Polymarket microstructure
Glossary
Fifteen short notes on how Polymarket prices, shares, and resolution actually work. Written for research on Polydata — not copied from a generic trading dictionary. Convert a quote with the odds and payout tools; see how we count profit in methodology.
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S
Settlement
After the oracle is done, winning tokens become $1 of collateral and losers become $0. The money was locked when shares were minted.
Slippage
The gap between the price you expected and the average you actually got. On Polymarket it is almost always thin depth at the touch.
Spread
The gap between best bid and best ask on that token. Round-tripping costs about that gap plus any taker fee, before the thesis moves.