PolyTerminal
About PolyTerminal
What is PolyTerminal?
PolyTerminal is a trading terminal for Polymarket Perps and Polymarket prediction markets, which it calls Predict, on the web and on the phone. It is an independent product, not operated or endorsed by Polymarket. Orders placed through PolyTerminal go to Polymarket's own order books, and Polymarket's rules apply to them: PolyTerminal is an interface to Polymarket, not an exchange. The about page has the details.
Is PolyTerminal official, or run by Polymarket?
No. PolyTerminal is an independent interface for Polymarket and is not operated or endorsed by Polymarket. Market rules, resolution and Polymarket's own fees are set by Polymarket. PolyTerminal may charge a builder fee on top. The editorial policy explains how this site checks Polymarket's rules against the official documentation.
Who runs Polymarket?
Polymarket operates the prediction markets and the Perps exchange that PolyTerminal is an interface to. The documentation pages this site relies on explain how those markets work, not who owns the company, so this site does not say. Polymarket's own website and terms are the place to look for that.
How are orders placed through PolyTerminal?
You choose a market in the terminal, fill in its order form and place the order. Orders placed through PolyTerminal go to Polymarket's own order books, and Polymarket's rules apply to them. On Polymarket, a limit order trades against resting orders at its price or better, and any unfilled part waits in the order book. Orders carry PolyTerminal's Polymarket builder code. The order types guide explains limit, market, fill-or-kill and post-only orders.
Is PolyTerminal free?
PolyTerminal is free to use: there is no subscription and no paid plan. Polymarket's own fees apply when you trade, and because orders placed through PolyTerminal carry PolyTerminal's Polymarket builder code, PolyTerminal may charge a builder fee on top of them. The fees guide shows how the pieces add up.
What does PolyTerminal charge?
PolyTerminal is free to use: there is no subscription and no paid plan. What it may charge is a builder fee, which stacks on top of Polymarket's own fees on orders that carry PolyTerminal's Polymarket builder code. On Polymarket prediction markets, Polymarket caps builder fees at 1% of the trade value on taker orders and 0.5% on maker orders, and builder fee rates are publicly queryable, so any builder's current rate can be looked up. See the fees guide.
Which wallet or account do I need?
You sign in and connect a crypto wallet through Privy, and any crypto wallet can be used. Polymarket's own documentation describes the accounts on its side: new accounts get a Deposit Wallet, Polymarket's default smart wallet for trading, and older accounts may use legacy Proxy or Safe smart wallets. On the Perps side, Polymarket says the Perps account holds your collateral, open positions, orders, fills and history, and it is funded in pUSD (Polymarket USD): deposits move pUSD from your Polymarket wallet into the Perps account.
Is PolyTerminal available in my country?
Not everywhere. PolyTerminal uses Polymarket's official geoblock check and is not available in all regions. For Perps, Polymarket's restrictions page lists the United States, Canada, Cuba, Iran, North Korea, Syria, Crimea, Donetsk and Luhansk as places where orders cannot be placed, and says the list can change and other restrictions may apply. For prediction markets, Polymarket's geoblock page gives a different and longer list, and in some places users can only close existing positions. You are responsible for knowing the rules where you live; see the risk disclosure.
What can I trade in PolyTerminal?
Perps and Predict. The Perps tab lists every market that Polymarket lists, 89 on Oct 19, 2026: 41 crypto, 38 equity, 6 index and 4 commodity, each with its own maximum leverage. Predict covers crypto prediction markets from 5 minutes to a year.
Predict
What is Predict?
Predict is PolyTerminal's name for Polymarket's prediction markets. It lists crypto markets from 5 minutes to a year in four event types: Up/Down, Above/Below, Price Range and Hit Price, with filters for period, coin, event type and category. Shares are priced between $0.00 and $1.00, and a winning share is redeemable for $1.00 when the market resolves.
What are Up/Down markets?
An Up/Down market asks whether an asset's price ends a time window at or above its reference price from the start. Each market is defined by the asset it tracks, its start time and its length, and resolves Up or Down when the window ends. The Up/Down guide walks through how the windows work.
