資本效率型多結果市場

資本問題

在當前的四結果市場中，以 0.25 USDC 各買入 100 份每個結果，總計花費 100 USDC——但裁決後保證獲得 100 USDC，該部位實際上無風險。然而傳統 CLOB 設計仍要求鎖定全額 100 USDC 抵押品。

資本效率型變體的運作方式

當使用者的部位覆蓋某事件的所有結果時，撮合引擎將在事件層級進行淨額計算，而非逐結果計算。

• 所需抵押品 = 最大可能虧損，而非所有買入的加總。
• 清算仍只支付一個結果——與現在相同。
• 僅持有部分結果的使用者繼續沿用傳統模型。
• Single-outcome trades on flagged events still work normally; conversion is opt-in per trade.

Tradeoffs and augmented variants

The conversion mechanism is most useful when every outcome of an event is named and immutable at market launch. Some real-world events have emerging outcomes — a candidate enters the race late, a team qualifies for a bracket after market open. An 'augmented' variant supports these events by reserving placeholder slots that get named later, with an explicit 'Other' bucket as the resolution catch-all. This introduces specific risks traders need to understand.

• Trade only on named outcomes. A placeholder slot has no defined meaning until it is clarified, and resolution to a still-unnamed slot routes to the 'Other' bucket.
• The economic meaning of 'Other' shifts as placeholders are named. A position that was 'bet on Other' early in a market's life may be 'bet on a much narrower Other' by resolution.
• Two API-level flags are planned to identify these markets: a base flag for standard capital-efficient events, plus an additional flag for the augmented variant. Integrators should check both before routing orders.