> ## Documentation Index
> Fetch the complete documentation index at: https://docs.trysoar.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Settlement

> What a resolved position pays, and where the money appears

When a market resolves, every share becomes cash at a fixed price.

| You hold | Outcome resolves | You receive |
| - | - | - |
| `yes` | yes | **100¢ per share** |
| `yes` | no | 0¢ |
| `no` | no | **100¢ per share** |
| `no` | yes | 0¢ |

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](/concepts/survival-ladders) 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:

```
ANTHROPIC-VALUATION-26Q3-262.5B    yes pays 100¢
ANTHROPIC-VALUATION-26Q3-525B      yes pays 100¢
ANTHROPIC-VALUATION-26Q3-1.05T     yes pays 100¢
ANTHROPIC-VALUATION-26Q3-2.1T      no  pays 100¢
ANTHROPIC-VALUATION-26Q3-4.2T      no  pays 100¢
```

A position spanning several rungs settles as the sum of its rungs. Nothing nets across
them.

## Where the money shows up

```bash theme={null}
curl -s https://api.trysoar.com/v1/portfolio/balance \
  -H "X-API-KEY: $SOAR_API_KEY"

curl -s https://api.trysoar.com/v1/portfolio/positions \
  -H "X-API-KEY: $SOAR_API_KEY"
```

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.

<Note>
  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.
</Note>

## 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](/concepts/market-lifecycle#listing-and-rolling). Trade history and
your fills remain readable indefinitely.


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