The Ledger account
A Ledger account is a Predexon-managed entity that owns:- A USDC balance — fungible, denominated in standard USDC.
- A position book — open positions across any prediction market Predexon trades on.
- A single deposit address — Predexon-controlled, accepts USDC.
Custody model
Both Trading API and Ledger are managed (Predexon controls keys). The difference is how those keys map to user state.- Trading API uses per-user, per-venue managed wallets. Each user has a dedicated wallet on each enabled venue, and Predexon signs transactions on their behalf. The on-chain position belongs to that user’s wallet; the user can verify holdings directly on the venue’s chain.
- Ledger uses pooled treasury wallets. Predexon’s wallets hold positions across all venues; each user’s position is an entry in Predexon’s internal ledger that maps to those on-chain holdings.
| Property | Trading API | Ledger |
|---|---|---|
| Wallet model | Per-user, per-venue | Pooled treasury |
| Who holds the on-chain position | The user’s per-venue wallet | Predexon’s pooled wallets |
| User’s view of a position | On-chain token balance on the venue’s chain | Unified Ledger entry |
| Withdrawal mechanism | Per-venue, per-chain | USDC on Base → any address |
Deposits
A Ledger account has one deposit address, controlled by Predexon. The same address accepts USDC on Base, Ethereum, and Polygon — all three are EVM-compatible, so users send USDC to the displayed address from whichever chain holds their funds. Internally, Predexon sweeps all incoming USDC to Base as the canonical chain using Circle’s CCTP V2 — burn-and-mint, no third-party bridges, no wrapped tokens, ~30s finality. The user’s Ledger balance is credited after the source-chain deposit reaches finality, regardless of which chain it arrived on. Deposits are denominated in native USDC — no other tokens are accepted.| Chain | Why we accept here |
|---|---|
| Base | Canonical chain. Cheapest gas, native USDC, direct Coinbase on-ramp for retail. |
| Ethereum | Largest native USDC supply (~$51B as of April 2026); where DeFi and institutional users hold USDC. |
| Polygon | Where existing Polymarket users hold USDC (native after April 2026 migration). |
Order placement and routing
A Ledger order references a canonical outcome bypredexonId — the cross-venue stable identifier — and does not specify a venue. Predexon’s router decides where to fill.
Liquidity sources
The router considers two kinds of fill sources:- Venue CLOBs — central limit order books at Polymarket, Predict, Opinion, Limitless, and Hyperliquid. The router reads depth on each book and fills against the best top-of-book.
- RFQ market makers — firms that provide binding quotes on demand. The router issues quote requests in parallel; quotes returned within the deadline join the routing decision. RFQ is preferred for order sizes that exceed on-book depth and for thinly traded markets.
Transparency
Order and trade responses include ametadata.fills array. Each entry records its source ("venue" or "rfq"), size, price, fee, and (on trades) the on-chain txHash — enough for users to verify routing against the underlying chain.
Positions
A position in Ledger represents the user’s economic exposure, not a specific on-chain token. A user holding 100 “Trump 2028 Yes” shares in their Ledger account is backed by 100 real “Yes” shares held on a venue (or split across multiple venues) by Predexon’s pooled treasury wallet — see How positions are backed. See List Positions for the full shape.Settlement and redemption
When a market resolves:- Predexon redeems winning positions on each venue using its venue-side wallets.
- The redemption proceeds (native USDC on Polygon, USDT on BSC, native USDC on Base, USDH on HyperCore, etc.) are converted to canonical USDC on Base inside Predexon’s treasury.
- Each user’s Ledger balance is credited with their payout (= position size × per-share payout).
redeem-position in Ledger — resolution is automatic. Each resolution is recorded in the user’s resolutions history with the user’s payout, realized PnL, and the on-chain redemption transactions for independent verification.
Withdrawals
Users withdraw USDC on Base by specifying an amount and a destination address. Predexon’s treasury sends USDC. The user’s Ledger balance decreases by the withdrawal amount plus any withdrawal fee. Multi-chain withdrawal is not supported at launch.How positions are backed
Every Ledger position is 1:1 backed by a real on-chain position on a venue. When a user buys 100 Yes shares on Ledger, Predexon’s router immediately acquires 100 Yes shares — by hitting one or more venue CLOBs and/or settling atomic swaps with market makers — into its pooled treasury wallet. The user holds a Ledger entry; Predexon holds the matching on-chain tokens. They match exactly, regardless of which sources filled the order. Implications:- Predexon never takes the other side of a user’s trade. Predexon’s net exposure to any prediction market is zero.
- Revenue is fees-only — execution spread on routing plus withdrawal fees. Trading fees are venue-passthrough: whatever the underlying venue charges is what the user pays, with no Predexon markup. Predexon does not profit when users lose, and does not lose when users win.
Identity and ownership
Accounts are scoped to API keys (same model as Trading API) — one key can own many accounts; each account belongs to exactly one key.Consistency and ordering
Balance updates are synchronous onPOST /orders — market orders show the final filled amount; limit orders move USDC from balance.available to balance.locked. Fills on open limit orders arrive asynchronously as venue matches occur, typically within seconds. Resolutions settle asynchronously after a market resolves, with venue redemptions typically completing within minutes.