Exchange Operations - Likely

Everything you do on Likely from placing an order to splitting capital is an operation. You combine these operations into bundles to express your exact trading intent.

Order Placement

Placing an order is the most common operation. It allows you to buy or sell shares in any prediction market.

Order Type	What It Does	Why Use It
Limit	Buys/sells at a specific price or better	Standard trading with price control
Market	Executes immediately at the best available price	When timing is more critical than price
Fill-Or-Kill	Must fill entirely and immediately, otherwise it fails	All-or-nothing execution
Post-Only	Only adds liquidity to the book (never takes)	Guarantees maker rebates
Pegged	Price tracks a reference point (Bid/Ask/Mid) with a delta	Automated market making and spread management

Managing Position Capital

Likely allows you to move capital between cash and prediction shares seamlessly.

Operation	Action	Benefit
Split	Convert $1 USD → 1 YES share + 1 NO share	Create inventory on-demand; maximize capital utility
Merge	Convert 1 YES share + 1 NO share → $1 USD	Consolidate profits; exit positions

Execution Policies

When you put these operations in a bundle, you decide what happens if one of them fails.

Policy	Result of Failure	Strategy
Ignore	Continues with the rest of the bundle	Routine maintenance (like clearing old orders)
Revert Bundle	The entire bundle is canceled	Risk-free multi-market strategies (Arbitrage)
Revert Backward	Undoes all previous steps, then continues	Dynamic “Plan A or Plan B” strategies

Why Bundles?

By combining these operations, you move beyond “placing bets” and start “executing strategies.” Whether you’re doing a simple limit order or a complex 10-leg arbitrage, the engine ensures your instructions are followed with atomic precision.

Next Steps

See how these work in Bundles
Understand Capital Efficiency
Learn more about Fees & Tick Size