Docs / FAQ
Common questions about trading on Polis Exchange. If you do not find what you are looking for, the About page covers the exchange concept in detail, and the API docs cover programmatic access.
Conditional tokens let you take a position on whether a private UK company will grow or underperform. Each company has two token types: BULL tokens (you are investing in the company growing) and BEAR tokens (you are betting it will underperform). Tokens are minted in pairs — one BULL and one BEAR — for a combined cost of 2 USDC (the mint price). You can hold tokens until settlement or trade them on the order book at any time.
You are trading conditional tokens that represent a position on the future financial performance of private UK companies. Each token settles to USDC when the company files its next accounts at Companies House. You do not own shares in the company; you hold tokens that pay out based on the company's filed EBITDA relative to a baseline.
When a company files its accounts at Companies House, tokens settle to USDC based on the filed EBITDA. BULL tokens pay out: (filed EBITDA / initial EBITDA) × mint price, clamped between 0 and 2× mint price. BEAR tokens pay out: 2× mint price − BULL payout. For example, if the company grows 50%, BULL tokens settle at 1.5 USDC each and BEAR tokens at 0.5 USDC each. BULL + BEAR always equals 2× mint price, keeping the system fully collateralised.
Your risk is strictly bounded: you can never lose more than what you paid for your tokens. There is no leverage, no margin, and no liquidations. If you buy 100 BULL tokens at 0.60 USDC each (60 USDC total), your maximum loss is 60 USDC (if the company goes to zero). Your maximum gain is 140 USDC (if the company doubles, BULL tokens settle at 2.00 USDC each = 200 USDC).
You can mint BULL and BEAR token pairs by depositing USDC collateral. Each pair costs 2 USDC (1 USDC per token at the mint price). Minting requires KYC tier 1. A 0.10% (10 basis point) fee applies on the USDC deposited. Minted tokens appear in your balance immediately and can be traded or held until settlement.
If you hold matching BULL and BEAR pairs for the same company, you can redeem them to recover USDC. Redeeming burns one BULL and one BEAR token and returns 2 USDC (the mint price) to your collateral account. Redeeming is free (no fee) and requires KYC tier 1. You can redeem at any time before settlement.
After registering and completing KYC (tier 1), you can deposit USDC via the transfers endpoint or through the onboarding flow. Deposits are credited to your collateral account and are immediately available for trading or minting.
Withdrawals are available from your available balance (total collateral minus collateral reserved in open orders). Submit a withdrawal request through the transfers endpoint. If you have open orders, you may need to cancel them to free up collateral before withdrawing.
You must submit identity verification (full name, date of birth, address, and document type) to reach KYC tier 1. Tier 1 is required to trade, deposit, withdraw, mint, and redeem.
TOTP-based 2FA is required for withdrawals only. Minting and redeeming tokens do not require 2FA. You can also enable 2FA for login to add an extra layer of security. If enabled for login, you will need to enter a 6-digit code from an authenticator app (Google Authenticator, Authy, etc.) each time you log in.
Maker fees apply to limit orders that rest on the book and are filled by another trader. Taker fees apply to orders that cross the spread and remove liquidity. The current fee structure is 0% maker, 0.05% taker (5 basis points). Minting charges 0.10% (10 basis points) on the deposited USDC. Redeeming and auction crosses are free.
Yes. The exchange exposes a full REST API and WebSocket gateway. You can authenticate with a session JWT or an API key, place orders, mint and redeem tokens, read the order book, and subscribe to live trade and book updates. See the API & Bot Building docs for endpoints and a complete Python example.
Token prices on the order book are set by the market — traders decide what BULL and BEAR tokens are worth through trading. The last trade price is the most recent price at which tokens changed hands. At settlement, the payout is determined by the company's filed EBITDA, not by the trading price. Before settlement, the trading price reflects the market's expectation of the eventual payout.
If a company is struck off the Companies House register, its filed EBITDA is effectively zero. BULL tokens settle at 0 (total loss for BULL holders), and BEAR tokens settle at 2× mint price (full payout for BEAR holders). If a company files accounts late, settlement is delayed until the filing becomes available.