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
2026-02-19 14:31:02 +01:00
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+> ## 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.
+
+# Merge Tokens
+
+> Convert outcome token pairs back to USDC.e
+
+**Merging** is the inverse of splitting — it converts a full set of outcome tokens back into USDC.e collateral. For every 1 Yes token and 1 No token you merge, you receive \$1 USDC.e. The condition must already be prepared on the CTF contract (via `prepareCondition`).
+
+```
+100 Yes tokens + 100 No tokens → $100 USDC.e
+```
+
+## Prerequisites
+
+Before merging, you need:
+
+1. **Equal amounts** of both Yes and No tokens
+2. **Condition ID** of the market
+3. **Sufficient gas** for the transaction
+
+## How It Works
+
+1. You call `mergePositions()` with the amount and market details
+2. One unit of each position in a full set is burned in return for 1 collateral unit
+3. The CTF contract releases USDC.e back to your wallet
+
+The operation is atomic — if you don't have enough of both tokens, the transaction reverts.
+
+## Function Parameters
+
+<ResponseField name="collateralToken" type="IERC20">
+  USDC.e (Bridged USDC) contract address: `0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174`
+</ResponseField>
+
+<ResponseField name="parentCollectionId" type="bytes32">
+  Always `0x0000...0000` (32 zero bytes) for Polymarket markets
+</ResponseField>
+
+<ResponseField name="conditionId" type="bytes32">
+  The market's condition ID, available from the Markets API
+</ResponseField>
+
+<ResponseField name="partition" type="uint[]">
+  Array of index sets: `[1, 2]` for binary markets
+</ResponseField>
+
+<ResponseField name="amount" type="uint256">
+  The number of full sets to merge. Also the amount of collateral to receive.
+</ResponseField>
+
+## Next Steps
+
+<CardGroup cols={2}>
+  <Card title="Redeem Tokens" icon="hand-holding-dollar" href="/trading/ctf/redeem">
+    Exchange winning tokens for USDC.e after resolution
+  </Card>
+
+  <Card title="CTF Overview" icon="book" href="/trading/ctf/overview">
+    Learn more about the Conditional Token Framework
+  </Card>
+</CardGroup>
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+> ## 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.
+
+# Conditional Token Framework
+
+> Onchain token mechanics powering Polymarket positions
+
+All outcomes on Polymarket are tokenized using the **Conditional Token Framework (CTF)**, an open standard developed by Gnosis. Understanding CTF operations enables advanced trading strategies, market making, and direct smart contract interactions.
+
+## What is CTF?
+
+The Conditional Token Framework creates **ERC1155 tokens** representing outcomes of prediction markets. Each binary market has two tokens:
+
+| Token   | Redeems for   | Condition            |
+| ------- | ------------- | -------------------- |
+| **Yes** | \$1.00 USDC.e | Event occurs         |
+| **No**  | \$1.00 USDC.e | Event does not occur |
+
+These tokens are always **fully collateralized** — every Yes/No pair is backed by exactly \$1.00 USDC.e locked in the CTF contract.
+
+## Core Operations
+
+CTF provides three fundamental operations:
+
+<CardGroup cols={3}>
+  <Card title="Split" icon="scissors" href="/trading/ctf/split">
+    Convert USDC.e into Yes + No token pairs
+  </Card>
+
+  <Card title="Merge" icon="merge" href="/trading/ctf/merge">
+    Convert Yes + No pairs back to USDC.e
+  </Card>
+
+  <Card title="Redeem" icon="hand-holding-dollar" href="/trading/ctf/redeem">
+    Exchange winning tokens for USDC.e after resolution
+  </Card>
+</CardGroup>
+
+## Token Flow
+
+<Frame>
+  <img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=36f5a57946ac2b83136e17b6c06b358c" alt="" className="dark:hidden" data-og-width="1596" width="1596" data-og-height="952" height="952" data-path="images/core-concepts/token-flow.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=abc92640ec62d9e02f2097f1c67231cb 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0f3f010e10a5cf39e78e594cdf8e579d 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=e26855cc3aeac4b609657690df3d0086 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=78547971ce2f750cb824d2cfdc705171 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=bfdcab4d02ad6fe37e0549b33b940869 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/core-concepts/token-flow.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=78ec4b0dae7b6dc701e180fbb2e755e4 2500w" />
+
+  <img src="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=69d150ea49ffa18cd7f24689342b1bec" alt="" className="hidden dark:block" data-og-width="1596" width="1596" data-og-height="952" height="952" data-path="images/dark/core-concepts/token-flow.png" data-optimize="true" data-opv="3" srcset="https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=280&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=0ef33ff2c0ab77156745d8b381dafe00 280w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=560&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=8ab82e34078a6811fc929d3bb15ee448 560w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=840&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=750c6e303bc8df05bbb335dd79edd2d6 840w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=1100&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=4d5553bef579cd8b50f5be39e8e91e61 1100w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=1650&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=d69588b8286d2a561101ffbd55364ebd 1650w, https://mintcdn.com/polymarket-292d1b1b/FOMte3ewbG-LVy3k/images/dark/core-concepts/token-flow.png?w=2500&fit=max&auto=format&n=FOMte3ewbG-LVy3k&q=85&s=633d6ce55594e89381b81b30f5f0ad45 2500w" />
+</Frame>
+
+## Token Identifiers
+
+Each outcome token has a unique **position ID** (also called token ID or asset ID), computed onchain in three steps.
