Market types

The two kinds of markets on Cyphers and when to use each one.

Cyphers supports two market types. Pick the one that fits the shape of your question.

YesNo

Two sides: YES and NO. Use for any binary question.

MultiOutcome

Two to four named options. Use for mutually exclusive outcomes.

Which to use

Question shape	Use
Yes-or-no answer	YesNo
2-4 named, mutually exclusive options	MultiOutcome
More than 4 options	Not supported today
Numeric prediction (exact price)	Not supported today

When in doubt, prefer YesNo. Binary markets attract more bettors because the interface is simpler - one button per side.

How odds work

Each side has its own pool - the total USDC bet on that option. The odds you see come from the pool ratios, and they’re locked in for your position the moment your bet lands.

For the full formula and a worked example, see Fees and odds.

What’s next

• Fees and odds - how pool ratios turn into payouts.
• Create a market - open your own market.
• Market lifecycle - the phases every market goes through.