Buying and selling

Every market is a question with two kinds of share, Yes and No, that share one order book. This page covers what a price means, how to buy and sell, the two kinds of order, what a share pays, and the fees. The Telegram Mini App works the same way with a few differences, listed at the end and in The Telegram Mini App.

Prices are probabilities

A share's price, in cents, is the chance the crowd gives that answer. When the market resolves, each winning share pays $1.00 and each losing share pays nothing.

You do	It costs	It pays if you are right
Buy 100 Yes at 64¢	$64	$100
Buy 100 No at 36¢	$36	$100
Change your mind	Sell at the best price offered, any time trading is open

Yes and No are two sides of one book: buying No at 40¢ is the same offer as selling Yes at 60¢. When a Yes buyer meets a No buyer, their money is pooled into $1 and a new pair of shares is created; when two sellers meet, the pair is retired and the $1 is shared between them. That is why every market always shows a price for both sides.

Questions with several answers

Some questions have more than two possible answers, such as who will win a tournament. Each answer is then its own Yes/No market, grouped on one page. Only one answer can win, so the Yes prices add up to roughly 100%. When the result is known, the winning answer's Yes shares pay $1, and so do the No shares of every other answer.

Questions that come round again, like each season of a league, open a new edition before the current one ends. You can move between editions from the event's page.

Placing a trade on the website

1. On a market's page, choose Buy or Sell, then Yes or No.
2. Enter an amount in dollars to buy, or a number of shares to sell. Before you confirm you see the average price, how many shares you get, what you could win, the fee, the total, and the worst price your order can fill at.
3. Press Buy Yes (or Buy No, Sell Yes, Sell No). What happens next depends on whether it is your first trade:

The first time you buy, your wallet asks you to allow Jua's exchange to use your USDT. This is one transaction, costing a few cents of BNB, and you do it once. The exchange can only ever take what an order you sign allows. (The first time you sell, the wallet asks once more, to allow the exchange to move your shares.)

Every time, your wallet asks you to sign the order: what you buy or sell, how many shares, and the most you pay (or the least you accept). Signing is free and sends nothing. The money leaves your wallet only as the trade settles on chain, a few seconds later; until then the trade shows as pending.

Under the button the page tells you where the order is: linking the wallet, waiting for the approval, waiting for your signature, placing, settling.

Smallest order

The smallest order is $1.

Market orders and limit orders

• A market order fills straight away at the best prices on the order book. If it is big enough to move the price, you are warned first. Any part that cannot fill straight away is not placed: a market order trades at once or not at all. Your signature caps what it can cost: the amount you typed, fee included.
• A limit order names your price and waits on the book until someone matches it. Its money (or its shares, when you sell) stays in your wallet while it waits, and leaves only as it fills. You can cancel it at any time, or set it to expire after an hour, a day or a week. It can fill bit by bit as other traders match it.

A limit order waiting on the book is paid only when it fills. If by then your wallet no longer holds enough USDT, or no longer lets the exchange use it, the order is taken off the book and you are told ("Order cancelled: your wallet can no longer cover it"). Nothing left your wallet; place it again when the wallet can cover it.

Cancelling

Press Cancel on the order in your portfolio or on the market page. Jua removes it from the book at once. For the one case where that is not enough for you, see pausing your account on the exchange.

Selling

You can sell shares you hold whenever trading is open, at the best price someone is offering, to take a profit or cut a loss. You do not have to wait for the result. A sell is signed like a buy: your shares leave your wallet only as the trade settles, and the buyer's money goes straight to your wallet.

When trading stops

• When a market reaches its end date, trading closes and its open orders are cancelled; they would have expired then anyway, and their money never left your wallet.
• Staff may switch trading off the moment a result is known (the final whistle, say) so nobody trades on a settled question. Your resting orders stay and can be cancelled; nothing new is placed or matched. Everyone holding a position is told.
• Orders are also refused while an account is suspended, and buying is off while you are taking a break (Settings).

Then come results and payouts: Collecting winnings.

Fees

Every buy pays a platform fee of 5% of what you pay (the rate your deployment shows before you confirm). It is capped at 50% of what the bet can win, so a share bought at 95¢ pays less than the full rate and a buy near certainty stays worthwhile. The fee is always shown, fee and total, before you confirm.

• For a market order the amount you type is the total: cost plus fee.
• A limit order's fee leaves your wallet only as it fills, with its cost.
• There is no fee on sells, settlements, cancelled orders or collecting winnings, and there is nothing to deposit or withdraw.
• Half of every fee goes to the people who invited the trader: see Inviting friends.

The network's own fees, paid in BNB to BNB Smart Chain, not to Jua:

What	Costs
Allowing the exchange to use your USDT, once	A few cents of BNB
Allowing the exchange to move your shares (first sell), once	A few cents of BNB
Settling your trades	Nothing: Jua pays the network
Collecting your winnings	A few cents of BNB

In the Telegram Mini App

The same markets and prices, with these differences (details):

• You trade USDT on TON from a TON wallet, and the trade is a transfer you confirm in the wallet (Telegram Wallet or Tonkeeper), with about 0.1 TON for network fees, most of which comes back.
• Market orders only. Limit orders are not in the Mini App yet. Anything that does not fill comes straight back to your wallet.
• The TON order book is separate from the website's: same questions, prices that can differ a little.