Market lifecycle
A market moves through three states in order. Each state changes what you are allowed to do.
Open
The active trading phase. Trading, adding/removing liquidity, and pair redemption are all available. Price discovery happens here as traders buy YES or NO.
The betting window
Betting is open from the moment the market is created until its betting deadline (bettingDeadline). There is no single fixed duration — every market sets its own window based on the question it asks. Always check the specific market's info for its exact times: a match market usually closes at kickoff, while a "by end of month" question may stay open for weeks. After the deadline the market locks and no new bets are accepted, even though the result may not be known until the later resolveAfter time.
Locked
Reached at the betting deadline (e.g. kickoff). Buying and adding liquidity stop so the odds can't move once the event is underway — but holders can still pair-redeem YES + NO for USDC while awaiting the result.
Settled
The outcome is finalized. Winning tokens become redeemable for USDC at their net rate (after the settlement fee), and LPs claim their final payout.
What you can do in each state
| Action | Open | Locked | Settled |
|---|---|---|---|
| Buy YES / NO | ✅ | ❌ | ❌ |
| Sell YES / NO into the pool | ✅ | ❌ | ❌ |
| Add liquidity | ✅ | ❌ | ❌ |
| Remove liquidity | ✅ | ❌ | ❌ |
| Redeem a YES + NO pair | ✅ | ✅ | ❌ |
| Redeem winning tokens | ❌ | ❌ | ✅ |
| Claim LP payout | ❌ | ❌ | ✅ |
TIP
Once a market is Locked, your only way to free up capital before settlement is to pair-redeem. After settlement, see the Trading guide for how winnings and LP payouts are claimed, and Resolution & settlement for how the outcome is decided.