Make your first trade
Ready to make a prediction? This guide walks you through buying and selling outcome tokens on Context.
Find a market
- Browse the markets page or use search
- Click on a market that interests you
- Read the market question and resolution criteria carefully
Start with a market you have a strong opinion on. It’s easier to trade when you genuinely believe in your prediction.
Understanding the market page
When you open a market, you’ll see:
- Question - What the market is asking
- Current prices - What Yes and No are trading at
- End time - When the market will resolve
- Volume - Total amount traded
- Orderbook - Buy and sell orders from other traders
The prices tell you what the market thinks the probability is. If Yes is at 65 cents, the market thinks there’s about a 65% chance the event happens.
Order types
Context supports two order types:
| Order type | How it works | Best for |
|---|
| Market | Executes immediately at the best available prices | Quick trades in liquid markets |
| Limit | You set the price and wait for a match | Getting a specific price, larger trades |
Market orders
Market orders fill instantly by matching against existing limit orders in the orderbook.
- Click Buy or Sell on the market page
- Make sure Market order is selected
- Select your outcome: Yes or No
- Enter the amount you want to spend (in USDC)
- Review the order preview and click Confirm
Slippage protection — Market orders include a max price to protect you. If the market moves beyond your max price, your order won’t fill completely rather than giving you a bad price.
Limit orders
Limit orders let you set the exact price you want. Your order sits in the orderbook until someone takes the other side, you cancel it, or it expires.
- Click Buy or Sell on the market page
- Toggle to Limit order
- Select your outcome: Yes or No
- Enter your price (0 to 99 cents)
- Enter the number of shares
- Review the total cost and click Place order
Limit orders that provide liquidity (rest in the book) typically pay lower fees than market orders.
Maker-only — You can force your limit order to only rest in the book, never match immediately. Useful if you want guaranteed maker fees.
Sell outcome tokens
Already holding tokens? You can sell them at any time before the market resolves.
- Go to the market page and click Sell
- Select which outcome tokens to sell
- Enter the amount or click Max
- Choose market or limit order
- Click Confirm
Proceeds are added to your USDC balance after settlement.
Managing your orders
View open orders
Check your open limit orders on the market page under “Your orders”, or in your profile’s Orders tab.
Cancel an order
Find the order and click Cancel. Your locked collateral is returned immediately.
Order states
| State | Description |
|---|
| Open | Active in the orderbook, waiting for matches |
| Partially filled | Some shares filled, rest still open |
| Filled | Completely filled |
| Cancelled | You cancelled the order |
| Expired | Order passed its expiry time |
Check your positions
- Click your avatar in the top right
- Select Portfolio
You’ll see your active positions, current value, and profit/loss on each.
Claim winnings
When a market resolves:
- Go to your Portfolio
- Look for resolved markets with winnings
- Click Claim to redeem your winning tokens for USDC
Winning tokens are worth $1 each. Losing tokens expire worthless.
Tips for new traders
- Start small — Get comfortable with the mechanics before sizing up
- Read the criteria — Make sure you understand exactly what needs to happen for Yes/No to win
- Check the spread — A wide gap between best bid and ask? Use a limit order
- Use limit orders for size — Better prices, especially in less liquid markets
- Set sensible expiry times — Short (1 hour) for active trading, long (1 week) for passive orders
What’s next?
