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Traditional prediction markets work like bets. You buy a position, wait for the event, and settle. The contract expires. The market closes. Ascend works differently. Markets on Ascend are perpetual. They do not expire on a fixed date. Positions persist until you close them or the market reaches its defined settlement condition. You can enter, adjust, or exit at any time. This is the same structure used by the largest crypto derivatives exchanges, applied to prediction markets.

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Continuous, Not Discrete

Prediction markets are traditionally structured around discrete contracts with fixed expiry windows. Ascend removes this constraint.

Traditional Prediction Markets

Fixed expiry date. Contract ends at resolution. Must re-enter for new exposure. Liquidity fragments across time windows.

Ascend Perpetuals

No fixed expiry. Positions persist continuously. Adjust exposure anytime. Liquidity concentrates in one venue.
Probability prices update continuously based on trading activity and oracle inputs. The market is always open.

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Persistent Positions

Once you open a position, it remains active until one of three things happens:
1

You close it

You decide to exit. You take your PnL and move on.
2

Risk conditions trigger closure

If margin requirements are no longer met, the system may reduce or close your position to protect market integrity.
3

The market settles

The underlying event resolves and all positions settle at the final probability.
Until one of these occurs, your position stays open. You are not forced out by a calendar.

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Orderbook-Driven Liquidity

Ascend uses an orderbook model for price discovery. Traders place bids and offers around probability prices. Trades execute directly between participants. There is no AMM, no liquidity pool, no protocol-owned inventory.
Prices reflect genuine supply and demand
Depth forms organically around conviction levels
Spreads tighten as participation increases
No slippage from bonding curves
The orderbook is the market.

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Price Alignment Mechanisms

Perpetual markets need a way to stay anchored to reality. Without expiry forcing convergence, prices could drift from true probability levels. Ascend solves this with two mechanisms:
Probability prices are sourced from external prediction markets and oracles. The Index Price represents the best available estimate of the true probability at any moment.Ascend does not invent prices. It references them.
These mechanisms allow perpetual markets to track probability accurately without requiring forced settlement.

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Why Perpetual Structure Matters

The perpetual model unlocks capabilities that traditional prediction markets cannot offer:
CapabilityTraditionalPerpetual
Continuous trading❌ Ends at expiry✅ Always open
Leverage❌ Limited or none✅ Full margin framework
Active management❌ Bet and wait✅ Enter, adjust, exit anytime
Liquidity depth❌ Fragmented by expiry✅ Concentrated
Real-time price discovery❌ Stale between trades✅ Continuous
Prediction markets become trading venues, not betting slips.

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How Ascend Remains a Perp Despite Resolution

Some prediction markets do resolve. Elections happen. Decisions get announced. Events conclude. Does resolution break the perpetual model? No. Here is why:
Markets trade continuously right up until the resolution condition is met. There is no arbitrary expiry date forcing closure before the event.
Traditional contracts expire on a specific date regardless of whether the event has occurred. Ascend markets expire only when the actual outcome is known.
There are no quarterly expiries, no contract migrations, no liquidity fragmentation. One market, one orderbook, continuous trading.
Resolution is an endpoint, not an expiry. The market remains perpetual in structure even if it eventually settles.

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The Foundation

Perpetual structure is not a feature. It is the foundation that makes everything else possible.
Leverage requires continuous margin management. Perpetual enables this.
Active trading requires persistent positions. Perpetual enables this.
Deep liquidity requires concentrated venues. Perpetual enables this.
Real-time price discovery requires continuous markets. Perpetual enables this.
This is why Ascend is built as a perpetual exchange, not a prediction platform.

Next: Market Types

Learn about the different types of markets on Ascend