Positions Converted Event

Position conversion on neg-risk multi-outcome markets.

Emitted when a user calls convertPositions on the NegRiskAdapter contract. This converts NO positions on selected outcomes into USDC plus YES positions on the complementary outcomes within the same multi-outcome market.

Conversions are unique to neg-risk markets (multi-outcome events like “Republican Presidential Nominee” or “FIFA World Cup Winner”). They allow traders to rebalance positions across outcomes without going through the orderbook.

{
  "data": {
    "amount": 98,
    "block_number": 85007631,
    "converted_outcomes": [
      "Fidesz-KDNP",
      "TISZA"
    ],
    "event_title": "Hungary Parliamentary Election Winner",
    "event_type": "positions_converted",
    "index_set": "0x0000000000000000000000000000000000000000000000000000000000000021",
    "log_index": 943,
    "market_id": "0x355e7310dd6e18ef5fa456de7ce1331bd8c7540c4c39028db05325be19050100",
    "neg_risk": true,
    "stakeholder": "0x30cecdf29f069563ea21b8ae94492e41e53a6b2b",
    "taker_base_fee": null,
    "timestamp": 1775135299000,
    "tx_hash": "0x74fcb24732007ec58042c6e2ed7596c44a12f2fb34dec8bef9bbd3eaeb020718"
  },
  "timestamp": 1775135299000,
  "type": "positions_converted"
}

Fields

type · string · required

Always "positions_converted".

timestamp · number · required

Block timestamp in Unix milliseconds.

data · object · required

Show data fields

tx_hash · string · required

Transaction hash.

block_number · number · required

Block number.

log_index · number · required

Log index within the transaction.

timestamp · number · required

Block timestamp in Unix milliseconds.

stakeholder · string · required

Wallet address that performed the conversion.

market_id · string · required

The neg-risk market group ID (bytes32). All outcomes within the same multi-outcome event share this ID.

index_set · string · required

Bitmask (hex) of which outcome indices were converted. Each bit position corresponds to an outcome in the market. For example, 0x03 (binary 11) means outcomes at index 0 and 1 were converted.

amount · number · required

USDC amount per outcome that was converted (6 decimal precision).

converted_outcomes · string[]

Human-readable names of the outcomes that were converted. Decoded from the index_set bitmask using market metadata. For example: ["Fidesz-KDNP", "TISZA"].

event_title · string

Parent event title (e.g. “Hungary Parliamentary Election Winner”). Enriched from metadata.

neg_risk · boolean

Always true for conversion events (conversions only exist on neg-risk markets).

market_title · string

Market question. Enriched from metadata when available.

market_slug · string

URL slug for the market. Enriched from metadata.

market_image · string

Market image URL. Enriched from metadata.

taker_base_fee · number

Taker fee rate in basis points. Enriched from metadata.

tokens · object

Map of token ID to outcome name for all outcomes in this market. Enriched from metadata.

How conversions work

On a neg-risk market with N outcomes, a user holding NO positions on selected outcomes can convert them:

1. The user’s NO tokens on the selected outcomes are burned
2. The user receives (number of NO positions - 1) x amount in USDC
3. The user receives YES tokens on all complementary outcomes (the ones NOT in the index_set)

This enables efficient position rebalancing without using the orderbook.

Use cases

• Whale tracking — large conversions signal sophisticated repositioning across outcomes
• Market structure analysis — conversion flow reveals which outcomes traders are moving between
• Liquidity detection — conversions create new YES token supply on complementary outcomes
• Arbitrage monitoring — conversions can indicate perceived mispricing between outcomes

Not included in global firehose by default (same as position_split/position_merge). Subscribe explicitly with event_types: ["positions_converted"] or use the wallets/markets subscription types which include it automatically.