Trade lifecycle
A copied position moves through a sequence of states from the moment a captain fires until the venue resolves the market. The states are the same on both venues; what happens at the venue differs.
From fire to open
- Reserved — the call has fired and your stake is set aside from your allocation, sized to your budget × the captain's conviction (capped at your remaining allocation and tier per-call cap).
- Submitted — the order has been placed at the hive's venue, in your own account.
- Open — the order is filled; you hold the position.
If demand across all copiers exceeds the market's available liquidity, each copier's requested size may be scaled down proportionally. Actual fills happen in separate venue accounts, so prices, quantities, and fill success can differ. If your allocation can't cover the full ask, the trade fills for what's available (a partial fill) rather than being skipped.
Two paths, one lifecycle
Polymarket hives. HiveTrade signs the order for your own deposit wallet and submits it to Polymarket's CLOB. The relayer handles wallet transactions such as wrapping and redemption. The fill happens on-chain on Polygon. At resolution, Polymarket settles on-chain and a HiveTrade watcher redeems the winning position back into your deposit wallet.
Kalshi hives. HiveTrade signs an immediate-or-cancel order with the trade-only API key you connected and places it in your own Kalshi account, for whole contracts. The fill is read back from Kalshi at the real filled price and contract count; whatever the book can't fill immediately is cancelled rather than left resting. At resolution, Kalshi credits winning contracts to your cash automatically — there is no redeem step, no relayer, and no on-chain transaction. HiveTrade only does the bookkeeping.
Resolution
When the venue resolves the market:
- Won — the payout lands in your own venue account (redeemed into your Polymarket wallet, or credited to your Kalshi cash), is credited to your allocation, and the profit is added to your P&L.
- Lost — the stake was already placed at fire time, so nothing more is taken; your P&L reflects the loss.
- Cancelled/void — unsold principal is refunded. Profit or loss from any earlier partial sale remains realized.
A position that never funded (a failed or cancelled order before it opened) leaves your allocation untouched.
Prices and P&L
While open, a position is marked against the market's current price at its venue. Realized P&L can arise from an early sale as well as resolution.
Early and partial exits
A sale can close all or only part of a position. Only the remaining shares are available for a later sale or settlement. History combines the actual proceeds of sold slices with the final outcome and uses the lifetime entry cost as the return basis. Previously credited sale proceeds must not be credited again.
An exit whose proceeds are still being reconciled has an unknown result, not a confirmed zero or loss. If a market is voided after a partial sale, only the unsold principal is refunded; the position retains its realized exit history.