+
+### Step 1 — Condition ID
+
+```
+getConditionId(oracle, questionId, outcomeSlotCount)
+```
+
+| Parameter          | Type      | Value                                                            |
+| ------------------ | --------- | ---------------------------------------------------------------- |
+| `oracle`           | `address` | [UMA CTF Adapter](https://github.com/Polymarket/uma-ctf-adapter) |
+| `questionId`       | `bytes32` | Hash of the UMA ancillary data                                   |
+| `outcomeSlotCount` | `uint`    | `2` for all binary markets                                       |
+
+### Step 2 — Collection IDs
+
+```
+getCollectionId(parentCollectionId, conditionId, indexSet)
+```
+
+| Parameter            | Type      | Value                                                           |
+| -------------------- | --------- | --------------------------------------------------------------- |
+| `parentCollectionId` | `bytes32` | `bytes32(0)` — always zero for top-level positions              |
+| `conditionId`        | `bytes32` | The condition ID from step 1                                    |
+| `indexSet`           | `uint`    | `1` (`0b01`) for the first outcome, `2` (`0b10`) for the second |
+
+The `indexSet` is a bitmask denoting which outcome slots belong to a collection. It must be a nonempty proper subset of the condition's outcome slots. Binary markets always have exactly two collections — one per outcome.
+
+### Step 3 — Position IDs
+
+```
+getPositionId(collateralToken, collectionId)
+```
+
+| Parameter         | Type      | Value                                     |
+| ----------------- | --------- | ----------------------------------------- |
+| `collateralToken` | `IERC20`  | USDC.e contract address on Polygon        |
+| `collectionId`    | `bytes32` | One of the two collection IDs from step 2 |
+
+The two resulting position IDs are the ERC1155 token IDs for the Yes and No outcomes of the market.
+
+<Note>
+  You can look up token IDs directly via the Gamma API (`GET /markets` or `GET /events`
+  — the `tokens` array on each market contains both outcome token IDs). Computing them
+  manually is only necessary for direct smart contract integration.
+</Note>
+
+## Standard vs Neg Risk Markets
+
+Polymarket has two market types with different CTF configurations:
+
+| Feature           | Standard Markets    | Neg Risk Markets      |
+| ----------------- | ------------------- | --------------------- |
+| CTF Contract      | ConditionalTokens   | ConditionalTokens     |
+| Exchange Contract | CTF Exchange        | Neg Risk CTF Exchange |
+| Multi-outcome     | Independent markets | Linked via conversion |
+| `negRisk` flag    | `false`             | `true`                |
+
+For neg risk markets, an additional **conversion** operation allows exchanging a No token for Yes tokens in all other outcomes. See [Negative Risk Markets](/advanced/neg-risk) for details.
+
+## Contract Addresses
+
+See [Contract Addresses](/resources/contract-addresses) for all Polymarket smart contract addresses on Polygon.
+
+## Resources
+
+<CardGroup cols={2}>
+  <Card title="CTF Source Code" icon="github" href="https://github.com/gnosis/conditional-tokens-contracts">
+    Gnosis Conditional Tokens smart contracts
+  </Card>
+
+  <Card title="Code Examples" icon="code" href="https://github.com/Polymarket/examples/tree/main/examples">
+    Python and TypeScript examples for onchain operations
+  </Card>
+</CardGroup>
+
+## Next Steps
+
+<CardGroup cols={3}>
+  <Card title="Split Tokens" icon="scissors" href="/trading/ctf/split">
+    Create outcome token pairs from USDC.e
+  </Card>
+
+  <Card title="Merge Tokens" icon="merge" href="/trading/ctf/merge">
+    Convert token pairs back to USDC.e
+  </Card>
+
+  <Card title="Redeem Tokens" icon="hand-holding-dollar" href="/trading/ctf/redeem">
+    Collect winnings after resolution
+  </Card>
+</CardGroup>
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+> ## 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.
+
+# Redeem Tokens
+
+> Exchange winning tokens for USDC.e after market resolution
+
+**Redeeming** converts winning outcome tokens into USDC.e after a market resolves. Each winning token is worth exactly $1.00 — the losing token is worth $0.
