A plain-English glossary
The terms you'll see across every venue, defined once, in everyday language.
Market types
Binary market โ a single Yes/No question. Multi-outcome (categorical) โ one question with several possible winners (e.g. who wins an election), where the prices add to ~100%. Scalar / perpetual โ a market on a number or price rather than Yes/No (we group these under a separate Perps lens).
Price & shares
Yes / No shares โ the two sides of a binary market; each pays $1 if its side is right, $0 if not. Price = probability โ a 60ยข price means the crowd implies a ~60% chance. Spread โ the gap between the best buy and sell price; wider spread = less certainty/liquidity.
Depth & activity
Liquidity โ how much you could trade without moving the price much. Volume โ how much has traded (a proxy for how much the crowd cares). Order book โ the live list of buy and sell offers. AMM โ an automated formula that always quotes a price from a pool.
Settlement & oversight
Resolution / settlement โ deciding the outcome and paying out. Oracle โ the agreed source of truth used to resolve. Event contract โ the formal (regulated) name for a prediction-market contract. Designated contract market (DCM) โ a CFTC-regulated exchange. Consensus โ our liquidity-weighted blend of the same question across venues.
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