Phase 2: Open Market

When a market graduates, it becomes a full central limit order book (CLOB) and trades like an exchange.

Yield keeps running. Graduating to Open Market doesn't pause your yield. Any USDC you're holding — your available balance, and the cash reserved behind a resting limit order that hasn't filled — stays in the vault and keeps earning, passed through to you. Your capital works even while it waits at your price.

What changes at graduation: the pool freezes, your Phase 1 position becomes a tradable balance of outcome tokens, and an order book opens with resting buy and sell orders.

How trading works

• Limit orders rest on the book at your price until taken or canceled. They add liquidity; limit orders are "makers."
• Market orders take the best available price and fill immediately. They consume liquidity; market orders are "takers."
• Price-time priority. At the same price, the earliest order fills first.

Why it matters: you can exit early (up 40%? sell and lock in profits), be precise (rest a limit bid at your number and let the market come to you), and layer in across price points.

Makers earn a rebate per fill; takers pay a fee per fill. See Fees.

The book is anchored by the complete sets mechanism, which keeps outcome prices summing to ~$1.00. See Graduation & Complete Sets.

At resolution: winning tokens redeem for $1.00 each, with the 1% net-profit fee applied only to your winnings; losing tokens go to zero; ties are refunded in full.