---
term: "Multi-outcome market"
slug: multi-outcome
description: "A prediction market with more than two mutually exclusive outcomes."
date: 2026-04-20
seo:
  title: "Multi-outcome market — PolyArb Glossary"
  description: "Definition and context for multi outcome market on Polymarket, how prices sum to $1.00 and where combinatorial arbitrage appears."
  keywords:
    - "multi outcome market"
    - "Polymarket multi outcome"
    - "prediction market outcomes"
    - "combinatorial arbitrage"
    - "CTF outcome tokens"
relatedTerms:
  - binary-market
type: glossary
---
Multi-outcome market

A multi-outcome market is a prediction market with more than two mutually exclusive outcomes. Each outcome is represented by its own CTF outcome token and, at fair value, the sum of all outcome prices equals $1.00.

In context

On Polymarket, multi-outcome markets use the Gnosis Conditional Token Framework (CTF). Each outcome is an ERC-1155 token you can split, merge, trade, and redeem. Because the outcomes are mutually exclusive, their fair-market prices should add to $1.00; when they do not, an intra-market combinatorial arbitrage opportunity exists. Combinatorial arbitrage involves buying the complete set of cheapest best-ask prices (one share in every outcome) for less than $1.00, then holding the complete set until resolution or using CTF operations to lock value. Note the risks: resolution disputes via UMA, slippage and partial fills on the CLOB, taker fees, and settlement timing.

How you’ll see it on Polymarket

- Market pages show each outcome’s best bid and best ask, plus the market’s midpoint. 
- The Gamma API and CLOB market feeds expose per-outcome prices and order books. 
- Tick size and taker fees still apply; when outcomes approach extremes the tick size may tighten.

See also

- /glossary/binary-market