Market types
There are two types of markets on the platform: Event Markets and Price Markets. Both are parimutuel whereby all funds enter a shared pool, and winners split it proportionally. However, they differ significantly in structure, pricing mechanics, and how strategies are managed.
Comparison between Event Markets and Price Markets
Topic focus
Event outcomes
Asset price ranges
Round structure
Open-ended until resolution
Fixed 8-hour rounds (4h trading, 4h settlement)
Resolution trigger
Event conclusion or scheduled end time
Fixed target time (8h from round open)
Pricing model
Power Curve
Clock Curve
Driver of price
Number of tokens minted per outcome
Time elapsed in the round
Early entry advantage
Lower price before demand builds
Significantly lower price early in round
Position exits
Allowed before resolution
Not permitted — locked until resolution
Payout structure
Proportional share of total pool
Proportional share of total pool
Payout availability
At resolution finalization
At resolution finalization
Continuous rounds
No
Yes — new round opens every 4 hours
Event Markets are open-ended outcome markets. A market is created around a specific question or event, with multiple possible outcomes. Participants mint outcome tokens for whichever outcome they expect to grow in demand, or resolve as correct, depending on their strategy.
Outcomes & Structure
Event Markets support multiple outcomes — not just binary yes/no. Each outcome has its own token, and all tokens draw from the same shared pool at resolution. Market resolution can occur at a pre-set end time, or earlier if the underlying event concludes — for example, a market on a sports result resolves as soon as the final score is confirmed, not at a scheduled future time.
Pricing: Power curve
Outcome token pricing follows a power curve that is demand-based. Each mint increases the price of that outcome token for subsequent buyers — cost is a function of how many tokens for that outcome already exist.
The more popular an outcome becomes, the more expensive it gets to enter.
This means:
Early entrants pay lower prices on outcomes before they attract attention
Later entrants pay a higher price, reflecting accumulated market conviction
Prices across outcomes shift dynamically as minting activity changes supply
Learn more in Pricing: Power curve
Position Exits
Positions in Event Markets can be sold before resolution. Participants may exit at any point while the market is open, realising a gain or loss based on the sell price relative to their entry cost. The sell price is affected by the redeem tax. Learn more about it in Sell
Resolution & Payouts
When the market resolves, the correct outcome is confirmed. The entire pool flows to holders of that outcome's tokens, distributed proportionally by token share.
Price Markets are a structured, time-bound market type focused on asset price ranges. Rather than asking whether something will happen, they ask where an asset's price will land within which discrete range at a fixed point in time.
Unlike Regular Markets, Price Markets follow a strict round schedule. Prices of outcomes are based on a time-based pricing curve, and exits are not allowed.
Outcomes & Structure
Each Price Market round is divided into discrete price ranges for a given asset. Participants mint outcome tokens for the range they expect the asset to land in at resolution. As with Regular Markets, the pool is shared across all ranges and flows entirely to the winning range at resolution.
Rounds follow a fixed, repeating 8-hour schedule:
Trading Phase
4 hours
Market is open. Enter and build your position
Settlement Window
4 hours
Trading closes. Price is observed, payouts are calculated
Total Round Duration
8 hours
From open to resolution
Each round targets the asset price 8 hours ahead of its opening time. New rounds open continuously — as one round enters settlement, the next opens for trading.
Pricing: Clock Curve
Price Markets use a clock curve. Token cost is a function of how much time has elapsed in the round, not how many tokens exist.
The closer you are to the resolution deadline, the more expensive outcome tokens become, regardless of how many have been minted.
This means:
Early entrants pay less for the same outcome token
Late entrants pay a premium, reflecting the reduced uncertainty closer to resolution
Price is deterministic and time-driven — it cannot be moved by other participants' activity
Position Lock
Once a position is minted in a Price Market, it cannot be sold. Tokens are locked until the round resolves.
This is an intentional design constraint. Combined with the clockCurve, it ensures:
No value leakage from early exits
Payouts reflect committed conviction, not late repositioning
The pool remains intact for winners at resolution
Resolution & Payouts
At the target time, the asset's market price is observed. The round resolves to whichever range contains that price. The entire pool flows to holders of that range's outcome tokens, distributed proportionally.
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