The positions panel on your Portfolio page lists every open trade across Polymarket, Kalshi, Narratives, and Options. It is also accessible as a floating panel on the dashboard. Use the tabs to filter by position type.
Position types
Spot positions
Spot positions are YES or NO shares you hold on Polymarket or Kalshi markets. Each row in the positions table shows:| Column | What it means |
|---|
| Market | The market title and the platform it comes from (Polymarket or Kalshi) |
| Allocation | What percentage of your total position value this trade represents, with a bar for quick visual comparison |
| Outcome | The side you hold — YES (green) or NO (red) |
| Shares | The number of outcome shares you own |
| Avg price | Your average cost per share, expressed as a probability (0–1) |
| Current | The latest market price for your outcome |
| Est. value | Current market value of your position (shares × current price) |
| P&L | Unrealized profit or loss in USD |
| P&L (%) | Percentage gain or loss relative to your cost basis |
Narrative positions
Narratives are curated baskets of related prediction markets traded as a single instrument. Each narrative position card shows:
- Title — the name of the narrative basket
- Shares — how many units you hold
- Current basket price — the current per-share price of the basket (in cents)
- Unrealized P&L — your gain or loss in USD based on the current basket price versus your entry price
- Current value — the total USD value of your position
Click a narrative position to open the narrative’s detail page where you can adjust or close your position.Options positions
Options are paper-trading contracts that give you leveraged exposure to prediction market outcomes. Each options position shows:| Field | What it means |
|---|
| Contract type | Call or Put, and whether you are long (bought) or short (sold) |
| Strike | The probability level the contract is struck at, shown as a percentage |
| Quantity | The number of contracts you hold |
| Unrealized P&L | Your current gain or loss in USD based on the mark price |
Options trading is paper trading — your balance starts at $1,000 virtual and no real capital is at risk. Options P&L is tracked separately and is not included in your total portfolio value.
Redeeming settled positions
When a prediction market resolves, winning shares become redeemable at $1.00 each. Theta Labs automatically detects redeemable positions and marks them in your positions list.
Redeemable positions are detected automatically. You do not need to manually check market resolution — if you hold winning shares and the market has settled, the position will be flagged for redemption as soon as Theta Labs picks up the on-chain settlement data.
- Open your Portfolio page and find the position marked as redeemable.
- Click the position to open the market page, then click Redeem.
- Confirm the transaction. Your USDC will be credited to your wallet (Polygon for Polymarket positions, Solana for Kalshi positions).
Each winning share is worth exactly $1.00 at settlement regardless of what price you paid for it.
Closing a position early
You can sell any open spot position before the market settles if you want to lock in a gain, cut a loss, or free up buying power.
- Click the position row to go to its market page.
- Use the Sell tab on the order panel.
- Enter the number of shares you want to sell and confirm the order.
The proceeds are returned to your Polymarket or Kalshi buying power balance immediately after the order fills. Realized P&L from the trade will be reflected in your portfolio stats.
Selling early means you receive the current market price rather than the $1 settlement value. If you believe the outcome will resolve in your favor, holding to settlement is typically more profitable — but selling early removes uncertainty.