> ## Documentation Index
> Fetch the complete documentation index at: https://docs.bayse.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# FAQ

> Frequently asked questions about Bayse Markets

## Trading

<AccordionGroup>
  <Accordion title="What are Yes and No shares?">
    Each market has exactly two outcomes. "Yes" shares represent a belief that the event will happen; "No" shares represent the opposite. When a market resolves, winning shares pay out `1.00 × currency base multiplier` (e.g., \$1.00 USD or ₦100.00 NGN) and losing shares pay out nothing.
  </Accordion>

  <Accordion title="Are share prices fixed?">
    No. Prices are dynamic and adjust continuously based on trading activity and market sentiment. On AMM markets, prices update automatically after every trade. On CLOB markets, prices are set by the bids and asks of market participants.
  </Accordion>

  <Accordion title="How much do I need to start trading?">
    While most markets have a minimum order amount of 1.00 USD or 100.00 NGN, individual markets can specify their own minimum order amounts. Check each market's `minimumOrderAmount` from [List events](/api-reference/pm/list-events) or [Get event](/api-reference/pm/get-event) instead of hardcoding a single minimum.
  </Accordion>

  <Accordion title="Can I trade in multiple markets at once?">
    Yes. You can hold positions in as many markets as you want simultaneously, as long as you have sufficient funds in your wallet.
  </Accordion>

  <Accordion title="Can I trade shares before a market closes?">
    Yes. You can buy or sell shares at any time while a market is open. Markets close at the closing date specified on the event, after which no new trades are accepted.
  </Accordion>

  <Accordion title="Can I cancel a trade after placing it?">
    It depends on the market engine:

    * **AMM markets**: Trades execute instantly and cannot be cancelled. To exit, sell your shares back to the market.
    * **CLOB markets**: Limit orders that have not yet been filled can be cancelled via `DELETE /v1/pm/orders/{orderId}`. Once an order is fully or partially filled, the filled portion cannot be reversed.
  </Accordion>

  <Accordion title="What happens if the event doesn't go as I predicted?">
    Losing shares are worth nothing at resolution. The amount you invested in those shares is not returned. You can reduce your exposure before the market closes by selling your shares, though the sale price depends on current market conditions.
  </Accordion>
</AccordionGroup>

## Wallets and currencies

<AccordionGroup>
  <Accordion title="What currencies does Bayse Markets support?">
    Bayse Markets supports two currencies:

    * **USD** (US Dollar) — base multiplier of 1. Shares cost `price × 1` and win pays `$1.00`.
    * **NGN** (Nigerian Naira) — base multiplier of 100. Shares cost `price × 100` and win pays `₦100.00`.

    Specify the currency in your API requests using the `currency` field. USD is the default if omitted.
  </Accordion>

  <Accordion title="Can I use both currencies at the same time?">
    You can hold balances in both USD and NGN wallets. However, you can only trade from one wallet at a time. If you have open positions in one currency, you must resolve or sell them before switching to place trades from the other currency.
  </Accordion>

  <Accordion title="Can I withdraw into an account with a different name?">
    No. Withdrawals must go to an account registered under the same first and last name as your Bayse Markets account. Name mismatches will cause the withdrawal to fail.
  </Accordion>
</AccordionGroup>

## Accounts

<AccordionGroup>
  <Accordion title="Can I have more than one account?">
    No. Each person may hold only one Bayse Markets account. Creating multiple accounts may result in the suspension or termination of all associated accounts.
  </Accordion>
</AccordionGroup>

## API

<AccordionGroup>
  <Accordion title="How do I authenticate API requests?">
    There are two authentication flows:

    1. **Session auth** (for managing API keys programmatically): Call `POST /v1/user/login` with your email and password to get a session `token` and `deviceId`. Use these as headers when creating, listing, revoking, or rotating API keys through the API.
    2. **API key auth** (for trading and data):
       * **Read endpoints**: Include your public key in the `X-Public-Key` header.
       * **Write endpoints**: Include `X-Public-Key`, `X-Timestamp` (Unix seconds), and `X-Signature` (HMAC-SHA256 of `{timestamp}.{METHOD}.{path}.{bodyHash}`, base64-encoded using your secret key).

    You can also create and manage API keys in the Bayse web app at [app.bayse.markets/settings/api-keys](https://app.bayse.markets/settings/api-keys), or in the web app, via **More** > **Account Settings** > **API Keys** in the **Developer Tool** section. If you prefer, you can still manage them programmatically through the API.

    See [Authentication](/authentication) for full details and code examples.
  </Accordion>

  <Accordion title="Are there rate limits?">
    Yes. The login endpoint (`POST /v1/user/login`) is rate-limited to 1 request per 2 minutes per email address. Cache your session token and reuse it for API key operations. See [Rate limits](/rate-limits) for details.
  </Accordion>

  <Accordion title="What is the difference between an event and a market?">
    An **event** is the top-level prediction question (e.g., "NBA Finals 2024"). A **market** is a specific tradeable sub-question within that event (e.g., "Will the Lakers win?"). Single events contain one market; combined events contain multiple related markets.

    In the Bayse app, events display as "markets" and markets display as "sub-markets."
  </Accordion>

  <Accordion title="What market engines are available?">
    * **AMM (Automated Market Maker)**: Algorithmic pricing with instant execution. No order book. Liquidity is always available.
    * **CLOB (Central Limit Order Book)**: Traditional limit order matching. You specify a price and the order fills when a counterparty matches. Supports GTC, FAK, FOK, and GTD time-in-force options.
  </Accordion>

  <Accordion title="How do I get real-time market data?">
    Subscribe to the Bayse Markets WebSocket feed at `wss://relay.bayse.markets/v1/ws`. Available channels are `orderbook`, `trades`, and `ticker`. See the [WebSocket](/websocket) documentation for details.
  </Accordion>
</AccordionGroup>