Market Lifecycle
Understand market trading statuses, lifecycle filters, and expiration.
A market’s status describes its current trading phase. Ending trading and paying out positions are separate events; single-leg and multi-leg markets expose only the trading lifecycle.
Trading Statuses
| Status | Meaning |
|---|---|
unopened |
The market has not yet accepted orders. |
open |
Trading is available and the market accepts orders. |
paused |
Trading is temporarily interrupted during a period in which the market would otherwise be open. It can return to open without changing its trading schedule. |
closed |
The market has opened previously but is outside an active trading interval. It may return to open before expiration. |
expired |
The market has reached its terminal trading phase and cannot reopen. It may still be awaiting settlement. |
paused and closed both prevent new order entry, but they communicate different conditions. A paused market is experiencing a temporary operational interruption. A closed market has no active trading interval.
Expiration
expires_at is the configured expiration timestamp. Its value may be in the future; status remains the authority for the market’s current trading phase. Clients should not infer that a market has expired solely because their local clock has passed expires_at.
Notifications
The WebSocket market_lifecycle channel announces each of these transitions as it happens, along with publication, removal from the catalog, and edits to a market’s public details. Settlement is not announced there; account settlement records remain the source.
Transitions
The common path is unopened → open → closed → expired. Before expiration, a market may also move open → paused → open, or closed → open when another trading interval begins. Settlement does not replace the expired trading status; account settlement records expose their own settlement times.