资本高效多元结果

资金效率问题

在目前的四选一市场中，以 0.25 USDC 各买入 100 份，总成本 100 USDC——但裁决时保证支付恰好 100 USDC，因此该仓位无风险。常规 CLOB 设计仍要求锁定这 100 USDC 保证金。

资本高效变体的工作原理

当用户的仓位覆盖事件的所有结果时，引擎在事件层面对仓位进行净额处理，而非逐结果计算。

• 所需保证金 = 最大可能亏损，而非买入总和。
• 结算仍只支付一个结果——与当前相同。
• 仅持有事件部分结果的用户继续使用常规模型。
• 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.