Split and Merge
Split turns pUSD into one share of each outcome, and Merge turns one of each back into pUSD.
Split and Merge sit in the Pro ▾ menu of the trade panel, next to Market and Limit. They aren't trades against the order book: they create or redeem shares directly with Polymarket, at 1 pUSD for one share of each outcome, and back. Both are onchain operations in pUSD on Polygon.
Split
Split turns pUSD into shares: each $1 you split gives you 1 Yes share and 1 No share.
- Available to Split: your cash, minus what your open limit orders reserve.
- Amount: in dollars.
- The preview shows one Shares row per outcome, e.g. Yes Shares and No Shares.
Split is a way into one side at a lower net cost. Sell the side you don't want, and your cost on the side you keep is $1 minus what the other side sold for.
Merge
Merge turns one share of each outcome back into 1 pUSD.
- Available to Merge: the smaller of your two share counts in this market.
- Amount: in shares.
- You'll receive shows what you get back, in dollars.
Use it when you hold both sides and want a clean exit without selling each side into the order book.
After you click
The button shows the progress until the operation is done, then your cash and positions update. A split or merge completes in full or doesn't happen at all, so there is no FAK or FOK setting.
Splits and merges don't appear in Trade History. They're listed in the Activity tab of your portfolio, each with a link to the transaction.