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Polymarket — The Ledger Explorer

Independent research · verified mechanics · no endorsement implied

Polymarket, explained by a fake corporate dog

Predictions, Perps, Combos, fees, probabilities, and the buttons that occasionally refuse to be buttons. The answer comes first. The joke clocks in after.

Start with how it works →Open Combo Calculator →

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📊 Polymarket Predictions

Binary outcome shares, order books, resolution, odds, fees, and what the number on the screen does — and does not — mean.

Polymarket: How It Actually Works

A Polymarket price looks like a percentage, but underneath it sits an order book, two outcome tokens, pUSD collateral, and a resolution rule worth reading twice.

Mechanics verified 2026-08-12

Polymarket Fees Explained (With a Fee Calculator)

Polymarket's fee answer is no longer simply “zero.” See which Predictions markets charge takers, how the curved formula works, and what spread still costs.

Mechanics verified 2026-08-12

Polymarket Probability & Payout Calculator

Enter a Polymarket price and stake to see implied probability, decimal odds, shares, gross payout, and profit before fees — with the arithmetic visible.

Mechanics verified 2026-08-12

📈 Polymarket Perps

Leveraged perpetual contracts: funding, margin, liquidation, fees, and the mark/index machinery beneath the exciting button.

Polymarket Perps: Funding, Margin and Liquidation Without the Fog

Polymarket Perps are leveraged contracts with no expiry. Learn how funding, fees, margin, liquidation, mark price, and isolated versus cross margin work.

Mechanics verified 2026-08-12

Polymarket Perps Fee Calculator

Calculate a Polymarket Perps maker or taker fee from fill notional and the current trailing 30-day volume tier. Includes all published tiers and rebates.

Mechanics verified 2026-08-12

📎 Polymarket Combos

Multi-leg prediction positions, RFQ pricing, correlation, cashing out, and why three safe-looking legs become one less-safe object.

Polymarket Combos: How Polymarket Parlays Actually Work

Polymarket Combos bundle multiple outcomes into one all-or-nothing position. Here is the probability math, RFQ pricing, cash-out logic, and grey-button diagnosis.

Mechanics verified 2026-08-12

Polymarket Combo Calculator: Probability, Payout & Quote Comparison

Add Combo legs, measure the chance they all win, see the chance one fails, estimate an independence payout, and compare a manual Polymarket quote honestly.

Mechanics verified 2026-08-12

Tools that show their work

Probability & payout calculator →

Turn cents into implied probability, decimal odds, payout, and pre-fee profit.

Combo calculator →

Multiply independent-leg probabilities, measure failure chance, and compare a manual quote without calling it edge.

Predictions fee calculator →

Apply the current category formula to price and share count.

Perps fee calculator →

Estimate maker or taker cost from notional and the current 30-day volume tier snapshot.

Polymarket cheat sheet

CLOB
The central limit order book where bids and asks meet. Polymarket matches orders offchain and settles matched trades onchain.
Implied probability
The share price expressed as a percentage: 65¢ reads as roughly 65%. It is a market price, not a calibrated promise.
Spread
The gap between the best bid and best ask. It is a real trading cost even when no line item says “fee.”
pUSD
Polymarket USD, the collateral and quote asset described in current official documentation, backed by USDC through its onchain design.
Combo
One YES/NO position built from multiple underlying outcomes. Every selected leg must line up with the Combo's resolution logic.
RFQ
Request for quote. A Combo request starts a short auction in which connected market makers compete with executable prices.
Funding
Periodic transfers between Perps longs and shorts that encourage the perpetual price to stay near its index.
Mark price
The Perps system price used for unrealized PnL, equity, margin, and liquidation checks; it is not necessarily the last trade.

Recently verified resources

Polymarket: How It Actually Works

A Polymarket price looks like a percentage, but underneath it sits an order book, two outcome tokens, pUSD collateral, and a resolution rule worth reading twice.

Mechanics verified 2026-08-12

Polymarket Combo Calculator: Probability, Payout & Quote Comparison

Add Combo legs, measure the chance they all win, see the chance one fails, estimate an independence payout, and compare a manual Polymarket quote honestly.

Mechanics verified 2026-08-12

Polymarket Combos: How Polymarket Parlays Actually Work

Polymarket Combos bundle multiple outcomes into one all-or-nothing position. Here is the probability math, RFQ pricing, cash-out logic, and grey-button diagnosis.

Mechanics verified 2026-08-12

Polymarket Fees Explained (With a Fee Calculator)

Polymarket's fee answer is no longer simply “zero.” See which Predictions markets charge takers, how the curved formula works, and what spread still costs.

Mechanics verified 2026-08-12