What is the price to beat?
It is the reference value that an Up/Down market's final price is compared with: the Chainlink time-weighted average price (TWAP) at the start of its window. The market resolves Up if the closing TWAP is at or above the price to beat and Down if it is below, so a tie counts as Up. The price to beat entry has an example, and the TWAP entry shows how the averaging window changed in 2026.
How are crypto Up/Down windows resolved?
By a Chainlink time-weighted average price (TWAP), not through the proposal and dispute process of UMA, the oracle provider that Polymarket uses for most event markets. Since Aug 7, 2026, crypto Up/Down markets compare an average taken at the end of the window with one taken at the start, which is the price to beat. The lookback is 60 seconds for the 5-minute, 15-minute and 4-hour markets. See the resolution guide.
What does a share price mean?
A share costs between zero and one dollar, and its price is read as the market's estimated probability of that outcome: the closer to one dollar, the likelier the market thinks it is. The price Polymarket displays is normally the midpoint of the bid-ask spread. An order that takes liquidity buys at the ask and sells at the bid, so the price you trade at can differ from the number on screen.
What happens when a market resolves?
Trading ends, and you can no longer trade tokens of that market. Usually a winning outcome token becomes redeemable for $1.00 and a losing token is worth nothing, but a binary market can pay a split instead of a full dollar or nothing. In the 50/50 case each token redeems for $0.50. The source that decides the winner depends on the market: UMA, the oracle provider that Polymarket uses for most event markets, or a Chainlink time-weighted average price (TWAP).
Can I sell a position before the market resolves?
Yes. Polymarket's documentation says you can sell a position at any time until the market resolves, which lets you take a gain or limit a loss before the result is known. A limit order waits in the book at your price, while a market order fills against the orders already resting. Taking liquidity can carry a taker fee.
What is the taker delay?
On Polymarket prediction markets, it is a short hold on a marketable order before it is matched, used on a selection of crypto and finance Up/Down markets. The newest changelog entry puts it at 150 ms for crypto markets, while the order lifecycle page still says 250 ms. During the hold the order is pending and cannot be canceled. Polymarket Perps has its own 20 ms taker delay for orders that match immediately on entry. See the taker delay entry.
Perps
What are Perps?
Polymarket Perps are perpetual futures: contracts that follow the price of an asset such as bitcoin, a stock index or gold, with leverage and no expiry date. You go long or short, and funding payments pull the contract's price back toward the asset's price. The Perps guide covers the whole picture.
How are Perps different from prediction markets?
A prediction market share normally ends at one dollar or zero once an event is decided. A perp has no event to settle and no such payout. Instead you hold a position that gains or loses as an asset's price moves, funding payments flow between longs and shorts, and the position can be liquidated if your equity falls too low.
What is leverage, and what is the maximum?
On Polymarket Perps, leverage sets how large a position a given margin can carry: initial margin is the position value divided by your leverage. Each market has its own maximum, from 3x to 50x in the public instrument list of Oct 19, 2026, and leverage tiers cap the leverage available as your position grows. The Perps FAQ says up to 20x for crypto, SP500, oil, gold and silver, while the live list shows 50x for USA500-USD, US100-USD, BTC-USD and ETH-USD. The live list is the newer source.
What is liquidation?
On Polymarket Perps, liquidation is the exchange closing your leveraged position when your equity falls below the maintenance margin. It uses reduce-only immediate-or-cancel orders, so the price you are closed at can be worse than the trigger price, and the fills pay an extra liquidation fee. If the loss is too deep for the order book, the insurance fund or auto-deleveraging takes over. See the liquidation guide.
What is funding?
On Polymarket Perps, funding is a payment between longs and shorts that keeps a perpetual contract near its asset's price. The sign of the hourly rate decides who pays: longs pay shorts while it is positive, and shorts pay longs while it is negative. The rate comes from how far the order book sits from the index price, so it is usually positive when the perp trades above the index and negative when it trades below. Each funding window lasts 1 hour, and the rate is capped at 4% per hour. See the funding rate guide.
