> ## Documentation Index
> Fetch the complete documentation index at: https://docs.routeur.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Events and markets

> How venues' listings map onto events, outcomes and markets.

A **market** is one contract that pays \$1 if its question resolves Yes. It is addressed by its venue and that venue's own id: a ticker on Kalshi, a slug on Polymarket.

```text theme={null}
/v1/markets/kalshi/{ticker}
/v1/markets/polymarket/{slug}
```

An **event** groups a venue's markets the way people browse them: "Fed decision in October" holds one market per possible decision. Events carry:

* **Outcomes**, each backed by one market, with the best Yes price on each venue that lists it and the implied chance.
* **A twin**, when the same event is listed on the other venue and its outcomes are proven equivalent. Twinned outcomes are merged, so an outcome can carry prices from both venues.
* **Mutually exclusive**, when at most one outcome can resolve Yes.
* **Timing**: when the event starts, for games, and when it closes.

## Finding events

| To                                | Use                                               |
| --------------------------------- | ------------------------------------------------- |
| Browse by category or volume      | `GET /v1/events?category=Economics&sort=trending` |
| Find by meaning                   | `GET /v1/search?q=fed+cut+october`                |
| Browse by subject                 | `GET /v1/topics`, then `GET /v1/topics/{slug}`    |
| Read one event with every outcome | `GET /v1/events/{venue}/{id}`                     |

Search reads plain language: `kalshi longshots closing this week` searches for what is left after the venue, price and closing filters are taken out, and says which filters it applied.

## Prices

Prices are **asks**: what it costs to buy a Yes or a No contract now, per contract paying \$1. The implied chance is the midpoint of the Yes ask and one minus the No ask. Prices come from each venue's recorded top of book; for size, read the order book on the venue.