Glossary
A quick reference for the terms you'll see throughout the platform.
| Term | Meaning |
|---|---|
| YES / NO | The two outcome tokens of a binary market. Exactly one settles to $1, the other to $0. |
| Share | One unit of an outcome token. Pays $1 if that outcome wins, $0 if it loses. |
| Complement set | One YES share + one NO share. Always worth exactly $1 at resolution. |
| Complement arbitrage | Buying a complement set for under $1 to lock in a risk-free profit. |
| CLOB | Central Limit Order Book — Polymarket's order-matching system where bots place orders. |
| Mid / mid-price | The midpoint between the best bid and best ask. |
| Delta-neutral | Holding offsetting positions so the net result doesn't depend on direction. |
| Paper / dry run | Simulated trading against live data with no real orders or funds. |
| Live mode | Real orders placed with your own funds, requiring a wallet key. |
| Slippage | The allowed difference between expected and executed price on an order. |
| GTC / GTD | Good-til-cancel and good-til-date order durations. |
| FOK | Fill-or-kill — an order that must fill completely and immediately or be cancelled. |
| Settlement | When a market resolves and positions pay out $1 (winning) or $0 (losing). |
| Realized / unrealized PnL | Profit locked in after settlement vs. profit on still-open positions. |
| Exposure | Total capital currently deployed in open positions. |
| Sharpe ratio | A risk-adjusted return measure used on the leaderboard. |
| SIWE | Sign-In with Ethereum — wallet-signature authentication used to log in. |