> ## Documentation Index
> Fetch the complete documentation index at: https://docs.kash.bot/llms.txt
> Use this file to discover all available pages before exploring further.

# Winning

> How claims, refunds, and payouts work

<Note>
  When a market resolves in your favor, your winnings become claimable — head to your Portfolio and hit **Claim** to receive your USDC.
</Note>

<img style={{ borderRadius: '0.5rem' }} className="block dark:hidden" src="https://mintcdn.com/kash/ccJqSmLmwHitLEdQ/assets/cover/cover.svg?fit=max&auto=format&n=ccJqSmLmwHitLEdQ&q=85&s=bd474b91f522088935255f33b33ddd96" alt="Hero Light" width="1500" height="500" data-path="assets/cover/cover.svg" />

<img style={{ borderRadius: '0.5rem' }} className="hidden dark:block" src="https://mintcdn.com/kash/ccJqSmLmwHitLEdQ/assets/cover/cover.svg?fit=max&auto=format&n=ccJqSmLmwHitLEdQ&q=85&s=bd474b91f522088935255f33b33ddd96" alt="Hero Dark" width="1500" height="500" data-path="assets/cover/cover.svg" />

# Claiming your winnings

## When a market resolves

1. **The oracle resolves the market** — the winning outcome (or outcomes) is set on-chain
2. **Your winning position becomes claimable** — you'll see it flagged in your Portfolio
3. **You claim** — press **Claim** on the position, and your winning shares are redeemed for USDC
4. **USDC lands in your wallet** — redemption executes from your own smart wallet; Kash never holds your winnings

<Note>
  On mainnet, a claim may deduct a small gas amount in USDC from your winnings — you receive the net USDC. There is no Kash fee on redemption.
</Note>

## When a market is cancelled

If a market can't be resolved (for example, the event was called off), it can be cancelled instead. Your position becomes refundable, and you claim it the same way — press **Claim refund** in your Portfolio.

* **Refund value:** each outcome is refunded at its market price **snapshotted at the moment of cancellation** — not your entry price. If you bought at $0.30 and the price at cancellation was $0.45, you're refunded at \$0.45 per share (and vice versa).
* **Trading fees you already paid are not refunded**, but no new fees are charged on the refund itself.

<Note>
  **Contract-enforced exit:** if a market's oracle ever goes unresponsive, *anyone* can cancel the market once the resolution deadline plus a grace period has passed. Recovery from a stuck market doesn't depend on Kash or the oracle — the cancellation path is enforced by the contract itself (subject to normal smart-contract risk).
</Note>

# Understanding payouts

## How payouts are calculated

Winning shares don't pay a fixed amount. Instead, winning shares redeem for a **pro-rata share of the market's reserve** — the pool of USDC that traders paid in:

* **Your payout = your winning shares' proportion of all winning shares × the market reserve**
* The trade ticket shows an **estimated payout if you win** at the moment you trade — this is your best guide to what a position is worth
* The estimate can shift as others trade, because the final reserve and share supply are only fixed at resolution
* In markets where **multiple outcomes win**, all winning outcomes share the reserve

## Fees

<AccordionGroup>
  <Accordion title="Fee schedule">
    * **Buys:** 1% protocol fee
    * **Sells:** 1% protocol fee + 1% AMM fee
    * **Redemption:** no fee — you claim your full pro-rata payout (minus a small USDC gas deduction on mainnet claims)
    * **Gas:** sponsored by Kash for trading — no ETH needed
  </Accordion>

  <Accordion title="When fees are charged">
    * Fees are charged **at the time of the trade** — nothing extra is taken from winning payouts
    * Holding positions costs nothing
    * Kash charges no deposit fee; payment providers charge their own processing fees
  </Accordion>
</AccordionGroup>

## Payout example

```
You spend $100 on Yes when the implied chance is 40%.
The trade ticket shows: "Estimated payout if you win: ~$240"

The market resolves Yes.
Your position becomes claimable in Portfolio.
You claim and receive your pro-rata share of the market
reserve — close to the estimate, adjusted for trading
that happened after your entry.
```

The "estimated payout" on the ticket is exactly that — an estimate based on the market state when you trade, not a guaranteed fixed amount per share.

# Ways a position can end

<AccordionGroup>
  <Accordion title="Market win">
    Your outcome is among the winners at resolution. Your shares redeem for a pro-rata share of the market reserve — claim from your Portfolio.
  </Accordion>

  <Accordion title="Early exit">
    You sold before resolution. You locked in your profit (or cut your loss) at the market price and received USDC immediately — no claim needed. Sells pay the 1% protocol + 1% AMM fee.
  </Accordion>

  <Accordion title="Market loss">
    Your outcome didn't win. Losing shares are worth nothing at resolution — this is why position sizing matters.
  </Accordion>

  <Accordion title="Market cancelled">
    The market was cancelled. Claim your refund from Portfolio — each outcome refunds at its cancellation-snapshot price, with no new fees.
  </Accordion>
</AccordionGroup>

# Managing positions and risk

<AccordionGroup>
  <Accordion title="Smart position sizing">
    * Never risk more than you can afford to lose completely
    * Spread across markets instead of going all-in on one
    * Scale up gradually as your track record grows
  </Accordion>

  <Accordion title="Exit timing">
    * You don't have to wait for resolution — selling early locks in gains and removes resolution risk
    * Cut losses when you're clearly wrong instead of hoping
    * Remember sells carry the extra 1% AMM fee; factor it into exit decisions
  </Accordion>

  <Accordion title="Information edge">
    * Specialize in categories you genuinely understand
    * Early positions, before consensus forms, often offer the best prices
    * Review both wins and losses — your Portfolio history shows exactly how each position played out
  </Accordion>
</AccordionGroup>

# Track your performance

Kash has built-in performance tracking on the webapp:

* **Portfolio** — open positions, claimable winnings, realized profit and loss, and full history
* **Leaderboards** — see how you rank against other predictors by profit and volume on the community page
* **Achievements** — unlock badges for prediction milestones

<Tip>
  Winning feels great, but consistent winning comes from discipline, research, and bankroll management. Claim your winnings, review what worked, and find the next opportunity.
</Tip>

<CardGroup cols={2}>
  <Card title="Making predictions" icon="crystal-ball" href="/getting-started/guides/predicting">
    Learn how to place predictions
  </Card>

  <Card title="Earn (coming soon)" icon="coins" href="/getting-started/features/earn">
    The Earn vault will let you put idle USDC to work
  </Card>
</CardGroup>