LMSR markets now available on Delphi
Creators on Delphi now choose how their market works. Anyone can create a market powered by the Logarithmic Market Scoring Rule (LMSR), alongside parimutuel (DPM) markets.
LMSR is now the recommended default in the create market flow on Delphi.
Every creator gets access to it: always-on liquidity, prices that read as probabilities, and payouts traders can count on.
How LMSR markets work
LMSR is an automated market maker. Instead of matching buyers with sellers, the market itself always quotes a price. That changes the trading experience in four ways:
- You never wait for a counterparty. Buy or sell at any moment until trading closes, even in a quiet market.
- Prices are probabilities. Outcome prices always sum to 100%, and every trade moves the price immediately toward what the trader believes.
- Your payout is locked in when you trade. Each winning share pays $1, and your share count is fixed. Later trades don't change what your position pays if you're right.
- Sell as much or as little as you like. Trim a position with a slider from 1% to 100%, or sell it all in one tap.
LMSR or DPM?
We recommend LMSR for most markets, and it's selected by default. DPM stays available for creators who prefer a pool-based market.
Create your first LMSR market
LMSR markets are live now on delphi.fyi. The create flow has one new step:
- Pick a market type. LMSR is pre-selected; switch to DPM if you prefer.
- Set your funding. It sets the market's depth. A live preview shows the cost to move a price by 5%, 10%, 25% or 40%, your maximum loss, and what you can earn.
- Review and publish. Settlement, timing and sharing work exactly as before.
Every market card and activity row now carries an LMSR or DPM badge, so traders always know which kind of market they're in.
Read the full guide in the Delphi docs, then go make your market!