Market lifecycle

How an XO market moves through Pending, Active, Paused, Resolved, Voided, and Closed.

Every market on XO is in one of six states. The state determines whether you can place orders, whether existing orders rest, and whether payouts are claimable.

States

Status	Order entry	Resting orders	What it means
Pending	Rejected (422)	None yet	Market created on-chain but not yet activated.
Active	Accepted	Match normally	Normal trading.
Paused	Rejected (422)	Retained	Transient hold. Matching is frozen but orders stay on the book; market can resume to Active.
Resolved	Rejected (422)	All cancelled atomically	Winning outcome recorded; positions are claimable.
Voided	Rejected (422)	All cancelled atomically	Market invalidated; positions refund pro-rata.
Closed	Rejected (422)	All cancelled atomically	Market closed without resolution.

Resolved, Voided, and Closed are terminal. Paused is transient — orders stick around.

Transitions you’ll see in production

Pending ──► Active ──► Paused ◄──► Active
                │
                ├─► Resolved   (winner recorded)
                ├─► Voided     (market invalidated)
                └─► Closed     (closed without resolution)

When attempting to place an order against a non-Active market, the response is 422 Unprocessable Entity with body {"error": "market is not active (status: Pending)"} (or Paused, Resolved, etc.).

Order entry on a non-Active market

Order placement returns 422 with a stable error prefix:

{"error": "market is not active (status: Paused)"}

Substring-match on "market is not active" to detect this case generically across all non-Active statuses.

WebSocket: MarketStatusChanged

The combined /ws channel emits a market_status_changed frame on every transition:

{
  "type": "market_status_changed",
  "market_id": "0x39a12d52b63969654926e095ddd96f5c459112714da03edca769aa58173c78fb",
  "old_status": "Active",
  "new_status": "Paused",
  "cancelled_orders": 0
}

cancelled_orders is non-zero only on terminal transitions (Resolved, Voided, Closed). On a Paused transition it’s always 0 — Paused retains resting orders.

On terminal transitions, /ws/user subscribers also receive one order/CANCELLATION frame per cancelled order owned by the user, fanned out before the market_status_changed frame.

Claimable positions

Once a market reaches Resolved or Voided, the user’s positions become claimable. Query GET /claimable?address=<addr>:

{
  "address": "0xCAFE000000000000000000000000000000000A11",
  "claimable": [
    {
      "market_id": "0x39a12d52b63969654926e095ddd96f5c459112714da03edca769aa58173c78fb",
      "outcome": "Yes",
      "token_id": "26516164265702901957933644848127860370782874751279270726689263951695181556943",
      "balance": "50000000",
      "refund_reason": "resolved_winner"
    }
  ]
}

refund_reason:

• resolved_winner — Market resolved with a definite winner; this side won.
• voided_refund — Market was invalidated. Both YES and NO holders get pro-rata refunds; both sides appear here when held.

The actual redemption is an on-chain ConditionalTokens.redeemPositions call made by the smart account through the XO bundler; the orderbook does not move funds — it tells you what you can claim. See Redeem positions.

On-chain, payouts are reported when the market is closed (after the resolution period). redeemPositions reverts until payoutDenominator(conditionId) is non-zero, even if /claimable already lists the position.

Pending → Active

Markets created on-chain through the protocol enter Pending. The matching engine activates them when the on-chain MarketCreated event is observed and any required setup completes. Once Active, the market is queryable via /markets/{condition_id} with "active": true.

A Pending market with token IDs visible in /markets is a normal intermediate state — not an error.