Trading on Aura

Aura uses a central limit order book. Place market or limit orders, build parlays, and earn from spreads.

Aura uses a central limit order book (CLOB). Prices are shown as probabilities (0–100%), and liquidity comes from limit orders posted by traders and market makers. When you place a market order, it fills instantly against the best available orders on the book. When you place a limit order, you choose your price and your order sits on the book until someone matches it (or you cancel it).

Buying outcome shares

1. Navigate to your desired market

   Select the market you wish to trade from the Aura homepage or search results.

2. Choose outcome

   Pick an outcome — typically YES or NO.

3. Choose order type

   Market order (instant fill)

   Enter how much USDT (collateral) you want to spend (or the share quantity you want). The order fills immediately against the best available asks on the order book. Your final average price depends on available depth.

   Limit order (set your price)

   Enter a price (probability % / 0–100) and a quantity (shares). Your order is posted to the order book and only fills if another trader matches it. You can cancel open orders anytime before they fill.

4. Confirm transaction

   Click Buy and confirm via your connected wallet (or passkey flow).

Selling outcome shares

1. Switch to Sell tab

   On the market page, select the Sell tab.

2. Select outcome shares

   Choose which shares you want to sell (YES or NO).

3. Choose order type

   Market sell (instant fill)

   Sells immediately into the best available bids on the book. Your average fill price depends on book depth.

   Limit sell (set your price)

   Set a price and quantity to sell. The order sits on the book until a buyer matches it. You can cancel open orders anytime if you change your mind.

4. Confirm transaction

   Click Sell and confirm via your connected wallet (or passkey flow).

Parlay bets (multi-leg trades)

• Multiple legs — select 2 to 5 different market outcome positions (legs) to include in one parlay bet.
• Combined odds — the odds of each leg multiply together, yielding a combined payout that can reach up to 50× the original stake if all legs are correct.
• All-or-nothing payout — every leg must win for the parlay to pay out. If any leg fails, the parlay is lost and no payout is given.
• Dynamic odds — parlay odds reflect the live order book at the time you place the bet. As legs are added, the overall odds shift based on available liquidity and prices.

Understanding fees

A 2.5% trading fee is charged in USDT on executed volume. The fee splits between the market creator and the protocol treasury:

Slice	Recipient
Creator share	A tier-scaled cut (1–30%) goes to the market creator.
Treasury	The remainder funds liquidity rewards, dispute incentives, referral payouts, and protocol development.

Two additional rewards flow from the treasury’s share:

• Referrals — when a trader uses a referral link, the referrer earns 10% of the treasury share of that trader’s fees.
• Dispute resolution — voters who decide disputed markets are rewarded through a separate slashing mechanism. See Resolution & Disputes.

No other fees exist — no exit tax, hidden spread, or performance fee.

Spreads & slippage

• Spread — the gap between the best bid and best ask on the book.
• Slippage — when a trade consumes multiple price levels due to limited depth.

Potential returns

Market resolves YES	Market resolves NO
Each YES share pays 1 USDT	Each NO share pays 1 USDT
All NO shares expire worthless	All YES shares expire worthless

Once a market outcome is finalized, winning shares are settled and paid out in USDT to the wallet that holds them. Payouts are processed automatically as part of settlement.

Collateral & settlement safety

Buy orders lock USDT collateral based on the order’s price and size. If an order is partially filled or canceled, any unused locked USDT is refunded immediately.

TL;DR

• Central limit order book — bids and asks form 0–100% probabilities.
• Market orders cross the book; limit orders provide liquidity.
• 2.5% USDT fee on executed volume, split between creator and treasury.
• 1 USDT per winning share at settlement.
• Up to 50× payout on 2–5-leg parlays.