John Smith

@devjoshstevens @0xd1namit you don’t read dms anyways

@0xd1namit Yes it’s on now - let us know feedback

Combos are live in Beta on Polymarket Can't place it for now, but I guess it will be available in a few hours or minutes

@ChadWWong @__Max__S__ @Kalshi just call it maker/taker net position and it’s way less confusing.

@__Max__S__ @Kalshi That’s right. If taker buys 10 shares, then maker has to sell 10 shares. So equal volume but the imbalance is 10

Market makers on Kalshi lost $22 million on the Knicks vs Spurs Game 4 moneyline

@variance_lover @Polymarket @shayne_coplan maybe actually somebody is spamming/ddosing it to keep other MMs without a direct feed off the book 🤨

@variance_lover @Polymarket @shayne_coplan i regret not building a fallback for this lol. probably the book is quite inefficient and less competitive right now…

Open letter to @Polymarket and especially @shayne_coplan: I've been trading on Polymarket for a long time. I am one of the biggest traders on the entire platform and I interact with it on a daily basis. And at this point I'm seriously questioning whether the team has simply given up. I'm not even trying to be dramatic. Wtf is actually going on? Has everyone made enough money that nobody cares anymore? Is the team completely overwhelmed? Are priorities completely broken? Is there no leadership? Is it incompetence? Because the current state of the platform is honestly embarrassing. Every maintenance seems to follow the exact same script: announce 10 minutes of downtime start 20 minutes late stay down for an hour deploy changes that break multiple existing systems leave the bugs in production for weeks And somehow nobody seems concerned. Example: ~1.5 weeks ago an update broke tick sizes. The matching engine started rejecting orders that matched the correct tick size after a tick size change was published. This was immediately visible after deployment. It's still broken. Nobody seems to care. Then for the last two days Polymarket's own RTDS feed, the feed used for all crypto markets, has been broken. The issue was marked "resolved" 10 hours ago. It still isn't resolved! Did anyone spend literally 5 seconds checking whether data was actually being published before closing the incident? Because it sure doesn't feel like it. Communication is somehow even worse than the bugs. Half the changes never get announced. The other half are hidden in random Discord side conversations. Major trading-impacting changes get silently rolled out with zero documentation. You ask support. They say they'll ask the team. Then you never hear back. Or you get the same canned response you've already received three times. The team keeps saying communication will improve. It never does. Then there's the rebate and fee situation. Taker tiers were supposed to launch on May 28. A week later they still weren't live. Nobody acknowledged the delay. The docs still said May 28. To this day there still hasn't been a single taker rebate payment. And the official position is apparently that missed rebates won't be back-paid. How is that acceptable? How are traders supposed to adjust strategies, thresholds, and risk when nobody knows what fees they are actually paying, what rebates they are actually earning, or how much of the promised rewards the platform simply decides not to distribute? That isn't transparency and it is clearly destroying trust. The craziest part is that every update creates fresh opportunities for exploiters. Just in the last couple weeks we've had: queue position jump exploits taker delay bypass exploits ghost fill exploits various matching and infrastructure bugs order spam exploits Millions of dollars have been extracted from legitimate users through platform failures. The response? Increase rate limits. Seriously. A huge amount of latency issues today are caused by order spam that is directly incentivized by broken infrastructure and exploitable mechanics. Fixing the root causes would help. Instead we get band-aids. Which raises another question: Does Polymarket have a testing environment? Does it have staging? Can updates be rolled back? Because from the outside it honestly looks like production is the testing environment. Every maintenance introduces new failures. Every maintenance gets partially reverted. Every maintenance creates more issues than it solves. This shouldn't be happening at a company valued in the billions. Meanwhile manipulation that has been repeatedly reported for months continues largely unchecked while manipulators keep extracting money from normal users. And surprise: Volume is declining. Prediction markets as a whole are growing. Yet Polymarket just posted its second consecutive month of declining volume. Meanwhile Kalshi has become the clear market leader in many categories and is now outperforming Polymarket by large multiples in areas where Polymarket used to dominate. Honestly? It's not hard to see why. Every serious trader I've spoken to says the same thing: Kalshi feels stable. Polymarket feels like you're one deployment away from disaster. I know multiple people who would happily trade Polymarket full-time if they trusted the platform. They don't. Not because of competition. Because they don't trust Polymarket itself. My trust in this platform is at an all-time low. And I genuinely don't understand what is happening internally. Maybe the response will be that the team is busy with the World Cup or other initiatives. Fine. Then stop shipping half-finished features. Stop deploying untested fixes. Stop breaking live trading. Slow down. Focus on fewer things. Do them properly. The most concerning part is that so many decisions feel like they were made by people with no actual trading experience. The product decisions show it. The infrastructure decisions show it. The market structure decisions show it. Building the future of prediction markets requires understanding how markets actually function. Right now it often feels like nobody is steering the ship. I want Polymarket to succeed. But from the perspective of someone who uses the platform every day, this is bordering on unusable. @Polymarket @shayne_coplan What is going on?

