Structural#037

Synthetic 'Options' via Yes/No Structures

Combine Yes and No positions across several related price-threshold or scalar markets to build a custom payoff shape, mimicking options strategies like a bull spread (profit between two levels) or a condor (profit inside a range). Instead of a flat win/lose bet, you engineer where your gains peak, capping both risk and reward to match a specific view.

What you need to run it

Multi-leg position management and PnL visualization
Understanding of payoff diagrams and break-evens
Sufficient liquidity in each leg to enter and exit

Where this applies

Markets on Polymarket where synthetic 'options' via yes/no structures is the natural play:

Combine 'Bitcoin above $150k' and 'Bitcoin above $200k by Dec 31, 2026' into a bull spread
Use the tiered 'How many Fed cuts in 2026?' (1+ / 2+ / 3+) markets to build a range bet
Combine 'Ethereum above $5k' and 'above $7k by end of 2026' to cap upside exposure

Capabilities this demands

Model / quantManual researchSignificant capital

At a glance

CategoryStructural

Requirements3

CapabilitiesModel / quant, Manual research, Significant capital

VenuePolymarket (CLOB, Polygon)

Build it

Related structural strategies

This is documentation, not advice. Poly Research & Robotics publishes how these strategies work because the method should be checkable — not as a recommendation to trade them. See the full strategy database (147 strategies) or the data resources directory.