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

# Negative Risk Markets

> How multi-outcome events work.

A multi-outcome event, such as "Who will win?" with several candidates, is a group of binary markets where **exactly one** market resolves Yes. CHOK links these markets through the **Neg Risk Adapter** contract.

## Why it matters

In a group where only one answer can win, holding **No** on one candidate is economically linked to holding **Yes** on all the others.

The adapter lets you **convert** No shares:

> Convert 1 No share on each of *k* candidates into 1 Yes share on every **other** candidate, plus **(k − 1) chUSD**.

Example with candidates A, B and C:

* You hold 1 No on A and 1 No on B (k = 2).
* Converting gives you 1 Yes on C and 1 chUSD.

## On CHOK

* Multi-outcome events appear as one event with a row per candidate. Each row is a regular Yes/No market.
* In a market's **positions** table, use **Convert** to turn No shares into Yes shares on the other candidates.
* Each candidate's market resolves separately. When one resolves Yes, the others resolve No. See [Resolution](https://docs.chok.market/concepts/resolution.md).


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.