> ## Documentation Index
> Fetch the complete documentation index at: https://docs.futuur.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Split before quoting

> Documented phase after the in-house merge. Collateral is split into a YES+NO set so both sides can be sold. Not built in phase one.

> [!NOTE]
>
> This is documentation only. It is the phase after the in-house inventory merge, and it is not built in phase one. Nothing on this page is live on `https://api.futuur.com`.

Polymarket market makers take collateral and split it into a complete YES+NO set before they quote. The maker then holds sellable inventory on both sides. A complete set is collateral, not a bet: whichever side wins, the pair is worth $1. Merging it back returns $1 per set.

```
1 collateral  →  split  →  1 YES + 1 NO
1 YES + 1 NO  →  merge  →  1 collateral
```

## What phase one already does

Phase one simulates the merging half of that experience. When the house market maker (or an allowlisted account) already holds both long and short on one market, [Merge a complete set](https://docs.futuur.com/guides/merge-complete-set.md) closes the overlap and returns collateral at \$1 a set.

That merge does not create the pair. It only recycles a pair that trading already left behind. The quote curve does not move.

## What this phase specifies, and does not build

Split would run before quoting:

1. Take collateral from the maker.
2. Split it into one YES and one NO for that market.
3. Quote sells from that inventory. The set itself is still collateral.
4. Merge any complete set that is no longer needed. Phase one is this step, on shares that already exist.

Splitting is not implemented. There is no split endpoint, and phase one does not mint a YES+NO set in the database or on-chain.


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