A reference for the terms used throughout Catalyst and this help center.
Term | Definition |
Account Balance | The value of your account based on realized and unrealized trading results. |
Ask | The lowest price a seller is willing to accept for a contract. |
Bid | The highest price a buyer is willing to pay for a contract. |
Combined realized profit | The total realized profit from all trades on a single market in a round-trip position. Used to determine if a trade qualifies. |
Contract | A YES, NO, UP, or DOWN position in a prediction market. Each contract resolves to either $1.00 or $0.00. |
Daily P&L | Your profit or loss for the current calendar day, shown in Portfolio. |
Determination time | The official time or date when a market's outcome is assessed. May be later than when the event appears to end. |
Drawdown | A decline from the highest Realized Account Balance reached during a level. |
Event | The real-world question being tracked. Each event can contain one or more markets. |
High-water mark (HWM) | The highest Realized Account Balance you have reached during the current level. Used to calculate the Max Loss floor. |
KYC | Know Your Customer. Identity verification required before your first withdrawal. Handled through the payment provider. |
Limit order | An order that only executes at a price you specify or better. May not fill if the market does not reach your price. |
Liquidity | The volume of available contracts in the order book at different price levels. Higher liquidity means easier execution and tighter spreads. |
Market | A specific yes-or-no question tied to a real-world event that you can trade on Catalyst. |
Market order | An order that executes immediately at the best available price. Prioritizes speed over price control. |
Max Loss | The $500 trailing drawdown rule that applies from Level 2 onward. If your Realized Account Balance drops $500 from its highest point during the level, the level ends. Also called Loss Limit. |
Mentions | A market category featuring contracts about what specific people or entities will say or reference. |
NO contract | A contract that pays $1.00 if the event does not happen, and $0.00 if it does. |
Open P&L | Profit or loss from positions that are still open and have not yet settled. |
Order book | The list of active buy and sell orders in a market, showing available contracts and their prices. |
Partial close | Closing only part of a position. Partial closes do not count as qualifying trades — the full market position must be closed. |
Payout | A fixed cash amount awarded when you pass Level 3, 4, or 5. |
Polymarket | The prediction market exchange whose live event data and pricing Catalyst uses for its simulated trading environment. |
Position | Your current contracts in a market. |
Qualifying trade | A fully closed market position with at least $300 in combined realized profit. The core unit of progression on Catalyst. |
Realized Account Balance | Your total closed profit or loss since the current level began. Used for Max Loss calculations and level progression. |
Recurring market | A market that runs on a repeating schedule. Each instance is a separate, independent market — trading it on different days counts as separate trades. |
Reset | A paid option that restarts the current level with a fresh $10,000 balance, zero qualifying trades, and a new 30-day timer. Must be purchased within 7 calendar days of your level ending. |
Resolution | The point when the outcome of a market is officially determined and contracts settle. |
Resolution source | The official data source used to determine a market's outcome. Defined in each market's About section. |
Settlement | The process of finalizing contracts at $1.00 or $0.00 after resolution. |
Spread | The difference between the best bid and the best ask in a market. |
Unrealized Account Balance | The value of your account including open positions. Fluctuates as market prices move. |
Wallet | Where your earned payouts are stored. Accessible via the green wallet icon in the top-right navigation. Funds can be withdrawn or used toward Catalyst purchases. |
W-9 / W-8BEN | Tax forms collected during the verification and payout process. W-9 for US-based traders, W-8BEN for international. Handled through the payment provider. |
YES contract | A contract that pays $1.00 if the event happens, and $0.00 if it does not. |