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Getting started

Signing up and browsing markets is free, and Theta Labs charges no explicit platform fee to trade. On spot trades, Polymarket’s own market fees (when a market has them) pass through and are shown as an estimated fee in the trade ticket before you confirm. Options prices include a market-making spread — the quoted price is the full price you pay, with no fee added on top.
No. Theta Labs uses embedded wallets powered by Privy, so you can sign in with your email address or a Google account. A wallet is created and managed for you automatically — you never need to install MetaMask or any other browser extension. If you already have a self-custody wallet you prefer, you can sign in with it instead.
Trading is not available in every region. If you’re in a restricted region, you can still view markets, but trade tickets will show “Viewing only · trading unavailable in your region.” If you’re unsure about your eligibility, contact support (see below).
Three ways:

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Deposits and withdrawals

Send USDC on the Polygon network to your deposit address (shown in the Wallet modal with a QR code). It converts to pUSD — your tradeable balance — automatically, usually in well under a couple of minutes. See Deposits & Withdrawals.
The Wallet modal tracks your deposit live through three stages: deposit detected, finalizing, and converting to pUSD. The whole process typically completes in well under a couple of minutes; your very first deposit adds a one-time wallet setup of a few extra seconds. If your deposit hasn’t appeared after 15 minutes, check the transaction on Polygonscan and contact support with your transaction hash.
Click Withdraw on your Portfolio page, paste any Polygon address, and enter an amount (minimum $2). Withdrawals pay out native USDC on Polygon, are gas-free, and usually arrive instantly.

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How prediction markets work

Prices on prediction markets represent the crowd’s implied probability that an event will resolve YES. For example, a price of 65¢ per YES share means the market collectively believes there is roughly a 65% chance the event happens. Prices shift continuously as traders buy and sell based on new information, the same way prices move in financial markets. Polymarket matches trades through a Central Limit Order Book (CLOB).
You profit when you buy shares at a price lower than the eventual settlement value. Each YES share pays out 1.00iftheeventresolvesYES,andeachNOsharepaysout1.00 if the event resolves YES, and each NO share pays out 1.00 if the event resolves NO. If you buy YES shares at 40¢ and the event resolves YES, you collect $1.00 per share — a 60¢ gain per share. If the event resolves NO, your shares expire worthless. You can also sell your position before resolution to lock in a gain or cut a loss, as long as there is a buyer on the other side.
When the real-world event that a market tracks reaches its outcome, the market is resolved. Shares on the winning side are worth 1.00each;sharesonthelosingsidepay1.00 each; shares on the losing side pay 0.00. Winning positions are flagged on your Portfolio page with a Redeem button — click it to credit the payout to your balance.
Occasionally a market is cancelled before resolution — for example, if the underlying event is postponed indefinitely or the market was created in error. How positions are handled in that case is governed by Polymarket’s resolution and cancellation rules, published in its terms and in each market’s description.
No. When you buy YES or NO shares, the maximum you can lose is the amount you paid for those shares. The same applies to options: the premium you pay is the most you can lose, no matter how far the market moves against you.

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Options trading

They’re cash-settled call options on a market’s probability. A Yes Call pays off when the market’s Yes price finishes above your strike at expiry; a No Call is the same contract on the No price, so it pays off when the event becomes less likely. There are no puts — a No Call fills that role. See Options Trading.
In traditional finance, a strike price is the price at which an option can be exercised. In prediction markets, the equivalent is a probability threshold. A Yes Call with a 40% strike needs the market’s settlement price to finish above 40% to pay off. The further the strike is from the current price, the cheaper the contract — and the bigger the move you need.
Automatically. The settlement price is the average of the market’s price over the final 60 minutes before expiry (or exactly 0 or 1 if the market resolves earlier). In-the-money contracts pay the difference between the settlement price and the strike, credited in pUSD; out-of-the-money contracts expire worthless. Every market page has a “How & When This Settles” explainer.
You can sell to close any contract you own before expiry — the sell ticket fills instantly at the dealer’s bid. You can’t write (sell to open) contracts: all contracts are written and fully collateralized by the platform’s dealer desk, which is also why each strike has limited supply and can show “Sold out.”