@marginalgambler @DegenQuant @yenwod_ are you are saying no size at level reject should come before the speed bump?

@DegenQuant @yenwod_ What still boggles me. How come, an FAK order you fire at time t, lands after both a cancellation at time t AND new level that was inserted at time t1 into orderbook. So you get filled, but only if makers cancel and reinsert the same level. Guess if those fills are any good.

This implies that before the upgrade, Polymarket allowed cancelling a taker order between placement and the end of the 250ms speed bump Assuming that's true, you could take both ways, wait to see which way the price moves, and then cancel the order you don't want

@BeatzXBT @thsottiaux /rename?

@thsottiaux please add 'codex resume latest', finding myself having to copy paste the UUID when exiting and reloading codex and its getting annoying to do repeatedly.

@yenwod_ @marginalgambler you can think of it as single implied book but because there are 4 diff ways orders can cross (#gas-optimizations" target="_blank" rel="nofollow noopener">github.com/Polymarket/ctf…) all with different tx sizes and gas fees that polymarket has to pay - they have an optimisation problem worth a lot of $.

@u739173 @marginalgambler Ah is it like there's no queue prio across yes/no?

@marginalgambler @yenwod_ there is much more shenanigans. most interestingly it’s not actually price-time priority! they buffer and optimize for some other things when uncrossing :)

@yenwod_ I would love, just once, to see their orderbook implementation. All of these fixes are screaming incompetency/fixing the symptoms rather than root cause. Wouldnt be surprised to see other schenanigans. Also yes, this was very much possible.

@IliaMacuka @Abomination81 actually you can :)

@Abomination81 Sir you cannot make a nickel bet minimum order is $1 😂 😜

Just threw a nickel in on YES in the MicroStrategy fiasco. Sometimes I just play the lottery because I drink

@PolymarketDevs also “CANCELLATION/UPDATE” message type shouldn’t exist btw. i’m always impressed you find new insane ways to mess up.

@PolymarketDevs rip speculation. if you are going to make this change maybe you should also fix the latency so FAK doesn’t take 3000ms to ack. if you still allow cancel at 2750ms it’s a bit less shit but still not ideal, just have to do things a bit different.

Heads up if you trade crypto or finance up/down markets through the API. On Friday Jun 5, we're changing how taker orders behave during the 250ms taker delay on these markets. Once your order clears initial validation and enters the delay window, it's locked in as pending until the delay finishes. What that means: - You can't cancel an order while it's in the delay window. Cancel requests come back rejected with "can't be canceled because it is pending/delayed." - The order's required balance is held during the delay, so other orders drawing on the same balance are checked against what's left until the delayed order clears. - Resubmitting the same order while it's in the window will be rejected. - Dropping the connection or canceling the client request after the order is in the delay won't stop it. It finishes processing once the delay completes. Cancellation works the same as before everywhere else, and a taker-delayed order is still cancelable if part of it rests on the book. Full details: docs.polymarket.com/concepts/order…