EXACT MARKETS ONLY · every leg is fee-adjusted, both authenticated books are refreshed concurrently immediately before execution, and one ordered money path serializes every POST. New cross-venue bets preserve the configured cash reserve on each venue.
Smarkets Standard Paper
OBSERVATION ONLY · the authenticated Smarkets books re-priced at Standard-tier fees: 2% of positive net market P&L, no loss fee. No balance is reserved and no order is placed.