Skip to main content
Combinatorial positions let traders express a single view across multiple Polymarket outcomes. Instead of trading one market at a time, a combinatorial position combines existing outcome tokens into one new YES/NO pair.

​
What They Represent

A combinatorial YES position represents a conjunction of legs:
It pays out when every leg in the combination pays out — in above example, if Market A resolves YES AND Market B resolves YES AND Market C resolves NO. The matching combinatorial NO position is the complement:
It pays out when the full conjunction does not pay out. In this example, it will pay out if Market A resolves NO OR Market B resolves NO OR Market C resolves YES.

​
How Tokens Work

A combinatorial condition represents a conjuction of legs, but not a side. The combinatorial condition from above would be:
Each combinatorial condition has two combinatorial positions, the YES and the NO, which each have their own ERC 1155 token ID: Like standard CTF positions, the YES and NO pair is fully collateralized. Splitting collateral creates matching YES and NO combinatorial tokens, and merging a matching pair returns collateral. These positions use Polymarket Protocol V2 rather than the Conditional Tokens Framework.

​
Resolution

A combinatorial YES position pays the product of its legs’ payouts. A leg that wins pays 1, a leg that loses pays 0, and a leg whose market resolves 50/50 pays 0.5. The matching NO position pays 1 minus the YES payout. A leg that resolves 50/50 stays in the combination. It is not dropped, so a YES position bought above its final payout returns less than it cost. Whether a canceled or postponed event resolves 50/50 depends on the rules of that leg’s market. If some legs are already resolved and others remain open, the position can be compressed into a simpler position that keeps only the unresolved legs and realizes any resolved collateral value.

CTF Overview

Minimal overview of Conditional Tokens

Split Tokens

Create YES and NO token pairs

Combos

Quote combinatorial positions through RFQ