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Basis Point Pricing

All prices in the PMX orderbook are expressed in basis points (bps), where 10,000 bps = $1.00 USDC.
bpsUSD PriceImplied Probability
100$0.011%
2500$0.2525%
5000$0.5050%
7500$0.7575%
9900$0.9999%
Valid price range for limit orders: 1–9,999 bps. Market orders allow up to 10,000 bps as a slippage limit.

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Converting bps to dollars

const usdPrice = priceBps / 10000;
// 5500 bps → $0.55

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Converting dollars to bps

const priceBps = Math.round(usdPrice * 10000);
// $0.55 → 5500 bps

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Raw Token Amounts

All token and USDC quantities use raw units with 6 decimal places (matching the SPL Token standard on Solana).
Human AmountRaw UnitsField Value
1 token1,000,000"1000000"
0.5 tokens500,000"500000"
$1.00 USDC1,000,000"1000000"
$100 USDC100,000,000"100000000"
Quantities are always represented as strings in API responses to preserve precision for large numbers.

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Converting human amounts to raw

const rawAmount = Math.floor(humanAmount * 1_000_000).toString();
// 50 tokens → "50000000"

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Converting raw to human amounts

const humanAmount = parseInt(rawAmount) / 1_000_000;
// "50000000" → 50

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Computing Committed Amount

When you place a buy order, USDC is locked (committed) based on the order price and quantity: 
committedAmount = ceil(quantity * priceBps / 10000)
For sell orders, the committed amount equals the quantity of outcome tokens being sold: 
committedAmount = quantity

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JavaScript example

// Buy 50 YES tokens at 55 cents ($0.55 = 5500 bps)
const quantity = 50_000_000n;   // 50 tokens
const priceBps = 5500n;

// Ceiling division to prevent dust leak
const committed = (quantity * priceBps + 9999n) / 10000n;
// = 27,500,000 raw USDC = $27.50

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Computing Market Prices

You can derive useful pricing information from the orderbook endpoint and the market endpoint.

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Best Bid & Ask

Available directly from GET /markets/{marketId} or the best_bid_ask WebSocket event: 
{
  "bestBid": { "yes": 5400, "no": 4500 },
  "bestAsk": { "yes": 5600, "no": 4700 }
}

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Midpoint Price

The midpoint is the average of the best bid and best ask: 
function midpoint(bestBid, bestAsk) {
  if (bestBid === null || bestAsk === null) return null;
  return (bestBid + bestAsk) / 2;
}

// YES midpoint: (5400 + 5600) / 2 = 5500 bps = $0.55

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Spread

The spread is the difference between the best ask and best bid: 
function spread(bestBid, bestAsk) {
  if (bestBid === null || bestAsk === null) return null;
  return bestAsk - bestBid;
}

// YES spread: 5600 - 5400 = 200 bps = $0.02

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Last Trade Price

Available from GET /markets/{marketId}: 
{
  "lastPrice": { "yes": 5500, "no": 4500 }
}

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Complementary Pricing

In a binary market, YES and NO prices are linked. When yesPriceBps + noPriceBps >= 10000, complementary matching occurs.
YES PriceNO PriceSumComplementary?
5500450010000Yes (exact)
6000420010200Yes (200 bps surplus)
550040009500No (500 bps gap)
When a complementary fill occurs, the vault mints one YES and one NO token, backed by the combined USDC from both buyers. Any surplus bps (above 10,000) accrues as protocol revenue.

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Minimum Order Requirements

RequirementValue
Minimum quantity1,000,000 raw (1 token)
Minimum notional10,000 raw ($0.01 USDC)
The notional value is quantity * priceBps / 10000. Both minimums must be met for an order to be accepted (market orders are exempt from the notional minimum).