Market status

State machine

Status → trading effect

Status	User-facing trading	Notes
`DRAFT` / `PROPOSED` / `PRE_MARKET`	Not tradeable	Market not yet listed publicly
`OPEN`	Tradeable	Only state where `POST /api/orders` succeeds
`PAUSED`	Place order rejected `409 market_not_open`	Orderbook preserved; resume is instant
`SUSPENDED`	Same as PAUSED, longer-term	Periodic review required per SOP
`CLOSED`	Rejected	Kickoff passed; event in progress
`PENDING_RESOLUTION`	Rejected	Oracle is resolving
`DELAYED`	Rejected	Oracle couldn’t get data; manual review
`DISPUTED`	Rejected	A user challenge is being reviewed
`RESOLVED`	Rejected	Terminal — redemption available
`VOIDED`	Rejected	Terminal — all collateral refunded
`CANCELLED`	Rejected	Terminal — market killed before conclusion

Terminal states — recovering value

Status	Holder of YES + NO shares can	What to call
`RESOLVED`	Redeem winning shares 1-for-1 USDC; losing shares are worth 0	`ConditionalTokens.redeemPositions(...)` against the resolved condition. Each winning share = 1 USDC.
`VOIDED`	Recover the full collateral pair-style — 1 YES + 1 NO redeems for 1 USDC	`ConditionalTokens.redeemPositions(...)` with `payouts = [0, 0, ...]` set by the oracle’s `voidMarket()` call. Holders of unbalanced positions (only YES, only NO) cannot recover full collateral; merge first via `vault.mergePositions(...)` and redeem the resulting pair.
`CANCELLED`	Same as VOIDED — collateral refunded via the void path	Same as VOIDED.

Once a market is in any terminal state, any open orders against it are auto-cancelled into CANCELLED_BY_RESOLVE and locked balances refunded to available — you don’t need to cancel them yourself. See Settlement & Oracle for the end-to-end resolution timeline.

Subscribing to status changes

{
  "type": "market.status",
  "data": {
    "symbol": "UAE-CUP-FINAL-20260425",
    "oldStatus": "OPEN",
    "newStatus": "PAUSED",
    "reason": "stale pricing detected",
    "at": "2026-04-22T14:22:01Z"
  }
}

Market makers should treat any non-OPEN status as “pause all new orders” and wait for the transition back to OPEN.

Getting Started

Authentication

Vaults

Deposits

Trading

Events & Tags

Markets

Portfolio

Withdrawals

WebSocket

Settlement & Oracle

On-chain Contracts

Partners

Errors

State machine

Status → trading effect

Terminal states — recovering value

Subscribing to status changes

​State machine

​Status → trading effect

​Terminal states — recovering value

​Subscribing to status changes

State machine

Status → trading effect

Terminal states — recovering value

Subscribing to status changes