Documentation Index
Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
Use this file to discover all available pages before exploring further.
做市商需要双方的结果代币来报价市场。三个核心库存操作是将 pUSD 拆分为 YES/NO 代币对、将代币对合并回 pUSD,以及在判定后兑换获胜代币——所有操作都通过 Relayer Client 免 gas 执行。
有关条件代币框架工作原理的完整说明,请参阅 CTF 概述。本页重点介绍使用 Relayer Client 的做市商工作流程。
将 pUSD 拆分为代币
拆分将 pUSD 转换为等量的 YES 和 NO 代币——创建你报价市场双方所需的库存。
import { ethers } from "ethers";
import { Interface } from "ethers/lib/utils";
import { RelayClient, Transaction } from "@polymarket/builder-relayer-client";
const CTF_ADDRESS = "0x4D97DCd97eC945f40cF65F87097ACe5EA0476045";
const pUSD_ADDRESS = "0xC011a7E12a19f7B1f670d46F03B03f3342E82DFB";
const ctfInterface = new Interface([
"function splitPosition(address collateralToken, bytes32 parentCollectionId, bytes32 conditionId, uint[] partition, uint amount)",
]);
// Split $1000 pUSD into YES/NO tokens
const amount = ethers.utils.parseUnits("1000", 6); // pUSD has 6 decimals
const splitTx: Transaction = {
to: CTF_ADDRESS,
data: ctfInterface.encodeFunctionData("splitPosition", [
pUSD_ADDRESS, // collateralToken
ethers.constants.HashZero, // parentCollectionId (always zero for Polymarket)
conditionId, // conditionId from market
[1, 2], // partition: [YES, NO]
amount,
]),
value: "0",
};
const response = await client.execute([splitTx], "Split pUSD into tokens");
const result = await response.wait();
console.log("Split completed:", result?.transactionHash);
将代币合并为 pUSD
合并将等量的 YES 和 NO 代币转换回 pUSD——适用于减少敞口、退出市场或释放资金。
const ctfInterface = new Interface([
"function mergePositions(address collateralToken, bytes32 parentCollectionId, bytes32 conditionId, uint[] partition, uint amount)",
]);
// Merge 500 YES + 500 NO back to 500 pUSD
const amount = ethers.utils.parseUnits("500", 6);
const mergeTx: Transaction = {
to: CTF_ADDRESS,
data: ctfInterface.encodeFunctionData("mergePositions", [
pUSD_ADDRESS,
ethers.constants.HashZero,
conditionId,
[1, 2],
amount,
]),
value: "0",
};
const response = await client.execute([mergeTx], "Merge tokens to pUSD");
await response.wait();
判定后兑换
市场判定后,将获胜代币兑换为 pUSD。每个获胜代币价值 1——失败代币兑换为0。
检查判定状态
const market = await clobClient.getMarket(conditionId);
if (market.closed) {
const winningToken = market.tokens.find((t) => t.winner);
console.log("Winning outcome:", winningToken?.outcome);
}
兑换获胜代币
const ctfInterface = new Interface([
"function redeemPositions(address collateralToken, bytes32 parentCollectionId, bytes32 conditionId, uint[] indexSets)",
]);
const redeemTx: Transaction = {
to: CTF_ADDRESS,
data: ctfInterface.encodeFunctionData("redeemPositions", [
pUSD_ADDRESS,
ethers.constants.HashZero,
conditionId,
[1, 2], // Redeem both YES and NO (only winners pay out)
]),
value: "0",
};
const response = await client.execute([redeemTx], "Redeem winning tokens");
await response.wait();
Negative Risk 市场
多结果市场使用 Neg Risk CTF Exchange 和 Neg Risk Adapter。拆分和合并的工作方式相同,但使用不同的合约地址:
const NEG_RISK_CTF_EXCHANGE = "0xe2222d279d744050d28e00520010520000310F59";
const NEG_RISK_ADAPTER = "0xd91E80cF2E7be2e162c6513ceD06f1dD0dA35296";
库存策略
报价前
- 通过 Gamma API 检查市场元数据
- 拆分足够的 pUSD 以覆盖你的预期报价规模
- 如果尚未完成,设置代币授权(参见入门)
交易期间
- 当库存在某一侧失衡时倾斜报价
- 合并多余代币以释放资金用于其他市场
- 当任一侧库存不足时拆分更多
判定后
- 取消市场中的所有未成交订单
- 等待判定完成
- 兑换获胜代币
- 合并任何剩余的 YES/NO 代币对
批量操作
在单个中继器调用中执行多个库存操作以提高效率:
const transactions: Transaction[] = [
// Split on Market A
{
to: CTF_ADDRESS,
data: ctfInterface.encodeFunctionData("splitPosition", [
pUSD_ADDRESS,
ethers.constants.HashZero,
conditionIdA,
[1, 2],
ethers.utils.parseUnits("1000", 6),
]),
value: "0",
},
// Split on Market B
{
to: CTF_ADDRESS,
data: ctfInterface.encodeFunctionData("splitPosition", [
pUSD_ADDRESS,
ethers.constants.HashZero,
conditionIdB,
[1, 2],
ethers.utils.parseUnits("1000", 6),
]),
value: "0",
},
];
const response = await client.execute(transactions, "Batch inventory setup");
await response.wait();
下一步
免 gas 交易
Relayer Client 设置和配置
