Polymarket Yes/No Tokens, Explained

• Yes token = 1 share of the outcome happening; settles 1.00 (win) or ~0 (lose).
• No token = 1 share of the outcome not happening; settles identically, inverted.
• No at p means Yes at 1-p: a No bought at 0.40 is a Yes sold at 0.60, economically.
• Neg-risk markets group related outcomes so complementary tokens can offset; treat them as linked sets, not independent books.

At resolution the math becomes trivial: winning Yes = 1.00 per share, losing = 0.00. The No-side mirror is exact — a No best bid of 0.99 is a Yes best ask of 0.01 with the sign flipped.

In measured settlement books the mirror is visible live: the winning side rests at 0.99 with median 42,254 shares, the losing side fades to 0.01. Both facts are the same market seen from both tokens.

Records store both token books in the same row set: bid/ask/mid/depth per timestamp, per token, with asset and market-type flags. That lets studies reconstruct No/Yes symmetry and check neg-risk pricing.

For backtests, always replay on the token you would have traded — Yes and No execute at different depths. The mirror guarantees the prices relate; it does not guarantee the depth does.

• Identify the settlement payout structure of a market (the YES/NO token pair) and map it to the executable floor; the floor is each token's price in cents.
• Use the ladder to read the pair's relationship: the YES price at 0.99 implies NO near 0.01 on a two-sided frame, and the one-sided share reorganizes which token is enforceable.
• Compute the implied sum (YES + NO price) for a two-sided frame and note whether it sums to 1; divergence is the page's honest puzzle and the venue's spread statement in one number.
• Trace the pair across a reprice: the same-second floor repricing (14:42:50) re-prices both tokens, and the order of the move is the study.

Tokens are the venue's denomination: each market is a YES/NO token pair, each token prices in cents to a $1 payout, and the entire book — ladder, floor, spread, depth — is the mechanism by which token prices find their level.

The measured reality — round-grid bunching at 0.99/0.995, one-sided frames, reprice seconds that re-price both tokens — is the token model's observable behavior, available in identical form for every market in the archive.

Treat the YES/NO pair as a two-column ledger: price of YES, price of NO, and the sum on two-sided frames. Populate it per frame for a repricing second and the token model stops being an abstraction and becomes a readable table.

Token accounting also handles the venue's debt machine cleanly: holdings face redemption through the settlement contract for winners and nothing for losers. That asymmetry is why the two-sided sum-to-one test is worth running before any strategy read, since a frame that fails it reflects a book, not a model.

Tokens are the price level of a prediction market, and the book is their order book.

The YES/NO pairing is measurable per frame; the sum-to-one check on two-sided frames is the fastest sanity test.

Reprice seconds re-price the pair; the timestamped ladder is the record of how both moved.

Tokens are the denomination behind every price; this page sets the model the whole venue runs on.

Pair it with the settlement and resolution explainers for the payout logic, and with the price-level page for the mechanism.

The sum-to-one check on two-sided frames is the fastest model sanity test in the entire catalog.

Tokens are the venue's denomination: a YES/NO pair pricing to a dollar, with the book as their order book.

The sum-to-one check on two-sided frames is the fastest sanity test in the whole catalog.

• Order book data
• Price history
• Crypto data
• Provider matrix