Price is probability
Every outcome trades at a price between 0 and 1 chUSD. Because a winning share pays 1 chUSD, the price is the market’s implied probability.The orderbook
CHOK uses a central limit order book (CLOB). Buy orders (bids) and sell orders (asks) are matched by price, then by time. The Yes and No books are linked. A bid for No at 0.40 is the same as an ask for Yes at 0.60, so the two outcome prices always mirror each other.The price you see
The price shown on a market is:- The midpoint of the best bid and best ask.
- If the spread is wider than 0.10, the last trade price is shown instead.
- If the spread is wider than 0.50, no price is shown.
Liquidity
During the Preseason, liquidity comes from CHOK’s market maker, an automated account that keeps quotes on both sides of every market. When you place a market order, you trade against its quotes.Tick size
Prices move in steps called the tick size.- Default tick: 0.01
- When a market’s price goes above 0.96 or below 0.04, the tick becomes 0.001 so prices can move in finer steps. It doesn’t change back.