> ## 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 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.

<CardGroup cols={2}>
  <Card title="YesNo" icon="toggle-on">
    **Two sides:** YES and NO.

    Use when the question has a clear binary answer.

    *"Will BTC close above \$100k on 31 Dec 2025?"*
  </Card>

  <Card title="MultiOutcome" icon="list-ul">
    **Two to four named options.**

    Use when there are specific mutually exclusive possibilities.

    *"Which chain leads in TVL on 1 Jan 2026? Solana / Ethereum / Base"*
  </Card>
</CardGroup>

## 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](/how-it-works/fees).

## What's next

* [Fees and odds](/how-it-works/fees) — how pool ratios turn into payouts.
* [Create a market](/guides/create-a-market) — open your own market.
* [Market lifecycle](/how-it-works/lifecycle) — the phases every market goes through.