Market States

Market state tells users what can happen next. It should be visible anywhere a user might trade, review a position, or inspect market history.

State before price A price is only useful if the market state allows the action the user wants to take. Closed, suspended, or pending-settlement markets should not accept new orders even if historical prices are still visible.

Common states

State	Meaning
Upcoming	The event has not started or the market is not live yet. Orders may be unavailable depending on market state.
Open	The market is accepting orders. Users should still review spread, liquidity, and estimated payout.
Live	The event is in progress and prices may move quickly. Live markets can be paused or closed by state changes.
Suspended	New orders are temporarily blocked. This can happen during feed delays, market review, or risk controls.
Closed	New orders are not accepted. The event may still be awaiting final settlement.
Pending settlement	The winning outcome is being finalized or settlement accounting is still processing.
Settled	The final outcome has been applied and user positions are closed.

Lifecycle

Most markets move through this lifecycle:

Step	State	What users can expect
1	Upcoming	The market can be browsed or followed. Trading may not be available yet.
2	Open	Orders can be previewed and submitted while the selected outcome remains tradeable.
3	Live	The event is in progress. Prices and availability can change quickly.
4	Closed	New orders are blocked. Existing positions remain visible.
5	Pending settlement	Final-looking prices may appear, but balance crediting is not complete yet.
6	Settled	Final P&L is applied, demo/live accounting is complete, and the position moves to history.

Some markets skip a state. For example, a non-sports market may never be live, and a canceled market can move directly from open or closed to a special correction flow.

Why a market can stop accepting orders

A market can become unavailable because:

The event ended or reached a cutoff.
The market closed.
A live feed became unreliable.
Liquidity was unavailable.
A market rule or compliance review is required.
The market was canceled, corrected, or merged.

User actions by state

State	New trades	Open positions	Balance updates
Upcoming	Not guaranteed	Not applicable unless trading opened early	No settlement update
Open	Allowed if quote and outcome are valid	Marked to current prices	No settlement update
Live	Allowed only while the market remains tradeable	Marked to live prices	No settlement update
Suspended	Blocked	Positions remain visible	No settlement update
Closed	Blocked	Positions wait for finalization	No settlement update
Pending settlement	Blocked	Estimated final P&L may display	Balance updates after accounting succeeds
Settled	Blocked	Position appears in history	Final payout or loss is applied

User-facing expectation

If a market is unavailable, Pariflow should prefer a clear inactive state over a trade form that appears active but rejects orders late. Rejections should explain the reason when possible.