# Markets and events Every tradeable question on HermesTrade belongs to a two-level hierarchy: an **event** at the top, and one or more **markets** beneath it. Understanding this hierarchy is the foundation for everything else — market lookups, order placement, and position tracking all reference IDs that come from this structure. *** ## Events An event is the real-world happening that prediction markets are built around — a sports match, an election, a protocol vote. It acts as a container for related markets and carries the metadata that describes the situation. **Key Gamma API fields on an `Event`:** | Field | Type | Description | | -------------- | -------- | ------------------------------------------------- | | `id` | string | Unique event identifier | | `title` | string | Human-readable event name | | `slug` | string | URL-friendly identifier | | `eventType` | string | Category of event (e.g., sports, politics) | | `category` | string | Sub-classification | | `startDate` | datetime | When the event begins | | `endDate` | datetime | When the event is expected to resolve | | `active` | boolean | Event is open and accepting activity | | `closed` | boolean | Event has concluded; markets in resolution | | `archived` | boolean | Fully settled; no longer shown by default | | `negRisk` | boolean | Whether this event uses the negRisk capital model | | `volume` | number | Total lifetime trading volume | | `volume24hr` | number | Volume in the last 24 hours | | `liquidity` | number | Current resting liquidity across markets | | `openInterest` | number | Total value of open positions | Fetch events from `GET /events` (list) or `GET /events/{id}` (single). The `slug` is also a valid lookup key via `GET /events/slug/{slug}`. *** ## Markets A market is a single binary question. Every market resolves to one of two outcomes — typically "Yes" and "No" — and every market is the unit of trading on HermesTrade. When you place an order, you are buying or selling the outcome shares of a specific market. **Key Gamma API fields on a `Market`:** | Field | Type | Description | | ------------------ | --------- | ------------------------------------------------------------------ | | `id` | string | Unique market identifier | | `conditionId` | string | On-chain condition identifier (used in resolution) | | `question` | string | The binary question being traded | | `outcomes` | string\[] | Outcome labels, e.g., `["Yes", "No"]` | | `outcomePrices` | string\[] | Current market prices per outcome | | `clobTokenIds` | string\[] | `[YES_token_id, NO_token_id]` — ERC1155 token IDs used in the CLOB | | `bestBid` | string | Highest current buy price | | `bestAsk` | string | Lowest current sell price | | `volume` | number | Lifetime trading volume | | `active` | boolean | Market is open | | `closed` | boolean | Market has closed; resolution in progress | | `acceptingOrders` | boolean | New orders can be submitted | | `enableOrderBook` | boolean | CLOB trading is enabled for this market | | `negRiskAugmented` | boolean | Market uses the negRisk capital model | The `clobTokenIds` array is the bridge between the Gamma API and the CLOB API. The first element is the YES token ID; the second is the NO token ID. All CLOB endpoints that accept `token_id` expect one of these values. *** ## Single-market vs. multi-market events **Single-market events** contain exactly one market. The event and its market are functionally the same thing — "Will X happen by date Y?" has one YES outcome and one NO outcome. These are the simplest case. **Multi-market events** group several mutually exclusive outcomes under one event. A sports match might have markets for each possible score band, or a race might have one market per competitor. Traders can take positions across multiple markets within the same event. When an event uses `negRisk: true`, there is an additional capital efficiency mechanism that applies across its markets — see the [Order book](/core-concepts/order-book.md) page for details. *** ## Sports markets Sports events are a first-class feature of HermesTrade, not an afterthought. They are backed by live game data via the `PredictGameFixture` model. **Key `PredictGameFixture` fields:** | Field | Type | Description | | ------------------------- | -------- | ---------------------------------------------- | | `sportType` | string | Sport category (see `GET /config/sport-types`) | | `homeTeam` / `awayTeam` | object | Team metadata | | `scheduledAt` | datetime | Kick-off / start time | | `gameStatus` | string | `pre-game` \| `live` \| `finished` | | `homeScore` / `awayScore` | number | Live score values | {% hint style="warning" %} When a game begins (status transitions to `live`), outstanding limit orders on related markets are canceled. If you are running an automated strategy, monitor `gameStatus` and manage your orders accordingly before the scheduled start time. {% endhint %} Use `GET /games` to list games with filters (sport type, date, status) and `GET /games/{id}/scores` for score sync metadata. *** ## Market lifecycle A market moves through a predictable sequence of states: {% stepper %} {% step %} ### Active and accepting orders `active: true`, `acceptingOrders: true`. The market is live; traders can post and fill orders freely. {% endstep %} {% step %} ### Event in progress For sports markets, the underlying game has started. New orders may not be accepted during active play depending on market configuration. {% endstep %} {% step %} ### Closed, resolution pending `closed: true`, `acceptingOrders: false`. The event has concluded. All open limit orders are automatically canceled. The market enters the adjudication process. {% endstep %} {% step %} ### Resolved and settled `closed: true`, the adjudication's `resolvedAt` is set. Winning shares redeem at $1.00; losing shares at $0.00. Positions are settled. {% endstep %} {% step %} ### Archived `archived: true`. The market is fully settled and excluded from default listings. Historical data remains accessible. {% endstep %} {% endstepper %} {% hint style="info" %} The `negRisk` flag on an event and `negRiskAugmented` on a market indicate a capital-efficient model for multi-outcome events where all outcomes sum to one. The mechanics are explained on the [Order book](/core-concepts/order-book.md) page. {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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