Prices and liquidity

What does a contract price mean?

For a binary contract that pays $1 on a qualifying outcome, a price of $0.60 can be read as an approximate market implied probability of 60%. It reflects available trading interest, not a verified forecast or a guarantee. Fees, liquidity, and market conditions also matter.

What are the bid, ask price and spread?

The bid is the highest available price a buyer is offering. The ask is the lowest available price a seller is requesting. The spread is the difference between them. The last traded price may differ from the price available for your next trade.

What is liquidity?

Liquidity is the availability of matching orders at different prices and quantities. Low liquidity can make it difficult to execute an order or close a position. Neither the presence of market makers nor a displayed price guarantees that your full order will execute.

Why are no prices available near expiration?

There may be no matching trading interest, or trading may have ended or been halted. You may have to hold your position until settlement if you cannot execute an offsetting order. Check the contract’s deadline and your order status.

Can I change an open order?

Use the order controls available on the platform. Only the unexecuted portion can be changed or canceled. Check the confirmation and order status after submitting a request; a request does not reverse a trade already executed.

What happens to orders during maintenance or a halt?

Trading or order controls may be unavailable or restricted. Review Exchange notices and verify the status of your open orders when service resumes. Do not assume that an interruption automatically cancels an order.

What is the difference between trading ending, expiration and settlement?

The trading deadline is the last time a contract may trade. Expiration is the point defined in the contract for evaluating its outcome. Settlement is the process of applying the result and crediting the applicable payout. These times may differ.