How the exchange works — its instruments, the pricing theory behind them, how risk and margin are handled, and the design choices that hold it all together.
This corpus is conceptual — the design, the math, and trading. It explains what the exchange does and why, in plain English. It is not an SDK, API, or integration reference: there are no endpoints, payloads, wire formats, error codes, or code samples here. If you need to build against Proof, look for the separate integration reference.
Proof's distinguishing feature is conditional markets: trade an underlying asset conditioned on whether a real-world event happens, alongside a market on the event's probability itself. One event over one underlying produces a linked family of order books. Most of these docs exist to explain that family — how it prices, settles, and margins.
Read top to bottom for a full grounding, or jump to the layer you need.
This documentation describes design, math, and trading concepts. Numbers in worked examples are illustrative, and no-arbitrage identities describe how fair prices relate — not rules the matching engine enforces.