Operations

Contract system

Every market on Pigeon Arena is made up of standardized units called contracts. Each contract has a fixed base value of ₦100.

When you participate in a market, you are not placing a bet on an outcome directly. Instead, you are buying contracts tied to a specific outcome in that market.

For example, in a market like “Will Team A win the match?” or “Which candidate will win the election?”, each possible outcome has its own set of contracts.

How pricing works

Contract prices fluctuate between ₦0 and ₦100, and directly represent the market-implied probability of that outcome happening.

• A price of ₦20 = roughly 20% probability
• A price of ₦65 = roughly 65% probability
• A price of ₦100 = roughly 100% probability (certainty)

Prices move up when users buy a contract (belief increases), and move down when users sell (belief decreases or weakens).

What users are doing

Users are essentially doing three things:

• Buying contracts when they believe an outcome is more likely than the current price suggests
• Selling contracts when they believe the market is overestimating an outcome
• Updating positions as new information changes public sentiment

So the product is not “guessing outcomes” — it is trading belief about outcomes.

What happens at resolution

When the real-world event ends:

• The correct outcome settles at ₦100
• All other outcomes settle at ₦0

This creates a clean payoff system based on which belief turned out to be correct.

Simple mental model

A clean way to think about it is:

Each contract is a probability token priced from ₦0–₦100 that represents how likely the crowd believes an outcome is.

Multi-choice markets

Instead of limiting markets to simple yes-or-no outcomes, Pigeon Arena supports multi-choice markets.

In a multi-choice market, users select from several possible outcomes within a single unified market. Each option competes within the same pool, and prices adjust based on demand and belief. This allows more complex real-world events — like elections, sports results, or cultural outcomes — to be represented more accurately.

Users can enter or exit positions at any time by buying or selling contracts tied to their chosen outcome.

Fees

Pigeon Arena applies a simple and transparent fee structure:

• A 1% fee is charged when buying contracts
• A 1% fee is charged when selling contracts

These fees help to maintain the platform, support liquidity, and ensure continuous market stability while keeping participation accessible and low-cost.

Overview

Instead of passively consuming news and opinions, users express conviction, track shifting sentiment, and gain insight into what people collectively believe about future outcomes — creating a real-time layer of public information.

Built for the modern internet, Pigeon Arena expands participation beyond traditional betting platforms, offering a broader, more social way to understand the world as it unfolds.