Understanding prices
Prices are shown in cents and represent the market’s implied probability:- 50¢ means a 50% chance the outcome resolves YES; 90¢ means 90%.
- A YES token at 30¢ and its NO token at 70¢ always sum to about 100¢.
Prices refresh automatically but can lag a move by a few seconds. If one looks stale, reload the event page.
Before you trade
You need an active challenge or funded account to submit trades. If you don’t have one, visit
/checkout to buy a challenge, or try the free demo account to get familiar with the trade panel first.Placing a trade
1
Open an event
From Markets (
/markets), click any event card to open its event page at /event/[slug].2
Select an outcome
The outcomes table lists every tradable market for the event. Click a row, or the Yes / No button, to select it and pre-fill the direction.
3
Choose YES or NO
- YES: you expect the outcome to resolve YES. Your entry price is the current YES token price.
- NO: you expect it to resolve NO. Your entry price is the current NO token price.
4
Enter an amount
Type a USDC amount in the Amount ($) field, or use the quick-add buttons. The MAX button uses the largest amount your challenge rules allow.As you type, the panel shows:
- Avg. price: your entry price in cents.
- Est. fee: the fee for this market (often Free). See Fees & execution.
- To win: your potential gain if the trade resolves at 100¢, after fees.
5
Submit
Click Trade · $amount. The position is recorded immediately at the latest price.
You can only open between 10¢ and 90¢. An entry outside that band is
refused when you place it, and nothing happens to your account. Closing is not
restricted: a position that runs to 97¢ can still be closed at 97¢. See
Challenge rules.
How shares are calculated
Your shares are your amount divided by the entry price (as a decimal). At 40¢ with $20 you get 50 shares; if it resolves to 100¢, those shares are worth $50, a $30 gain.On markets that charge a fee, the fee comes out of your amount first, so you receive slightly fewer shares. Each fill is stored as its own position, with no netting. See Fees & execution.
Wide spread warning
If the gap between the YES and NO prices is wider than 3¢, the panel warns you. A wide spread can show an immediate paper loss until the market tightens, common on lower-liquidity markets. It is not an error, but check the spread before trading.Closing a position
1
Find your position
On the event page, open the Positions panel. For every account, open Dashboard → Trades and pick the Open filter to see your open positions with their current price and PnL.
2
Close it
Click Close, then Sell at market in the confirmation. The position closes at the latest price. Closing before resolution may include a fee; holding a winner to resolution is free. See Fees & execution.