (`#evidence-rationale` and `#voting-discussion`).
|
||||
</Step>
|
||||
|
||||
<Step title="UMA Vote">
|
||||
After the debate period, UMA token holders vote on the correct outcome. The voting process takes approximately 48 hours.
|
||||
|
||||
| Outcome | Result | Bond Distribution |
|
||||
| ----------------- | -------------------------------------- | -------------------------------------------------------------------------------------------------------- |
|
||||
| **Proposer wins** | Original proposal accepted | Proposer gets bond back + half of disputer's bond |
|
||||
| **Disputer wins** | Proposal rejected, new proposal needed | Disputer gets bond back + half of proposer's bond |
|
||||
| **Too Early** | Event hasn't concluded yet | Disputer gets bond back + half of proposer's bond |
|
||||
| **Unknown/50-50** | Neither outcome applicable (rare) | Market resolves 50/50 — each token redeems for \$0.50; disputer gets bond back + half of proposer's bond |
|
||||
</Step>
|
||||
</Steps>
|
||||
|
||||
## After Resolution
|
||||
|
||||
Once a market resolves:
|
||||
|
||||
* **Trading stops** — You can no longer buy or sell tokens for this market
|
||||
* **Winning tokens** become redeemable for \$1.00 each
|
||||
* **Losing tokens** become worthless (\$0.00)
|
||||
|
||||
### Redeeming Tokens
|
||||
|
||||
After resolution, call the `redeemPositions` function on the CTF contract to exchange winning tokens for USDC.e. The contract burns your tokens and returns the corresponding collateral.
|
||||
|
||||
```
|
||||
100 winning tokens → $100 USDC.e
|
||||
```
|
||||
|
||||
## Clarifications
|
||||
|
||||
In rare cases, unforeseen circumstances require clarification of the rules after trading begins. Polymarket may issue an **"Additional context"** update that proposers and voters should consider during resolution.
|
||||
|
||||
Clarifications:
|
||||
|
||||
* Cannot change the fundamental intent of the question
|
||||
* Are published onchain via the bulletin board contract
|
||||
* Should be considered by UMA voters when resolving disputes
|
||||
|
||||
<Tip>
|
||||
If you believe a clarification is needed, request it in the [Polymarket
|
||||
Discord](https://discord.com/invite/polymarket) `#market-review` channel.
|
||||
</Tip>
|
||||
|
||||
## Resolution Timeline
|
||||
|
||||
| Phase | Duration |
|
||||
| --------------------------- | ----------- |
|
||||
| Challenge period | 2 hours |
|
||||
| Debate period (if disputed) | 24-48 hours |
|
||||
| UMA voting (if disputed) | \~48 hours |
|
||||
|
||||
**Undisputed resolution**: \~2 hours after proposal
|
||||
|
||||
**Disputed resolution**: 4-6 days total
|
||||
|
||||
## Contract Addresses
|
||||
|
||||
| Contract | Address | Network |
|
||||
| ---------------------- | -------------------------------------------- | --------------- |
|
||||
| **UmaCtfAdapter v3.0** | `0x157Ce2d672854c848c9b79C49a8Cc6cc89176a49` | Polygon Mainnet |
|
||||
| **UmaCtfAdapter v2.0** | `0x6A9D222616C90FcA5754cd1333cFD9b7fb6a4F74` | Polygon Mainnet |
|
||||
| **UmaCtfAdapter v1.0** | `0xCB1822859cEF82Cd2Eb4E6276C7916e692995130` | Polygon Mainnet |
|
||||
|
||||
## Resources
|
||||
|
||||
* [UMA Oracle Portal](https://oracle.uma.xyz/) — View and interact with proposals
|
||||
* [UMA Documentation](https://docs.uma.xyz/) — Learn more about the Optimistic Oracle
|
||||
* [Polymarket Discord](https://discord.com/invite/polymarket) — Discuss resolutions and request clarifications
|
||||
* [UmaCtfAdapter Source Code](https://github.com/Polymarket/uma-ctf-adapter) — Smart contract source
|
||||
* [UmaCtfAdapter Audit](https://github.com/Polymarket/uma-ctf-adapter/blob/main/audit/Polymarket_UMA_Optimistic_Oracle_Adapter_Audit.pdf) — Security audit report
|
||||
|
||||
## Next Steps
|
||||
|
||||
<CardGroup cols={2}>
|
||||
<Card title="Positions & Tokens" icon="coins" href="/concepts/positions-tokens">
|
||||
Learn how to redeem winning tokens after resolution.
|
||||
</Card>
|
||||
|
||||
<Card title="Markets & Events" icon="calendar" href="/concepts/markets-events">
|
||||
Understand how markets are structured.
|
||||
</Card>
|
||||
</CardGroup>
|
||||
Reference in New Issue
Block a user