Supported Markets

Markets are supported based on reliable resolution, predictable liquidity, and safe margining.

Across both Kalshi and Polymarket, markets naturally fall into three simple categories.

1. Markets that can be hedged continuously with no jump risk,

2. Markets that trade normally but have a short, clearly defined window where they can jump to resolution, and

3. Markets that can resolve at any time, with no reliable hedge at any point in their life.

A jump refers to a discrete move from a tradable probability to a final 0 or 1 outcome without an opportunity to unwind at intermediate prices.

Multiply fully supports the first two categories, which collectively account for the dominant share of trading volume on both venues. On Kalshi, this includes the CPI, FOMC, payrolls, unemployment prints, and equity, crypto or commodity closes that drive most institutional and high-intent flow. On Polymarket, it covers a wide ecosystem of active political, macro, crypto, and sports markets that exhibit continuous price discovery and deep liquidity. These surfaces are where liquidity is typically concentrated.

From a liquidity standpoint, Multiply uses two capital pools to keep exposure market neutral while handling jump to settlement risk explicitly. The Hedging Facility finances positions only when they can be actively hedged using real market liquidity and never carries exposure through windows where outcomes can jump directly to settlement. When a market enters a hazard window, financed exposure is deterministically reduced to zero. This happens either by repaying the hedge financing via Soft Carry, or by transferring the residual settlement risk to the Underwriting Facility once live. The Underwriting Facility is designed to absorb capped, late stage jump risk in a portfolio controlled way without taking directional views. Until it is active, Multiply relies exclusively on Soft Carry to keep the Hedging Facility strictly neutral.

Examples:

1. No jump to resolution: Fully covered by the Hedging Facility throughout lifecycle. “Will the S&P 500 close above 6500 on Friday?” Underlying is a continuously tradable equity index.

2. Clear, short jump-to-resolution window: Start in HF, then transition to Soft Carry near the print. “Will the Federal Reserve raise interest rates at the next meeting?” Same pattern: long pre-meeting hedgeable phase, then a very tight FOMC announcement window where jumps dominate

3. Full jump-to-settlement over the whole life: Not currently supported by Dripster “Will a new Supreme Court justice be confirmed in 2026?” Political, procedural, subject to delays and shocks, and not linked to any stable hedge instrument.

Beyond market structure, Multiply applies a clear framework for structuring its exposure. We evaluate the venue’s liquidity and reliability, eligibility criteria for safe margining, and the sizing caps required to keep loss bounded. The following section outlines how we determine what markets Multiply supports and at what scale.

Venues

Multiply provides leveraged directional exposure on Kalshi and Polymarket, while all underwriting, collateralization, and settlements occurs on Solana.

Additional venues will be added if they meet the same requirements of:

• reliable price feeds

• consistent orderbook activity

• predictable, objective settlement

• safe hedging pathways

Market Types

Dripster supports binary markets and simple categorical markets (2–3 mutually exclusive outcomes). These markets are enabled only when the underlying venue provides:

1. Sufficient tradable liquidity across all outcome legs, and

2. A predictable resolution structure with continuous, hedgeable price discovery.

Eligible markets exhibit the following characteristics:

• prices evolve continuously or in bounded stepwise increments

• outcome determinism emerges over time rather than instantaneously

• jump-to-resolution risk is structurally identifiable by the event design

• liquidation or carry conversion can reliably occur before outcome certainty

For now, we exclude markets whose resolution dynamics cannot be hedged or neutralized safely:

• instant-resolution events (“can resolve at any moment”)

• markets whose settlement can jump directly to 0 or 1 without passing through tradable price levels

• continuous/scalar markets

• high-cardinality categorical markets (>3 outcomes)

These exclusions ensure the Hedging Facility never carries financed exposure through a window where deterministic unwind is impossible, preserving neutrality under all conditions.

Until the Underwriting Facility is live, positions automatically convert via Soft Carry upon hazard entry, further constraining market eligibility to venues and structures that guarantee reliable de-leveraging before settlement.

Eligibility Criteria for a Market to Be Marginable

A market is considered marginable only when it satisfies all underwriting and hedgeability requirements. Each criterion protects the solvency and unwindability of leveraged exposure.

Liquidity Floor

Minimum liquidity conditions observed on the underlying venue:

• Depth: ≥ $25k executable depth within 2% on each side (YES and NO)

• Spread: ≤ 1.5% relative to mid

• Orderflow Velocity: ≥ 15 trades/hour over the trailing 3 hours

• Stability: No periods longer than 30 seconds without meaningful updates

These thresholds ensure Multiply can always hedge and liquidate positions at a predictable, bounded cost.

Clear, Objective Resolution

• The market’s outcome must map to a deterministic, externally verifiable event

• Settlement rules and oracle must be unambiguous

• No subjective governance votes or interpretive decision-making

• Expiry timestamp must be fixed and trustworthy

Dynamic Restriction

If a market fails any eligibility criterion at any time, Multiply may:

• reduce maximum leverage,

• enforce new exposure caps,

• move to close-only mode,

• or fully disable new entries.

This keeps the overall system hedgeable under all conditions.

For contested markets where the venue delays or challenges the outcome, Multiply mirrors that state as well: positions remain locked and no payouts are released until the venue publishes its final, uncontested resolution.

Per-Market Caps and Exposure Limits

To operate safe leverage on capped-payoff instruments, Multiply uses strict exposure control and deterministic liquidation.

• Market-Level Exposure Cap: Total outstanding notional across all users is capped at a fraction of hedgeable depth with typical baseline being 10–15% of usable depth across both sides, ensuring unwindability even during stress.

• Side-Level Caps (YES vs NO): YES and NO exposures have independent caps to avoid unbalanced books, preventing skewed risk profiles, degraded hedgeability, and situations where one leg becomes too thin to support exit liquidity.

• User-Level Caps: Per-user exposure is capped based on venue liquidity and volatility conditions.