Converting Shares

Converting 1 “No” Share

If you hold a No share for a Negrisk market (like “ETH is NOT $2,000 on Friday”) - you can convert it into 1 Yes share of all of the other outcomes. Why? Because only one outcome can be true, so a No on one is logically equivalent to a bet for the others.

This lets you switch positions quickly and cheaply - without selling one share and buying another.

Access the Convert button from the portfolio tab in each market.

Converting More than 1 “No” Share

If you hold multiple No shares, and there aren’t enough remaining Yes shares to convert into, you can convert the extras into USDC. That’s because the combined value of “Event” and “Not Event” in a Negrisk market always adds up to $1.

For example: If you hold 5 No shares in a 3-outcome market, you can convert 1 into a Yes of the remaining outcome, and receive USDC for the second.

It’s built-in arbitrage that helps keep prices aligned — and it’s gas-efficient.