Market Lifecycle
How markets move from draft to trading to settlement
A prediction listing is the page players open. A market under that listing is the trading contract with timing, claims, order rules, resolution rules, and settlement obligations.
Listings and markets are separate decisions
A listing controls discovery and presentation. A market controls trading and settlement. Review both before publishing.
Lifecycle States
| State | What players see | Operator action |
|---|---|---|
| Draft | Listing or market is not public | Review content, timing, and placement |
| Published / open | Players can see the listing and trade an open market | Monitor activity and order health |
| Closed | Trading has stopped | Prepare or wait for resolution |
| Settled | Outcome is final (a decided result or a void or refund) and settlement is in progress or complete | Review player results, financial records, and support questions; reconcile refunds when the market settled through the void path |
Before Opening a Market
Check these items before a market goes live:
Confirm the title is clear and cannot be interpreted in multiple ways.
Check that claims are mutually exclusive and complete.
Set the close time before the event or data point being predicted.
Name the source of truth in the resolution rule.
Confirm the listing is visible in the right player-facing discovery area for the target environment.
Review currency, fees, order limits, and tick size.
Check that the image and description do not imply a different settlement rule.
While Trading Is Open
Watch for signals that require operator attention:
- Unexpectedly high volume
- Player support questions about the wording
- External event changes that make the market ambiguous
- Unusual order failure rates
- Data source or oracle uncertainty
- Comments requiring moderation
If the market should no longer accept orders, close it. Closing stops new trades but does not choose an outcome.
Closing vs Pausing vs Voiding
| Action | Use when | Player impact |
|---|---|---|
| Close market | Trading should stop, but the market can still resolve normally | Existing positions remain open until settlement |
| Pause market | Trading needs a temporary stop while the team reviews risk, wording, or source reliability | New orders stop until trading is resumed or closed |
| Void market | The market should be cancelled and refunded | Existing positions are refunded through settlement |
Pausing is reversible: resume to reopen trading once the review is done. Do not use closing, pausing, or hiding interchangeably. Hiding changes discovery, pausing or closing changes trading, and voiding changes final settlement.
After Close
Closed markets should be resolved as soon as the outcome is known and the evidence is reliable. Long delays create support pressure because players can see positions but not a final result.
For manual markets, prepare evidence before resolving:
- Source link or operator evidence note
- Timestamp of the result
- Chosen outcome
- Operator or team member who reviewed it
After Settlement
After Phoenix resolves or voids a market, verify:
- The market status is final.
- Payouts, refunds, or internal settlement records are visible in settlement reporting.
- Support can find the market and transaction references for player questions.
- Any public explanation is consistent with the market rule.