> ## Documentation Index
> Fetch the complete documentation index at: https://docs.thetalabs.gg/llms.txt
> Use this file to discover all available pages before exploring further.
# Spot Trading
> Buy and sell YES/NO shares on Polymarket markets using your pUSD balance.
Spot trading is the simplest way to take a position on a prediction market. You buy shares that represent a probability — each share is worth between $0 and $1, settling to exactly $1 if your outcome is correct, or $0 if it isn't.
Spot markets on Theta Labs come from **Polymarket**, and trades are funded by your **pUSD balance**.
## How spot trading works
Every market has two sides: **YES** and **NO**. The price of a share reflects the crowd's implied probability of that outcome occurring.
* A YES share priced at **40¢** implies a **40% probability** the event happens
* A NO share priced at **60¢** implies a **60% probability** the event does not happen
* YES and NO prices are complementary — together they sum to approximately \$1.00 (live bid/ask spreads mean the two displayed prices may not add up exactly)
When a market resolves, every winning share pays out **$1.00** and every losing share pays out **$0.00**.
## Finding a market
Browse the **Spot** page, or search two ways:
* The **search box in the top navigation** ("Search markets…") filters the market grid by keyword.
* Press **Ctrl/⌘ + K** to open the command palette and jump straight to any market.
See [Spot Markets](/platform/markets) for the full guide to browsing, categories, and market pages.
## Buying shares
### YES vs NO
* Buy **YES** if you think the event is more likely than the current price suggests
* Buy **NO** if you think the event is less likely than the current price suggests
Both YES and NO shares work identically — you're always betting that your chosen outcome happens.
### Example
> YES is trading at **40¢**. You buy **100 YES shares** for **\$40**.
>
> * If YES resolves: your 100 shares pay $1.00 each → **+$60 profit\*\* ($100 payout − $40 cost)
> * If NO resolves: your shares are worth $0 → **−$40 loss\*\* (your full cost)
### Placing a trade
Search or browse to find the market you want to trade. Click it to open the market page.
The **Yes** and **No** buttons show the live price in cents (e.g. "Yes 62¢").
Type a dollar amount, or flip the **USD/Shares** toggle to enter a share count directly. The ticket shows your **Avg price**, **Cost**, and **To win**.
Click **Buy** to submit. Your order fills at the best available price, and the position appears on your **Portfolio** page.
Order minimums: buys must be at least \$1 (or 5 shares' worth at the current price, whichever is greater); sells must be at least 5 shares.
## Selling shares
You can sell your shares at any time before a market resolves — you don't have to wait for settlement. Selling lets you:
* Lock in a profit if the price has moved in your favor
* Cut a loss if you change your view
* Free up capital to redeploy elsewhere
To sell, open the market from your portfolio or the Spot page, switch the ticket to **Sell**, enter the number of shares to close (minimum 5), and confirm. Proceeds are credited to your pUSD balance at the fill price.
The NO side of a market is often mispriced when sentiment is skewed heavily toward YES. Trading NO can offer better value in markets with very high or very low implied probabilities.
## Settlement and redemption
When a market resolves, the outcome is determined by Polymarket's resolution rules. Once resolved:
* **Winning shares** are worth **\$1.00 each**; losing shares expire worthless.
* Winning positions show up on your **Portfolio** page marked "resolved — you won", with a green **Redeem** button.
* Click **Redeem** to credit the payout to your pUSD balance.
Settlement timing varies by market. Some markets resolve within hours of the event; others take days while the result is confirmed.
Redeeming is a single click from your Portfolio page — Theta Labs detects resolved positions automatically and flags them for you.