> ## 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.

# Prices & Orderbook

> What a price means and where it comes from.

## 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.

| Yes price | Implied chance of Yes |
| - | - |
| 0.10 | 10% |
| 0.50 | 50% |
| 0.85 | 85% |

## 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:

1. The **midpoint** of the best bid and best ask.
2. If the spread is wider than **0.10**, the **last trade price** is shown instead.
3. If the spread is wider than **0.50**, no price is shown.

After a market resolves, the winning side shows **100%** and the losing side **0%**.

## 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.


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