> ## Documentation Index
> Fetch the complete documentation index at: https://cyphers-3138df4b.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Market lifecycle

> The phases every Cyphers market moves through, from open to claimable.

Every market follows the same path: open for bets → resolver posts outcome → challenge window → claim. This page shows what each phase means and what you can do in each one.

## Phases at a glance

```mermaid theme={null}
flowchart TD
    A([Market created]) --> B[Betting open]
    B --> C[Awaiting resolve]
    C -->|outcome posted| D[Pending resolution]
    C -.deadline missed.-> G[Refundable]
    D --> CW{Challenge window\n24–48 hours}
    CW -->|no flags| E[Claimable]
    CW -.result flagged.-> F[Disputed]
    F -.admin override.-> E
    E --> DONE([Winners claim USDC])
    G --> REFUND([Bettors claim refund])
```

| Phase                  | What it means                                    | Your action      |
| ---------------------- | ------------------------------------------------ | ---------------- |
| **Betting**            | Market is open.                                  | Place a bet      |
| **Awaiting resolve**   | Betting closed. Waiting for the resolver.        | Wait             |
| **Pending resolution** | Outcome posted. Challenge window open (24–48 h). | Flag if wrong    |
| **Disputed**           | Someone flagged the result. Admin reviewing.     | Wait             |
| **Claimable**          | Challenge window passed. Payouts available.      | Claim if you won |
| **Refundable**         | Resolver never posted. Stakes returnable.        | Claim refund     |
| **Expired**            | All deadlines passed.                            | Nothing          |

## The happy path

For most markets:

1. Betting opens when the market is created.
2. The close time passes — no new bets.
3. The resolver posts the outcome. Arcium decrypts every bet and computes payouts (≈10 seconds).
4. A 24–48 hour challenge window opens. No flags → market enters **Claimable**.
5. Winners claim USDC.

## Edge cases

**Resolver doesn't show up.** After the resolution deadline, the market enters **Refundable**. Bettors pull back their net stake.

**Someone flags the result.** The market enters **Disputed**. An admin reviews and posts the correct outcome. Market becomes **Claimable** after the override.

**Multiple bets on the same market.** Each bet is a separate position. You claim them one at a time.

## What's next

* [Place a bet](/guides/place-a-bet) — the **Betting** phase from your side.
* [Claim payout](/guides/claim-payout) — the **Claimable** phase.
* [Dispute resolution](/guides/dispute-resolution) — how to flag a bad result.