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Trading Guide

To start trading Parimutuel positions on the Thales marketplace all you need is a Web3 wallet with some sUSD, USDC, DAI, USDT, or BUSD stablecoins (depending on the network!)

Step 1: Navigate to a market

After launching the Thales dapp and connecting your wallet, there are two ways to access the individual markets and subsequently start trading:

- Use the Most profitable markets section

Most profitable markets section shows the markets that are currently offering the highest potential return, should the market resolve in your favor at the Market Maturity Date.

- Use the Markets overview

You can see all markets in the Markets overview section. The default view includes markets that are currently in the trading phase and offering liquidity. (to see why and when certain markets stop offering liquidity, visit the Thales AMM documentation page).
Above the list of markets there are various filters to apply on the market overview table.
On the left side there are asset logos that represent filters for those specific assets:
You can combine these filters to show assets you want, by toggling them on and off. If all asset filters are deactivated, the market overview page will show all markets.
On the right side, there are additional buttons for filtering and changing the market overview table.
  • The first button toggles between showing only Liquid and Active markets and showing All markets.
  • The second button toggles between showing a Grid Market Overview layout and Table Market Overview layout.
  • The last filter is a search bar where you can input asset names of strike prices and the table will show markets that match those inputs.
After selecting your market of choice, click on it to navigate to its dedicated trading page.

Step 2: Start trading

The Dashboard

On top of the Trading page you are greeted with a dashboard showing:
  • The symbol and name of the market asset.
  • Maturity Date shows the date at which the market is resolved UP or DOWN from the Strike Price. If you hover over the Maturity Date, it converts into the Countdown format.
  • Strike price of the market, a price point around which the market is traded (UP or DOWN from that price)
  • Current asset price of the market asset
  • Price difference is the percentage of how far away the Current asset price is from the market's Strike Price
  • My Positions is showing the amount of Positional Tokens you own for this market at the moment. UP or DOWN are differentiated by a green or red icon next to the amount.
  • Positions Value is showing the value of your Positional Tokens for this market calculated from how the AMM prices them at the moment. If it shows N/A, it means that the AMM is currently not offering liquidity for this market.
  • AMM liquidity is showing the total amount of UP and DOWN tokens currently available for purchase from the AMM
  • AMM Price is showing the current prices for UP and for DOWN tokens for this specific market.
  • Similar Markets button, when pressed, shows markets that are similar to the current market.

Trading via Thales AMM

On the left side of the page, there are several input fields and indicators for trading Positional Tokens using the Thales AMM.

Inputs:

  • BUY or SELL toggle button - Choose if you wish to BUY positional tokens from the AMM, or SELL positional tokens to the AMM
  • UP or DOWN buttons - Choose between trading UP or DOWN tokens with the AMM
  • AMOUNT TO BUY/SELL - Input field for how many UP or DOWN tokens you wish to BUY or SELL from/into the AMM
  • SLIDER - acts the same as the AMOUNT TO BUY/SELL field, but also shows how much max liquidity is available for these specific positional tokens in this specific market
  • SLIPPAGE TOLERANCE - Selects the percentage of tolerance to have towards price change when confirming your transaction. If the change is larger than your percentage input, the transaction will revert

Indicators:

  • PRICE PER UP/DOWN - Price derived from the AMM algorithm for your BUY/SELL of UP/DOWN (SKEW IMPACT included)
  • TOTAL TO PAY - Indicator showing how much USD the trade cost
  • POTENTIAL PROFIT - Indicator showing potential profit of this trade if your positional token wins on Market Maturity
  • SKEW IMPACT - Indicator showing the percentage of premium from the calculated price that you have to pay for this trade because of the AMM imbalance. The Skew mechanism serves as an incentive to keep the AMM liquidity balanced between UP and DOWN side. The Skew makes "overbought" positional tokens from a certain market more expensive than their opposite side, keeping the AMM in balance and unexposed to risk of market maturing in an unfavorable direction for the AMM.
  • Position Discount- (if available) shows the discount for the underbought side of the market, up to 10%. This incentivizes traders to balance the AMM's exposure in the market.
On the right side of the page there are 4 tabs to optimize your user experience:
  • TRADINGVIEW CHART - simple widget showing the detailed price chart of the asset you are trading
  • POSITION PRICE - simple chart showing the price movement of UP and DOWN positional tokens of the current market in the function of time. The price of the UP token is represented with the green line, while the price of the DOWN token is represented with the red line.
  • YOUR ACTIVITY - Shows a list of all recent activity by you on this specific market.
  • MARKET ACTIVITY - Shows a list of all recently executed Trades or Mints. You can see every Mint or Trade individually on Etherscan by clicking on the hyperlinks in the TX STATUS column on the far right.
  • SIMILAR MARKETS - Show other available positional markets with similar parameters, such as asset, strike price or maturity date.

Executing a Trade

Once you are ready to complete a purchase of positional tokens for a market, select the collateral type you want to use. Make sure you've selected "Buy" in the Order Type toggle button and then select the direction by choosing either "UP" or "DOWN".
You can then enter the amount of positional tokens you wish to BUY by using the Amount to Buy input field.
Next, select your slippage tolerance by using the 0.5%, 1% and 2% buttons or by manually entering the slippage percentage in the input field next to the buttons. This setting is used so your market buy-transaction reverts if the price changes unfavorably by this percentage during confirmation.
Finally, you can click on the BUY button and confirm the transaction and then execute the transaction.
You can also sell positional tokens you already hold by selecting SELL from the Order Type toggle button.