Price Represents Probability
Each outcome share is priced between$0.00 and $1.00, which can be interpreted directly as the market’s estimated probability of that outcome.
The displayed price is typically the midpoint between the best bid and best ask. When the bid-ask spread is too wide, the most recent trade price may be used instead.
Example
If the best bid for Yes is$0.34 and the best ask is $0.40:
Order Book
The order book contains all currently unfilled buy and sell orders for the Market:
The difference between the best bid and best ask is called the Spread. A narrower spread generally indicates better market liquidity.
Order Types
Market-Style Trading
When you want immediate execution, you can submit an order that directly consumes available order-book liquidity:- Buy: begins filling against the lowest available ask.
- Sell: begins filling against the highest available bid.
Limit Orders
A limit order only executes at the specified price or a better price:- the unfilled portion remains on the order book;
- a single order can be partially filled multiple times;
- the unfilled remainder can be cancelled when cancellation is allowed.
Matching and Settlement
The Prediction Markets CLOB uses a hybrid architecture:- Off-chain matching: the matching service matches orders whose prices and quantities satisfy execution conditions.
- On-chain settlement: matched trades settle asset delivery through smart contracts.
Next Steps
Order Lifecycle
Learn the complete flow from order submission and matching through settlement.
Positions & Outcome Tokens
Learn how outcome tokens represent user positions.