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Likely is built on four central pillars that define how the exchange functions. Understanding these is key to mastering the platform.

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1. Bundles (Your Intent)

A Bundle is how you talk to the exchange. Instead of sending a single order and hoping for the best, you send a package of actions that represent your entire strategy.

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2. Batch Auctions (Fairness)

Likely doesn’t match trades continuously. Instead, it holds a mini-auction every 500 milliseconds.
  • Everyone is equal: It doesn’t matter if you submit at the 1ms mark or the 499ms mark.
  • Strategic Time: You have half a second to react to news and adjust your bundle (amend or bribe).
  • No Front-Running: Because the exchange matches everything at once, there is no “line” for bots to jump in front of.

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3. Priority via Tips (Value)

In a batch auction, priority isn’t determined by speed, but by the value you provide to the market.
[!TIP] You only pay the full tip if your bundle executes successfully. If it fails, you only pay a tiny “anti-spam” fee.

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4. Capital Efficiency (Liquidity)

Likely is designed to keep your capital working at all times.

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Why these work together

These concepts create a virtuous cycle. Batch auctions protect traders, which leads to tighter spreads from market makers, which makes the exchange more liquid, which attracts more volume. This isn’t just a prediction market; it’s a secure, private, and efficient trading engine.

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