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What the AMM does

Every market has its own on-chain USDC pool that backs all of its outcomes. Prices are set by the protocol’s automated market maker, a bonding-curve style pricing function: buying an outcome raises its price, and selling lowers it. There’s no order book and no counterparty to match with.
The percentage shown for each outcome is its implied chance, and the percentages always sum to 100%. It is not a fixed share price. When a market resolves, the winning outcome’s positions can be redeemed, and trade previews show an estimated payout if this outcome wins. See Redeeming positions.
Larger trades move the price more, so a big order gets a worse average rate than a small one. Every trade preview shows what you’ll receive before you confirm, and if the market moves against you before execution, the trade fails instead of filling at a worse price.

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Fees

A protocol fee applies to buys and sells, and a small sell fee stays in the market’s pool. The Kash web app shows the exact fees before you confirm.

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Learn more

Market Mechanics

Market lifecycle, resolution, fees and claims

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