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A Narrative is a curated basket of prediction markets linked by a shared theme. Instead of trading each market individually, you trade the collective probability of an entire story unfolding — in a single position.
Official Narratives (labeled Theta Labs) are curated and managed by the Theta Labs team. Anyone can also create their own Social Narratives and share them with the community.

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What narratives are

A Narrative bundles two or more related markets from Polymarket and Kalshi together, each assigned a percentage weight that determines how much influence it has on the basket’s overall price. For example, an “AI Regulation” narrative might include:
  • “Will the EU AI Act be enforced by Q3?” (Polymarket) — 50% weight
  • “Will Congress pass an AI bill this year?” (Kalshi) — 30% weight
  • “Will a major AI company face a government fine?” (Polymarket) — 20% weight
You buy or sell the narrative as one instrument, and your P&L reflects how all of those markets move together.

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How the price works

The narrative’s composite price is a weighted average of the YES prices of its constituent markets: 
Composite price = Σ (market YES price × weight %)
A market with a 60% weight has twice the influence on the composite price as a market with a 30% weight. The composite price updates in real time as constituent markets move. You can view individual market price lines alongside the composite in the chart on each narrative’s detail page.
Weights are set at narrative creation time and are fixed. You can see the exact weight of each constituent market on the narrative’s detail page.

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Browsing narratives

The Narratives page is divided into two sections:
  • Theta Labs Narratives — Official baskets curated by the Theta Labs team, covering themes like elections, macroeconomics, crypto, and geopolitics
  • Social Narratives — Community-created baskets submitted by any user
Each narrative card shows:
  • The composite YES price (in cents)
  • The 24-hour price change
  • The number of constituent markets
  • The combined volume across all markets
  • Source badges indicating which platforms the markets come from
Top Movers in the sidebar highlights narratives with the largest 24-hour price swings.

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Buying a narrative position

1

Open a narrative

Click any narrative card to view the detail page. You’ll see the composite price chart, constituent markets with their individual prices and weights, and a trade panel.
2

Review the basket

Check each constituent market’s current price, weight, and expiry. This shows you what you’re actually buying exposure to.
3

Enter your share count

In the trade panel, enter the number of shares you want to buy. The panel shows the total cost at the current composite price.
4

Confirm the trade

Click Buy. Your paper trading balance is debited and your position is opened at the current composite price.
When you buy a narrative, your capital is allocated across the constituent markets according to the creator-defined weights. The number of shares per market is calculated as: 
Shares in market = floor(allocated capital ÷ market price)
Narrative trading uses the same $1,000 paper trading balance as options trading. No real money is at risk.

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Selling a narrative position

To close your position or take profit:
1

Open the narrative

Navigate to the narrative’s detail page, or click your open position in the sidebar.
2

Enter shares to sell

In the trade panel, switch to Sell and enter the number of shares. The panel shows the current composite price and your expected proceeds.
3

Confirm

Click Sell. Proceeds are credited to your paper balance at the current composite price. Your realized P&L is recorded.
You can close part of a position — you don’t have to sell all your shares at once.

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Risk and resolution

Constituent markets resolve independently on their own schedules. Your final payout depends on which markets in the basket resolve in your favor:
  • If all markets resolve correctly, you receive the maximum payout
  • If some markets resolve incorrectly, you receive a partial payout proportional to the weights of the markets that resolved in your favor
  • If no markets resolve correctly, your position expires worthless
This means narratives naturally diversify single-market surprise risk, but partial losses are possible.

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Tracking your positions

Your open narrative positions appear in the Positions panel in the sidebar when you’re signed in. For each position you can see:
  • The number of shares held
  • The current composite price
  • Unrealized P&L versus your average entry price
Click any position to navigate directly to the narrative’s detail page and manage it.