> ## 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.

# Positions & Tokens

> How outcome shares are represented on chain.

When you buy shares on CHOK, you receive **outcome tokens**. They are ERC-1155 tokens minted by the [Conditional Tokens](https://docs.chok.market/resources/contracts.md) contract. Each market has two of them, one per outcome.

## One Yes plus one No equals 1 chUSD

Every outcome token is backed by collateral. One Yes token and one No token of the same market together are always worth exactly **1 chUSD**, because exactly one of them will pay out.

| Event | Winning token | Losing token |
| - | - | - |
| Market resolves | Redeemable for 1 chUSD | Worth 0 |
| Market resolves 50-50 | Redeemable for 0.5 chUSD | Redeemable for 0.5 chUSD |

That's why the Yes price and the No price add up to about 1.

## Where your shares are held

Your shares are held by your **trading account**, a smart-contract wallet that belongs to you. See [Accounts & Sign-in](https://docs.chok.market/trading/accounts.md).

## Positions

Your **position** in a market is how many shares of each outcome you hold. The Portfolio page shows each position with:

* **Shares** you hold
* **Average price**, your average cost per share
* **Current value**, shares × the current price
* **Profit/loss**, current value minus what you paid

## Closed loop

During the Preseason, shares and chUSD stay inside CHOK. You can't send them to another user or to an outside address. On-chain transfers to anything other than CHOK's own contracts revert. See [chUSD](https://docs.chok.market/concepts/chusd.md).


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