Skip to main content
When a market resolves, every share becomes cash at a fixed price. There is no partial settlement, no proration, and no pro-rata haircut. One outcome pays 100¢ and the other pays nothing. Resting orders on the market are canceled as part of resolution, so cash reserved against them is released.

​
Why a covered pair is worth exactly 100¢

Since exactly one outcome pays 100¢, holding one yes and one no pays 100¢ no matter which way the market goes. The pair carries no market risk at all. That matters for reading your own book. If you hold both sides of a market, that part of your position is settled in economic terms already: it pays 100¢ per pair whenever the market resolves, and no price move between now and then changes the number.

​
Ladders settle rung by rung

Each rung of a survival ladder resolves independently against the same final valuation: every rung whose strike the valuation exceeded pays yes, and every rung above it pays no. Because strikes are ordered, that is always a contiguous block from the bottom. A final valuation of $1.4T on the ladder below:
A position spanning several rungs settles as the sum of its rungs. Nothing nets across them.

​
Where the money shows up

Settlement credits your cash balance. Positions in a resolved market remain visible while the payout is applied, so a position that still appears after resolution is not an error — read the market’s state before concluding you were not paid.
A position is per market and per outcome. If you hold both yes and no on one market, that is two entries, not one net entry. Sum them yourself if you want a net view — and remember a matched pair is worth 100¢, which is often the more useful way to think about it than as two directional positions.

​
After resolution

A resolved market never trades again. Its ladder event is replaced on the next quarterly roll by a fresh event with a new tenor — see Market lifecycle. Trade history and your fills remain readable indefinitely.