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Order books · 7 min read

What Do 500 Polymarket Shares Actually Cost?

Multiply the shares available at each ask price by that price, add the consumed levels, then account for fees and any unfilled quantity. The displayed probability alone is not the cost of buying 500 shares. In our dated example, 500 YES cost 435 pUSD gross and 437.8275 pUSD under the captured fee model.

In this guide

500 shares is a quantity, not a budget

A request for 500 YES asks what the captured book could supply for 500 units of one outcome. It does not ask how many shares a $500 budget would buy. Keep the outcome, side and quantity explicit before reading any price.

Buy estimates consume asks, starting at the lowest price. Sell estimates consume bids, starting at the highest. A midpoint sits between the best bid and ask; it is useful as an observation but may not be a price at which you can transact. YES and NO have separate books and separate observation times. Do not manufacture a NO quote by subtracting a YES price from one.

A real Fed book, with its time attached

We requested the contract “Will there be no change in Fed interest rates after the October 2026 meeting?” on 16 October 2026. The YES book was observed at 11:58:31.460 UTC; HowSure completed the response at 11:58:32.334 UTC. These are different clocks. This guide preserves that observation rather than refreshing the example silently.

The best bid was 0.86 and the best ask 0.87, a spread of 0.01 collateral units per share. The captured ask at 0.87 held 152,319.34 shares, so the 500-share estimate consumed one level. Filled shares were 500, unfilled shares 0, and the volume-weighted average price was 0.87. Multiplication gives 500 × 0.87 = 435 gross collateral units.

The verified execution-version and market-fee parameters identified pUSD for this modeled purchase. We retain that unit; the example does not equate pUSD with money in a bank account. The response says filled for a depth calculation, not for an executed trade. No order was submitted.

Gross cost is not the full purchase estimate

For this capture, the model used a fee rate of 0.05 and exponent 1. The covered fee was 500 × 0.05 × 0.87 × (1 − 0.87) = 2.8275 pUSD. Adding it to 435 gives 437.8275 pUSD for the requested 500 shares. These parameters belong to this contract and capture; do not reuse them for every market.

HowSure rounds each consumed level’s modeled fee half-up to five decimals before adding levels. Polymarket documents five-decimal precision without specifying the tie rule. Actual fills and rounding can differ. Funding, withdrawals, conversion, builder surcharges, rebates and intermediary charges are outside this estimate.

A fee amount is only modeled when supported current parameters and exact identity can be checked. If fees are unknown, keep them unknown. Gross cost can still be informative, but it is not a verified all-in total. Book and fee reads also occur separately, so even a successful response is not an atomic quote.

What happens when the first level is too small?

Consider a separate hypothetical book with 200 shares offered at 0.80 and 300 at 0.82. A 500-share buy consumes both: 200 × 0.80 + 300 × 0.82 = 406 gross, or 0.812 per share on average. Multiplying the best ask by 500 would give 400 and miss 6 units of visible-depth cost, before fees.

If the book instead contains only those first 200 shares, report 200 covered, 300 unfilled and 160 gross for the covered part. There is no supported total for all 500. An empty or one-sided book is not evidence that the missing price is zero.

Visible liquidity can disappear before an order reaches a venue. Queue priority, latency, replenishment, routing and subsequent price changes are not simulated. A depth calculation helps compare a requested size with captured liquidity; it cannot guarantee a fill or establish that a trade is worthwhile.

Repeat the calculation through the API

This is one public GET with no key and no paid model. The ID below selects the same October contract; it is not a recommendation. A later call may return another price, unavailable depth or an error. Save the complete response before drawing a comparison.

For your own market, search first and choose the exact returned HowSure ID. Use that same ID for conditions and the book. Do not guess an ID from a title or substitute a whole event URL for one outcome contract. include_cost=true requests the modeled purchase-cost fields.

curl --fail-with-body --show-error --proto '=https' --max-time 30 --get \
  'https://www.howsure.com/api/free/v1/contracts/order-book' \
  --data-urlencode 'market=polymarket:condition-sha256:cd22800194b2bc38a096e67277f21567ed44b0cd2b746df9d551b2844cc3c781' \
  --data-urlencode 'quantity=500' \
  --data-urlencode 'outcome=YES' \
  --data-urlencode 'side=buy' \
  --data-urlencode 'include_cost=true' \
  -o howsure-500-yes.json

Read the result before using the headline number

Check contract identity, the selected book’s status and observed_at, estimate.filled_shares and unfilled_shares, vwap, gross_notional, fee_model.status and purchase_cost. total_for_covered and total_for_requested answer different questions when depth is partial. Preserve the limitations with the numbers when exporting or passing them to an agent.

If a request is invalid, use its field-level error rather than retrying the same input. If it is rate-limited or unavailable, respect Retry-After and retain the old result with its date. Repeated requests do not turn an old quote into an executable one. The same cost reading is available in the contract inspector under Price for your size and in the local MCP tool; neither places orders.

Price and contract interpretation are separate checks. A cheap-looking YES outcome is only meaningful after you know what YES actually requires. Read the exact conditions and their exceptions before comparing prices across outcomes or venues.

Sources & verification

Sources and instructions checked 16 October 2026. Live responses can change. Editorial method and limitations.

Try it with a real contract

Inspect this contract and its depth