Documentation
Everything you need to understand the exchange, trade effectively, and build automated strategies. Start with the overview if you are new, or jump straight to the API docs if you are building a bot.
How the exchange works — conditional tokens, bounded-risk settlement, and the 10 pilot UK companies.
What market makers do, how our automated bot fleet keeps books liquid, and how to build your own trading bot.
REST endpoints, WebSocket streams, authentication, and a complete Python bot example to get you started.
Step-by-step Python walkthrough: authenticate, read the book, place orders, mint and redeem tokens, and run a market-making loop.
Common questions about trading, conditional tokens, settlement, deposits, KYC, and two-factor authentication.
User responsibilities, risk disclosure, liability limitations, and acceptable use policy.
What data we collect, how we use it, your rights, and data retention practices.
Live health of all services — engine, API, oracle, bot trader, and web UI. Auto-refreshes every 15 seconds.
Templates for service degradation, full outage, security incidents, and post-mortems. Severity levels and communication channels.
Polis uses conditional tokens (BULL and BEAR), not perpetual contracts. Each token represents a bounded-risk position on a private company's EBITDA at settlement. Your maximum loss on any token is the price you paid — there is no leverage, no margin, and no liquidations.
clamp(filedEBITDA / initialEBITDA, 0, 2) × mintPrice and BEAR is 2 × mintPrice − BULL. See About for the full token model.The exchange currently lists conditional tokens on 10 private UK companies across manufacturing, retail, aviation, media, and food sectors: