Market types

Cyphers has two market types: YesNo and MultiOutcome. The difference is how many possible answers a market has. Picking the right one is mostly common sense.

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YesNo

A market with two answers - YES and NO. Use it whenever the question has a clear binary outcome. Good examples:

• “Will BTC close above $100k on 31 Dec 2025?”
• “Will the Lakers make the NBA Finals this season?”
• “Will the next Fed meeting cut rates?”

The market shows two big buttons (YES and NO) and a bar that splits the pool between the two sides. You bet on one side, win or lose based on the real-world answer.

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MultiOutcome

A market with 2 to 4 named options. Use it when there are a few mutually exclusive possibilities and you want users to bet on a specific one. Good examples:

• “Which chain has the most TVL on 1 Jan 2026? Solana / Ethereum / Base”
• “Who wins the next presidential election? Candidate A / Candidate B / Candidate C / Other”
• “Where does TSLA close on Friday? Above $300 / Between $280 and $300 / Below $280”

The options are labels you choose at market creation. Cyphers supports up to four.

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How odds work

Each side (or option) has its own pool - the total USDC bet on that side. The odds you see in the app are computed from the pool ratios. A rough mental model:

• If the YES pool has $1000 and the NO pool has $1000, the odds are roughly 50/50.
• If the YES pool has $3000 and the NO pool has $1000, YES is the favorite at 3:1 - but the payout for backing YES is smaller, and the payout for backing NO is bigger.
• The odds you see at bet time are locked in for your position. Even if more bets pile in after yours, your payout is calculated against the odds you got.

For the exact formula, see Fees and odds.

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Which to use when

When in doubt, prefer YesNo. Binary markets attract more bettors because the UX is simpler - one button per side, no decoding option labels.

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What’s next

• Market lifecycle - the phases every market goes through.
• Create a market - how to open your own market.
• Fees and odds - exactly how odds and payouts are computed.