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Trading Overview

All trading on Intotes revolves around prediction markets. Each market poses a binary question (e.g., "Will Team A win?") and offers two token types -- YES and NO. Prices range from 0 to 10000 (representing 0% to 100% probability), and all monetary values are denominated in cents (kopecks).

Authentication is required for every trading endpoint. Include a valid JWT in the Authorization: Bearer <token> header.

Two Trading Mechanisms​

Every market on Intotes uses one of two execution mechanisms, determined by the market_type field on the market object:

Mechanismmarket_typeHow It Works
OrderbookorderbookPeer-to-peer matching of limit and market orders via a price-time priority engine.
LMSR AMMlmsrTrades execute against an automated market maker using the Logarithmic Market Scoring Rule. No counterparty needed.

When to Use Which​

  • Orderbook markets are best when there is sufficient liquidity from other traders. They support limit orders (set your price and wait) and market orders (execute immediately at the best available price). The platform maintains automatic liquidity to keep spreads tight.
  • LMSR AMM markets guarantee execution at any time regardless of other participants. The AMM always provides a price, though larger trades will experience price impact. Use the preview endpoint to estimate costs before trading.

Fee Overview​

A percentage-based fee is applied to every trade on both sides:

  • Buying: cost = price * (1 + fee%)
  • Selling: payout = price * (1 - fee%)

A portion of collected fees is distributed through the referral program across three levels (15%, 4%, 1%). See Fees and Commissions for full details.

Trading Flow at a Glance​

  1. Browse markets -- Find an event and market you want to trade on.
  2. Analyze prices -- Check current YES/NO prices to gauge market sentiment.
  3. Place an order -- Submit a buy or sell order via the appropriate endpoint (orderbook or LMSR).
  4. Monitor your position -- Track your open positions, unrealized PnL, and order status.
  5. Close or settle -- Close your position manually at any time, or wait for automatic settlement when the event resolves.