Markets turn questions into outcomes you can trade with platform credits.
Search the Markets page by title. Use category filters to narrow the subject. Use the status filter to show open, resolved, or all markets.
Signed-in users can filter for markets they follow or markets where they have a position. Open markets accept trades. Resolved markets show the final outcome and trading history.
Each exchange represents one tradable outcome. A binary market has one exchange named YES. A multi-outcome market has one exchange for each possible outcome.
Every exchange supports YES and NO shares. A YES share wins if that exchange's outcome happens. A NO share wins if that exchange's outcome does not happen. You can buy or sell either side.
Prices run from 0 to 1 credit per share and represent probabilities. A YES price of 0.68 represents a 68% probability. The NO price is the complement, so it would be 0.32 in this example. A winning share pays 1 credit at settlement.
Select an exchange, choose YES or NO, and choose whether to buy or sell. The trade panel previews the shares, estimated cost or proceeds, and potential payout.
A market order tries to trade immediately at available prices. Its preview accounts for price impact as it moves through available liquidity.
A limit order lets you set the highest buy price or lowest sell price as a probability. Any unmatched amount rests in the order book until another trader matches it or you cancel it.
You can sell shares you do not hold. Because a YES share and a NO share always pay out exactly 1 credit together, selling YES at a price is the same trade as buying NO at the complement price, and the platform places it that way. For example, selling YES at 0.52 without holding YES places a buy of NO at 0.48, and your order appears in the book and your open orders as that buy.
Buying the side opposite to your position works too. Each opposite share you buy cancels against one share you hold, and you are paid 1 credit per cancelled pair immediately. That payment counts toward the purchase, so closing a position this way needs little or no balance up front.
You can keep resting orders on both sides of a market at the same time. Your orders never trade against each other: an incoming order fills other traders first, and if it would cross your own resting order, the crossing remainder is cancelled and the panel tells you why.
Markets with a liquidity pool combine two sources of liquidity. The constant-function market maker provides automated prices from the pool. Peer-to-peer orders can also match directly between traders.
Markets without a pool use pure peer-to-peer matching. A trade can execute only when a compatible order is available. You can place a limit order to wait for a match.
Read the question, rules, outcomes, and settlement date before trading. Price and volume charts show how the market has changed. The trade panel shows the order controls and current position.
Comments support open discussion. Takes contain structured analyses of the question. News provides relevant updates. Sharing controls let you send the market to others.
See Settlement & Payouts for what happens after resolution. See Creating Markets to publish a question of your own.
