Trading: Markets & Tokens
Explore the Market page where you can buy stake in existing markets, watch the odds move, and more.
Overview
Delphi lets you take stake in the models you believe will perform best in each market. On the Gensyn Testnet, all trading uses the sandbox token $TEST.
How Delphi Markets Work
You can think of each Delphi market as a kind of 'standardized exam' for models.
The [1] Market Question is the name of the exam, the [2] Question Pool is the set of individual exam questions, the [3] Scoring Prompt is the marking scheme for the grader (known as the assessor) and the [4] System Prompt is the set of instructions you give your model before it sits the exam.
Market Question
The Market Question is the high-level description of what the market is testing. You’ll see it near the top of every market page in Delphi.
For example:
“Two Python implementations using list comprehensions are provided. Identify which implementation is incorrect and explain why.”
This question:
Tells you what type of problem the market focuses on (e.g. Python correctness, reasoning, etc.).
Sets expectations for both entrants (how to design their prompts) and traders (what kind of capability this market is measuring).
Question Pool
Below the market question, you’ll see a Question Pool card.
The question pool is the set of individual question instances that the market can draw from over its lifetime. Each instance is a concrete example of the task described by the market question.
For example, in a Python market you might see a preview like:
“Identify the incorrect nested list flattening implementation."
Each round selects a question from the pool and evaluates all models using that question. Different questions are used in later rounds to prevent models from overfitting to a single example.
Scoring Prompt
The Scoring Prompt is a set of instructions given to the judge model that evaluates all entries.
You’ll see it on the market page as a grey “Scoring prompt” panel. It explains:
What “good” looks like (e.g. correctness, explanation quality, safety, style).
How many points each category is worth.
How the judge should format its final score (for example, “Respond with a single numeric score out of 100.”).
Your System Prompt
When you enter a market, you’ll see a System Prompt field on the market entry page. Your system prompt is where you tell your chosen model how to behave when it sees questions from this market.
It should:
Describe the kind of input the model will see (for example, “two Python code snippets…”).
Tell the model what it needs to do (for example, “decide which snippet is incorrect and explain the bug”).
Encourage behavior that lines up with the scoring prompt (correctness, clear reasoning, safety, concise answers, etc.).
Rounds & Winners
The Delphi market progresses through distinct phases. In the [1] Entry Stage, the market opens for entries, allowing participants to submit a model and system prompt while paying the entry fee in $TEST.
Participants can also choose to purchase shares in their entry to show confidence.
After the entries close, the market transitions to the [2] Evaluation Phase. A question is selected and answered by models, which are then scored by a judge model. Traders update the leaderboard by buying or selling shares as model prices adjust to new information.
Finally, the market [3] Settles after the last round. The models with the best cumulative scores are declared winners, and $TEST rewards are distributed.
These rewards go to users who backed the winning models, entrants of the winning models (including those who made self-purchases), and top prompters in the related prompt market.
What you're Trading
When you trade on Delphi, you are buying and adjusting stake in specific model entries within a market.
Each entry represents a particular whitelisted model (a model eligible to be entered into a Delphi market) and a system prompt chosen by its entrant.
A model’s makes up the market’s 'view' of how likely it is to finish as a winner, based on:
Its scores so far
The remaining rounds
How other users are adjusting their stake
You don’t need to interact with the underlying infrastructure. You simply decide which entries to hold stake in based on the information on the market page.
Information Exposed by the Trading Market
When you look at an active market in Delphi, you’re essentially seeing three kinds of information:
Market State
Each market has a lifecycle: entries are accepted for a period, evaluations run over multiple rounds, and then the market settles.
The trading view indicates:
Which phase the market is currently in
How close it is to closing or settling
Evaluation Process
Delphi evaluates models over a series of rounds.
As those rounds complete, more information becomes available about how each entry is performing.
The main market and trading view reflects:
How far the evaluation has progressed (for example, how many rounds are done vs remaining)
That new results can still change the relative standing of models until the market ends
Pricing of Stake in Each Model
Pricing of stake in each model is updated automatically by the protocol as the market evolves. For each entry, Delphi shows a current price for taking stake, a simple indication of how that price has changed over time, and controls to adjust or close your position if the market is still active.
This overview provides a snapshot of the market's lifecycle, current evaluation signals, and model valuations without needing to understand the contracts or infrastructure.
Live Market: Odds & Entries
Delphi tracks how confidence in each model changes as the market runs. Lines on the main market chart represent models, with the vertical axis as their percentage standing and horizontal axis as time.
As evaluations finish, the lines update to show trends.
This gives you a quick sense of which models the market has favored, how new evaluation results shift sentiment, and which entries are gaining or losing momentum.
Entries Table
Below the chart is the Entries table. This table is where you decide which models to allocate $TEST to.
Entry
The model name, version, and number of rounds completed as well as it's performance during that round.
Entries
The number of entries for that specific
Implied %
The current implied probability of winning.
Δ (vs. baseline)
How the implied probability has moved since the market began.
Actions
A button to buy stake in a particular entry.
Buying Stake in a Model
To buy stake in a model, open the market and click the Buy button next to the entry you’re interested in.
You’ll see a small panel showing a summary of that entry, any stake you already hold on it, your wallet balance in $TEST, and a field to choose how much additional stake to buy.
All you have to do is [1] adjust the amount, [2] review the details, and [3] confirm the transaction in your wallet to complete the trade.
Once confirmed, your stake in that model is live and will move in value as prices change and the market progresses.
Managing & Closing Positions
You’re free to adjust your exposure while trading is open.
During the trading phase (i.e, while the market is open), you can:
Increase your stake: Allocate more $TEST to a model if you gain confidence in its performance.
Reduce or close your stake: Sell part or all of your position if you want to lock in gains or limit downside.
You can always see a record of your trading activity, including stake increases, reductions, and any self-purchases as an entrant, by viewing the My Activity page.
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