> For the complete documentation index, see [llms.txt](https://handbook.spend.market/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://handbook.spend.market/markets/elastic-markets/phase-2-open-market.md).

# Phase 2: Open Market

When a market graduates, it becomes a full central limit order book (CLOB) and trades like an exchange.

**Yield keeps running.** Graduating to Open Market doesn't pause your yield. Any USDC you're holding — your available balance, and the cash reserved behind a resting limit order that hasn't filled — stays in the vault and keeps earning, passed through to you. Your capital works even while it waits at your price.

**What changes at graduation:** the pool freezes, your Phase 1 position becomes a tradable balance of outcome tokens, and an order book opens with resting buy and sell orders.

### How trading works

* **Limit orders** rest on the book at your price until taken or canceled. They add liquidity; limit orders are "makers."
* **Market orders** take the best available price and fill immediately. They consume liquidity; market orders are "takers."
* **Price-time priority.** At the same price, the earliest order fills first.

Why it matters: you can exit early (up 40%? sell and lock in profits), be precise (rest a limit bid at your number and let the market come to you), and layer in across price points.

Makers earn a rebate per fill; takers pay a fee per fill. See [Fees](/markets/fees.md).

The book is anchored by the complete sets mechanism, which keeps outcome prices summing to \~$1.00. See [Graduation & Complete Sets](/markets/graduation-and-complete-sets.md).

**At resolution:** winning tokens redeem for $1.00 each, with the 1% net-profit fee applied only to your winnings; losing tokens go to zero; ties are refunded in full.


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