Opening a Position
Market Orders vs Limit Orders
Ultramarkets supports two order types for opening leveraged positions:- Market orders execute immediately at the current market price. Open fee is 0.5% of margin. Single fill: your position opens in one transaction.
- Limit orders let you set a target price. Your order rests on the Polymarket CLOB until the price is hit. Open fee is 1.5% of margin. Partial fills are supported, and your position builds up incrementally as fills arrive. Unfilled capital is refunded on cancellation or expiry.
| Market Order | Limit Order | |
|---|---|---|
| Execution | Immediate at current price | Rests on CLOB until target price is hit |
| Open fee | 0.5% of margin | 1.5% of margin |
| Fills | Single fill | Partial fills supported |
| Cancellation | Can cancel before execution | Can cancel anytime; unfilled portion refunded |
| Entry price | Single fill price | Weighted average across fills |
Limit orders lock your capital (margin + vault loan + fee) upfront. If the order is partially filled and then cancelled, unfilled capital is refunded proportionally. See Limit Orders for full details.
| Component | Amount |
|---|---|
| Borrowed from vault | $9,000 |
| Total position size | $10,000 |
| Opening fee | $5 (0.5% of margin) |
| Total cost | $1,010 |
Position Lifecycle
Once open, your position has three possible endings:Manual Close
You close it manually. Take profits or cut losses whenever you want.
Liquidation
If the market moves against you and your health drops to 45%, we close your position to protect the vault.
Auto-Close
Every market has a close date. All positions close automatically at this time.
Market Close Dates
Every market on Ultramarkets has a predetermined close date, set when the market is listed. This is not a fixed rule like “72 hours before resolution.” Close dates vary by market type:| Event Type | Typical Close Window |
|---|---|
| Elections | May close days before results are certified |
| Sports | May close at game start |
| Economic data | May close before the release |
The close date is always visible in the market details and when previewing a position. Plan accordingly.
Trading Probability, Not Outcomes
This is the mental shift that matters: you’re trading probability movements, not betting on outcomes. You don’t need Trump to win to profit from a Trump YES position. You just need the probability to rise before the market closes. If you enter at 40% and exit at 50%, you profit. Whether Trump actually wins is irrelevant to your trade.This is what makes leveraged prediction markets work. You capture volatility during the trading window, then exit before resolution.