+
+```
+Market resolves YES:
+  100 Yes tokens → $100 USDC.e
+  100 No tokens  → $0
+```
+
+## When to Redeem
+
+Redemption is only available **after a market resolves**. Once the oracle reports the outcome:
+
+* **Winning tokens** can be redeemed for \$1.00 USDC.e each
+* **Losing tokens** are worth \$0 and produce no payout
+
+<Note>
+  You can redeem at any time after resolution — there's no deadline. Your
+  winning tokens will always be redeemable.
+</Note>
+
+## How Resolution Works
+
+1. The market's end condition is met (event occurs, date passes, etc.)
+2. The UMA Adapter oracle reports the outcome via `reportPayouts()`
+3. The CTF contract records the payout vector
+4. Redemption becomes available for winning tokens
+
+## Prerequisites
+
+Before redeeming:
+
+1. **Market must be resolved** — check the market's `resolved` status
+2. **Hold winning tokens** — only the winning outcome can be redeemed
+3. **Know the condition ID** — required for the redemption call
+
+## Function Parameters
+
+<ResponseField name="collateralToken" type="IERC20">
+  USDC.e (Bridged USDC) contract address: `0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174`
+</ResponseField>
+
+<ResponseField name="parentCollectionId" type="bytes32">
+  Always `0x0000...0000` (32 zero bytes) for Polymarket markets
+</ResponseField>
+
+<ResponseField name="conditionId" type="bytes32">
+  The market's condition ID
+</ResponseField>
+
+<ResponseField name="indexSets" type="uint[]">
+  Array of index sets to redeem: `[1, 2]` redeems both outcomes (only winning
+  pays)
+</ResponseField>
+
+<Note>
+  Redemption burns your entire token balance for the condition — there is no
+  amount parameter.
+</Note>
+
+## Payout Mechanics
+
+The CTF uses a **payout vector** to determine redemption values:
+
+| Outcome  | Payout Vector | Redemption        |
+| -------- | ------------- | ----------------- |
+| Yes wins | `[1, 0]`      | Yes = $1, No = $0 |
+| No wins  | `[0, 1]`      | Yes = $0, No = $1 |
+
+When you call `redeemPositions()`:
+
+* Your token balance is multiplied by the payout
+* Winning tokens are burned
+* USDC.e is transferred to your wallet
+* Losing tokens are burned as well, but produce a \$0 payout
+
+## Next Steps
+
+<CardGroup cols={2}>
+  <Card title="CTF Overview" icon="book" href="/trading/ctf/overview">
+    Learn more about the Conditional Token Framework
+  </Card>
+
+  <Card title="Resolution Process" icon="gavel" href="/concepts/resolution">
+    Understand how markets are resolved
+  </Card>
+</CardGroup>
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+> ## 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.
+
+# Split Tokens
+
+> Convert USDC.e into outcome token pairs
+
+**Splitting** converts USDC.e collateral into a full (position) set of outcome tokens. For every \$1 USDC.e you split, you receive 1 Yes token and 1 No token.
+
+```
+$100 USDC.e → 100 Yes tokens + 100 No tokens
+```
+
+## Prerequisites
+
+Before splitting, ensure you have:
+
+1. **USDC.e balance** on Polygon
+2. **USDC.e approval** for the CTF contract to spend your tokens
+3. **Condition ID** of the market — the condition must already be prepared on the CTF contract (via `prepareCondition`)
+
+<Note>
+  If the partition is trivial, invalid, or refers to more slots than the
+  condition is prepared with, the transaction will revert.
+</Note>
+
+## How It Works
+
+1. You approve the CTF contract to spend your USDC.e
+2. You call `splitPosition()` with the amount and market details
+3. The CTF contract transfers USDC.e from your wallet and mints both outcome tokens
+
+The operation is atomic — if any step fails, the entire transaction reverts.
+
+## Function Parameters
+
+<ResponseField name="collateralToken" type="IERC20">
+  USDC.e (Bridged USDC) contract address: `0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174`
+</ResponseField>
+
+<ResponseField name="parentCollectionId" type="bytes32">
+  Always `0x0000...0000` (32 zero bytes) for Polymarket markets
+</ResponseField>
+
+<ResponseField name="conditionId" type="bytes32">
+  The market's condition ID, available from the Markets API
+</ResponseField>
+
+<ResponseField name="partition" type="uint[]">
+  Array of index sets: `[1, 2]` for binary markets (Yes = 1, No = 2)
+</ResponseField>
+
+<ResponseField name="amount" type="uint256">
+  The amount of collateral or stake to split. Also the number of full sets to
+  receive.
+</ResponseField>
+
+## Next Steps
+
+<CardGroup cols={2}>
+  <Card title="Merge Tokens" icon="merge" href="/trading/ctf/merge">
+    Convert token pairs back to USDC.e
+  </Card>
+
+  <Card title="Trade on Orderbook" icon="chart-line" href="/trading/orders/create">
+    Place orders using your newly split tokens
+  </Card>
+</CardGroup>