How it works

Every market on ANYONE goes through the same four steps.

1. The market opens

A market has a question, two outcomes (Yes and No), a time when positions close, and the rule that decides the winner. Races are created automatically a day before they open, so you can see tomorrow's races and take a position early.

2. People take positions

You choose an outcome and an amount of ANYONE. A 1% fee is taken from the amount and the rest goes into the market's pool as your position.

While the market is open, the screen shows each outcome's chance: the share of the pool that is on that outcome. If 70% of the money is on Yes, Yes shows 70%.

3. The market is resolved

When the race ends, the resolution service reads both prices from Coinbase Exchange, applies the market's rule and records the winning outcome on-chain, shortly after the close.

4. Winners are paid

The whole pool goes to the winning side. Each winning position gets its money back, plus a part of the losing side. Positions that came in earlier get more of it: every position taken against you after you entered adds to what you are owed if you win (the rising floor). See PMM V2: the market engine for the exact formula and an example.

A winning position never gets back less than it put in. You claim your payout from the home page or from Portfolio. See Probability and payouts.

Before the end

• You can sell a position early, to another trader or to a market maker, at the best offer at that moment, or list it at your price. See Can I exit early?
• If a market has to be cancelled, it is NUKEd and every position gets its money back, fee included. See NUKE and refunds.