Polymarket glossary
The terms prediction-market traders actually use — written for traders, not lawyers.
- CLOB
- Central Limit Order Book — the matching mechanism Polymarket uses, where limit orders rest on-chain and trade against each other.
- Devig
- The process of stripping a bookmaker's margin out of quoted odds to recover the implied probability.
- Edge
- The gap between your estimated probability and the market's implied probability — the raw mispricing you can trade.
- Implied probability
- The probability that a market price represents — on Polymarket, the mid price is the implied probability of Yes resolving.
- No-vig line
- The probability implied by a bookmaker's odds after removing the bookmaker's margin (the vig).
- Polymarket fees
- Polymarket charges no per-trade fee on the CLOB — your only cost is the spread and gas to fund the wallet.
- Resolution source
- The authoritative source the market checks to decide Yes vs No — read this before you trade.
- Whale sentiment
- A directional signal built from the largest wallet positions on a market — see how FairEdge computes it.