Positions & Tokens

The foundation of every prediction on Openfish is an outcome token. Trading means buying or selling these tokens, and your position is simply how many tokens you hold for a particular market outcome.

Outcome Tokens

Each market produces exactly two outcome tokens:

Token	Redeems For	Condition
Yes	$1.00 USDC.e	The event occurs
No	$1.00 USDC.e	The event does not occur

These tokens are ERC1155 assets living on Polygon, implemented through the Gnosis Conditional Token Framework (CTF). Every token carries a unique token_id — a large integer computed from the market’s condition_id combined with the outcome index.

Full collateralization is guaranteed: for every Yes/No token pair in circulation, exactly $1 of USDC.e is locked inside the CTF contract.

Token Operations

Split

Splitting takes USDC.e and converts it into a matched set of outcome tokens. Depositing $1 USDC.e yields 1 Yes token and 1 No token.

$100 USDC.e  -->  100 Yes tokens + 100 No tokens

Common reasons to split:

Building inventory for market-making strategies (hold both sides, sell each at different times)
Acquiring tokens on both sides of a market without routing through the order book

The CLOB server offers a gasless split endpoint:

curl -X POST "https://api.openfish.fun/ctf/split" \
  -H "Content-Type: application/json" \
  -d '{"condition_id": "0xabc...", "amount": "100000000"}'

Trade

Placing buy and sell orders on the order book is the primary way participants enter and exit positions.

Buy Yes at $0.60 — Spend $0.60 USDC.e, receive 1 Yes token
Sell Yes at $0.60 — Surrender 1 Yes token, receive $0.60 USDC.e

You can adjust your position freely at any time before the market resolves by trading on the CLOB.

Merge

Merging is the inverse of splitting — it converts a complete set of outcome tokens back into USDC.e. You need equal quantities of both Yes and No tokens.

100 Yes tokens + 100 No tokens  -->  $100 USDC.e

Merging is useful when:

You want to unwind a hedged position without creating order book impact
You have accumulated tokens from market-making activity and want to reclaim the underlying collateral

curl -X POST "https://api.openfish.fun/ctf/merge" \
  -H "Content-Type: application/json" \
  -d '{"condition_id": "0xabc...", "amount": "100000000"}'

Redeem

Once a market has resolved, holders of winning tokens can exchange them for USDC.e. The CTF contract burns the tokens and releases the corresponding collateral.

Outcome	Yes Tokens	No Tokens
Event occurs	Worth $1.00 each	Worth $0.00
Event does not occur	Worth $0.00	Worth $1.00 each

100 winning tokens  -->  $100 USDC.e

curl -X POST "https://api.openfish.fun/ctf/redeem" \
  -H "Content-Type: application/json" \
  -d '{"condition_id": "0xabc..."}'

Positions

A position represents your holdings of a specific outcome token. Openfish maintains a balance_cache that aggregates your token balances across all operations.

Position Value

Position value = Token balance x Current price

For instance, if you hold 100 Yes tokens and Yes is trading at $0.75:

Position value = 100 x $0.75 = $75.00

Querying Positions

Check your balance and allowance for a given token:

curl "https://api.openfish.fun/balance-allowance?asset_type=CONDITIONAL&token_id=YOUR_TOKEN_ID" \
  -H "Authorization: ..."

The data server (port 3003) surfaces aggregated position views spanning all markets.

Profit and Loss

Your profit or loss hinges on how the resolution outcome compares to your entry price.

Example: Buying Yes at $0.40

Scenario	Outcome	Return Per Token	Profit Per Token
Event occurs	Yes wins	$1.00	+$0.60 (150% return)
Event does not occur	No wins	$0.00	-$0.40 (total loss)

Example: Selling Before Resolution

You are not obligated to hold until resolution. Selling on the order book lets you realize gains or cap losses early:

Bought Yes at $0.40
Price climbs to $0.70
Sell at $0.70 — profit of $0.30 per token (75% return)

This ability to trade in and out at any time makes Openfish a dynamic trading venue, not merely a place to wager and wait.

Neg-Risk Markets

In multi-outcome events (neg-risk markets), token mechanics differ slightly. Each individual market within the event still has its own Yes/No tokens, but the outcomes across markets are mutually exclusive.

Key differences for neg-risk markets:

Trading routes through a separate Exchange contract (0x700eaF3f3FEb1D3f2aE67000e1A4FA41a6E35DF1)
The Neg Risk Adapter (0x0d8FA66CFe5D5EF96D6be9C4e808BD4279527d6e) must be approved for token transfers
The aggregate of all Yes prices across the event’s markets should converge toward $1.00
At resolution, only one market’s Yes tokens will be redeemable

Example: Multi-Outcome Event

Event: Who will win the championship?
  Market A: Team Alpha?   Yes @ $0.45
  Market B: Team Beta?    Yes @ $0.35
  Market C: Team Gamma?   Yes @ $0.20
  Total:                        $1.00

If Team Beta wins:

Market B Yes tokens redeem for $1.00 each
Market A and Market C Yes tokens expire worthless
All No tokens resolve in the opposite direction

Contract Addresses (Polygon Mainnet)

Contract	Address	Purpose
Conditional Tokens (CTF)	`0x4D97DCd97eC945f40cF65F87097ACe5EA0476045`	ERC1155 token contract; holds all outcome tokens
USDC.e (Collateral)	`0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174`	Bridged USDC used as collateral
Exchange	`0xA642f9165D192Ff13b1D43a0Ef56B3BD074614bB`	Standard market trading
Neg Risk Exchange	`0x700eaF3f3FEb1D3f2aE67000e1A4FA41a6E35DF1`	Multi-outcome market trading
Neg Risk Adapter	`0x0d8FA66CFe5D5EF96D6be9C4e808BD4279527d6e`	Adapter for neg-risk token operations

Testnet (Amoy)

For development and testing, Openfish maintains a deployment on the Polygon Amoy testnet (chain ID 80002):

Contract	Address
Exchange	`0xdFE02Eb6733538f8Ea35D585af8DE5958AD99E40`
Collateral	`0x9c4e1703476e875070ee25b56a58b008cfb8fa78`
Conditional Tokens	`0x69308FB512518e39F9b16112fA8d994F4e2Bf8bB`

Proxy wallet deployment is not available on the Amoy testnet. Use EOA (type 0) or Gnosis Safe (type 2) for testing.

Next Steps

Resolution — How markets are resolved and winning tokens redeemed
Markets & Events — Understand market structure and identifiers