What is the difference between isolated and cross margin?
On Polymarket Perps, isolated margin backs one position with its own collateral, so a liquidation closes only that position. Cross margin shares the account's collateral across your cross positions, so unrealized profit and loss on one position can offset margin on another, but a liquidation is judged on the combined account and closes cross positions one position at a time. The margin guide covers both modes.
What is the mark price?
On Polymarket Perps, the mark price is what values your position for profit and loss, margin checks and liquidation. It is the median of three candidates, it updates every 200 milliseconds, and at least two of the three must agree for it to move. On the last trade, Polymarket's own pages differ: the Perps FAQ says the last trade price is not used for margining, while the mark price page includes it in the candidate median(BestBid, BestAsk, LastTrade). This site follows the mark price page. See the mark price guide.
Do Perps expire, and do they trade around the clock?
A Polymarket Perps position has no expiry date. It stays open until you close it, it is liquidated or reduced by auto-deleveraging, or Polymarket retires the market (Polymarket can put a market into close-only mode and later settle and delist it). The exchange runs continuously, apart from short maintenance windows in which cancels, liquidations, deposits, withdrawals and funding keep working while new orders are rejected. When the underlying market is closed, funding keeps running, and the only thing that changes is which set of outside feeds is used to compute the index price and the third mark price candidate.
Fees and risk
How do Polymarket's trading fees work on prediction markets?
On Polymarket prediction markets, trading fees apply only where a market has them switched on: each market reports whether fees are active for it and carries its own fee schedule. Only takers pay a Polymarket fee, and makers pay none. The taker fee follows fee = C × feeRate × p × (1 - p), where C is the share count and p the price, so it is largest at 50 cents and smaller toward both ends. The rate depends on the market category, and the Geopolitics category is fee-free. The fees guide lists the rates.
What is a maker rebate?
On Polymarket prediction markets, a maker rebate is a share of taker fees collected in eligible markets that is paid back to makers whose resting orders were filled. It is paid daily, in pUSD, only once it reaches 1 pUSD, and only makers in the same market compete for the same pool. The share depends on the category, for example 20% for crypto. On Perps, a negative maker fee is a rebate, and the maker fee of the top volume tier is -0.0050%. See the fees guide.
What do Perps cost to trade?
On Polymarket Perps, fees depend on your trailing 30-day trading volume, although a changelog entry of Sep 27, 2026 on account groups mentions a 14-day volume for tier assignment. Each fill is charged abs(Price * Quantity) * Rate, and the lowest tier charges takers 0.0400% and makers 0.0125%. You also pay or receive funding while you hold a position, and a liquidation adds its own fee. The Perps guide has the full tier table.
Are there fees to deposit or withdraw?
On prediction markets, Polymarket's Fees page says there is no fee to deposit or withdraw, and its Withdraw page says it does not charge withdrawal fees. Moving funds to another chain or token is different: they are automatically bridged and swapped to the token you ask for on the destination chain, and the Bridge can preview fees and the estimated output. A service you use to buy crypto or move it, such as an exchange or a payment provider, can charge its own fee. The Perps documentation does not say what a Perps deposit or withdrawal costs, and a Perps withdrawal must leave enough margin for the positions you still hold.
Can I lose more than I deposit?
On prediction markets a share you buy can fall to zero, so a position cannot lose more than you paid. On Polymarket Perps, the documentation says liquidation is meant to stop losses from growing past the account's collateral, and a changelog entry of Sep 27, 2026 says an account that has no open positions and is left with negative cash is now settled against the insurance fund by the liquidator. The documentation does not say whether a user could ever owe more than the deposit, so a total loss of the deposit is possible. See the risk disclosure.
Is this financial advice?
No. This site explains how markets and their rules work. It does not know your situation, and it does not tell you what to trade, predict prices or promise results. Trading prediction markets and leveraged products carries a high risk of loss. Read the risk disclosure, and ask a qualified adviser if you are unsure.
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. Answers are educational and are not investment advice.