CTF split — mencetak satu set lengkap · PolyArb

Definition

A CTF split mints a complete set of outcome tokens for a single market by exchanging $1.00 of pUSD for one token of each outcome. Each minted outcome token is an ERC-1155 conditional token under the Gnosis Conditional Token Framework (CTF). After a split you hold a set of mutually exclusive outcome tokens whose combined fair value should equal $1.00.

In context

You encounter a split when you need to convert pUSD into on-chain outcome tokens — for example, to lock in a mathematical arbitrage when the sum of best-ask prices for every outcome is less than $1.00. An arbitrageur can: (1) buy the underpriced outcome shares on the CLOB, (2) use a CTF split to mint the missing legs (or mint a complete set from $1.00 pUSD and sell the overpriced legs), and (3) later merge or redeem the winning token after resolution. Splits are performed via Polymarket's CTF contracts and are gasless for end users because the Relayer sponsors transactions.

Practical notes

A split always consumes $1.00 of pUSD and mints one unit of each outcome token for that market's condition. For binary markets that yields one YES and one NO token; for N-outcome markets it yields N tokens.
Splits and the reverse operation (merge) are bookkeeping operations on the CTF; they do not change market prices directly but let you assemble or disassemble complete sets needed for guaranteed payouts or arbitrage.
After market resolution you can redeem the winning outcome token for $1.00 of pUSD via the CTF redeem operation. Resolution is reported by UMA; disputes can pause settlement until UMA resolves.

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