When you place an event contract order, it goes through a matching process. Your order fills when there's a counterparty willing to take the other side at your price.

You may get the following different statuses after placing an order:

• Placed: Shows after you place the order.
• Filled: Shows when the entire order is successfully filled.
• Partially filled: Shows when only some of the contract order was filled, like 50 out of 100 contracts.
• Pending: Shows when a pending order persists until it’s either filled, partially filled, or canceled.
• Canceled or Pending canceled: Shows when a placed order, pending order, or remaining unfilled partial order, is successfully canceled.
• Rejected or failed: Shows when an order is rejected or failed to process.

Event contract orders don't always fill completely, or at all. Whether your order fills depends on available liquidity, order type, and whether the price moved before your order was processed.

Low liquidity

Event contracts trade in a market that requires a buyer on one side and a seller on the other. During low-liquidity periods (for example, when an event outcome is near-certain), there may be few or no counterparties willing to trade at your price.

IOC orders and partial fills

Most event contract orders are IOC (immediate-or-cancel). If no counterparty is available at your price when the order is submitted, the order cancels immediately. If only part of your order can be matched, the filled portion executes and the rest automatically cancels.

To keep your order open in the market, use a GTD (good-til-date) order instead. GTD orders stay open until filled or until 3 AM ET the next calendar day. Learn more at Trading event contracts.

Price moved before fill

In fast-moving markets, the price may change between when you submit your order and when it's processed. With an IOC order, this may mean that your order is cancelled immediately after it is placed. GTD limit orders offer an alternative and remain open until filled or cancelled.

Uneconomical trades

If you try, you won’t be able to complete a trade where one of the following applies:

• Total opening costs (including fees and commissions) would exceed $1 when buying
• Total proceeds (including fees and commissions) would be less than $0 or a negative total when selling

Contract limit reached

Each event has a maximum number of contracts you can hold per side. If you've reached the limit, additional orders for that side will be rejected.

Your order may be rejected if:

• A contract has expired or the outcome is decided. In these cases, the bid drops to $0.00. Orders attempting to sell at that point may receive a "Something went wrong, please try again" error.
• You attempted to place an order before trading had officially begun.
• Your account has a restriction. If your account is restricted, contact support for assistance.
• Your total opening costs (including fees) would be $1 or more when buying; or your total proceeds (including fees) would be $0 or less when selling. These trades make it impossible to achieve a profit with any outcome.

To troubleshoot orders that keep getting rejected:

• Check for liquidity and fast moving markets. If the event outcome is certain or the price is moving quickly, IOC orders may cancel when no contracts are available at that price. Consider using a GTD limit order as an alternative.
• Confirm you've been approved to trade event contracts in your account settings
• Verify that event contract trading is available in your state
• Check whether you've reached the maximum contracts (generally 50,000 contracts) per side for this event
• Check whether a pending B-Notice is blocking trading (check your notifications or contact support)

Restrictions and eligibility requirements apply. Futures, options on futures, and cleared swaps trading involves significant risk and is not appropriate for everyone. Carefully consider if it's appropriate for you in light of your personal financial circumstances. Displayed prices are based on real-time market sentiment.

Read the Event Contracts Risk Disclosure for more information about the risks associated with event contracts.

Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA). Event contracts are offered by Robinhood Derivatives, LLC through either KalshiEX LLC, ForecastEX, LLC or Rothera Exchange and Clearing LLC.