PolyTerminal
Basics · 9 min
How Polymarket Works: Markets, Prices, Shares
A trader's 101 of Polymarket: events and markets, Yes and No shares, prices as probabilities, pUSD collateral, the order book, resolution and redemption.
Author
PolyTerminal Team
The team behind PolyTerminal, an independent trading terminal for Polymarket Perps and Predict.
Written by PolyTerminal Team
Every article is written from the official Polymarket documentation and our own use of the terminal, then checked against the documentation again before it is published. How we do that is described in the editorial policy.
Predict · 10 min
Polymarket Up/Down Crypto Markets Explained
How TWAP-settled Polymarket Up/Down crypto markets work: the price to beat, Chainlink lookback windows, the taker delay and fees, with a worked example.
Basics · 8 min
Polymarket Fees Explained
Polymarket prediction market fees explained: the taker fee formula, rates by category, why fees peak at 50 cents, maker rebates, builder fees and 2026 changes.
Basics · 8 min
Polymarket Order Book: Prices, Spread, Depth
How to read a Polymarket order book: bids and asks, best bid and ask, midpoint, spread, depth, tick size and what slippage does to a large order.
Basics · 9 min
Polymarket Order Types and How Orders Fill
Limit and market orders on Polymarket, time in force (GTC, GTD, FOK, FAK), post-only, partial fills, cancelling, the taker delay and the order lifecycle.
Perps · 6 min
Polymarket Perps Funding Rate Explained
How the Polymarket Perps funding rate is built from the order book, settled every hour and capped, who pays whom, and what it costs to hold a position.
Perps · 10 min
Polymarket Perps: How They Work
How Polymarket Perps work: perpetual futures with no expiry, margin, funding, mark price and liquidation, with the official rules and dates.
Perps · 8 min
Polymarket Perps Liquidation Explained
How liquidation works on Polymarket Perps: the trigger, the insurance fund, auto-deleveraging, the extra fee and how to read your distance to liquidation.
Perps · 8 min
Polymarket Perps Margin and Leverage
How margin and leverage work on Polymarket Perps: initial and maintenance margin, leverage tiers, isolated and cross margin, with worked numbers.
Perps · 6 min
Perps Mark Price vs Index Price vs Last Price
The three prices of a Polymarket Perps market: how the index and mark prices are built, why liquidation uses the mark price and what sessions change.
Basics · 5 min
Polymarket Perps vs Prediction Markets
How Polymarket Perps and prediction markets differ for a trader: payoff, leverage and liquidation, funding, prices, fees and where the risk sits in each.
Basics · 9 min
Polymarket pUSD and Protocol V2 Explained
What pUSD is, how you get it, what the CLOB V2 upgrade changed and how Protocol V2 positions relate to Conditional Tokens, explained for traders.
Basics · 10 min
How Polymarket Markets Resolve: UMA Process
How a Polymarket market resolves through the UMA oracle: the rules that decide it, proposals and bonds, disputes, the vote, and what winners redeem.
PolyTerminal · 7 min
How to Choose a Polymarket Trading Terminal
What a Polymarket trading terminal is, what changes when a third party places your orders, and a checklist of questions to ask before you connect a wallet.
Oct 19, 2026 · 6 min
Polymarket Crypto Markets: 2026 Rule Changes
A dated timeline of the 2026 rule changes for Polymarket crypto markets: fees, TWAP settlement, the taker delay and price streams, and what each meant.
Oct 19, 2026 · 4 min
Polymarket Perps in Numbers: Markets and Limits
A dated snapshot of the Polymarket Perps list: how many markets there are, how maximum leverage is spread and how leverage tiers cut it as a position grows.
Oct 19, 2026 · 5 min
Polymarket CLOB V2 and pUSD: A Dated Timeline
A dated timeline of Polymarket's CLOB V2 and pUSD upgrade, what the official docs say about Protocol V2, and what they leave undated.
PolyTerminal is an independent interface for Polymarket and is not operated or endorsed by Polymarket. Orders placed through PolyTerminal carry PolyTerminal’s Polymarket builder code, and PolyTerminal may charge a builder fee on top of Polymarket’s own fees.