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Negative risk describes multi-outcome markets where only one outcome can win, which lets an exchange treat a No share on one outcome as equivalent to Yes shares on all the others. That links the prices of the outcomes together.
Polymarket marks such events as negative-risk markets; this is why the prices of all candidates in a 'who will win' market move together.
👉 How multi-outcome markets work
Multi-outcome market · Arbitrage · Order book
Polymarket marks such events as negative-risk markets; this is why the prices of all candidates in a 'who will win' market move together.
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