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ProphetX is a sports prediction exchange where participants trade contracts tied to sporting outcomes. Its official product page describes participant-to-participant trading across moneylines, spreads, totals and player markets. This guide covers that exchange, not DTN's unrelated ProphetX software.
Checked October 6, 2026 against public sources. We explain the trading model with invented examples; we have not opened or funded a ProphetX account or tested order execution.
For location and eligibility, read the ProphetX state-availability guide, checked against current official restrictions.
For the current offer and conditional credit schedule, read the ProphetX bonus guide.
How does ProphetX work?
The published trading overview describes direct access, full collateralization, an order book and a request-for-quote system. Participants must fund maximum potential loss before execution. Matching favors the best eligible price, then the earliest order at the same price. An order can fill partially if there is insufficient eligible opposing liquidity.
A practical reading sequence is contract → executable price → available size → fees → settlement. Reading only the team name skips the conditions that determine what you actually bought. Reading only a displayed price skips how much you can transact at that level.
A worked order-book example
This invented, normalized example uses dollar prices solely to explain depth. It is not a ProphetX screenshot, live quote or statement about the app's display format.
| Available offer | Quantity | Cost if filled |
|---|---|---|
| $0.60 | 20 | $12.00 |
| $0.62 | 30 | $18.60 |
Buying all 50 units across these levels costs $30.60 before fees, an average of $0.612 per unit. Multiplying the first price by 50 would suggest $30.00 and understate the cost by $0.60. A limit at $0.60 permits only the first 20 units in this snapshot; it does not make the other 30 units available at that price.
The remaining quantity and whether an order stays open depend on the chosen order instructions. Review the venue's confirmation rather than assuming the whole requested quantity filled. Our slippage calculator lets you explore this arithmetic with your own clearly labeled price levels.
Order types and closing a position
The trading overview describes limit orders with a maximum acceptable buy price or minimum acceptable sell price, and market orders that consume available resting liquidity. It also describes RFQ quotes for specific sizes. These mechanisms differ; none establishes a guaranteed fill at a price seen earlier.
A forecast and an execution instruction answer different questions. “I think this outcome is likely” does not specify the price at which it remains attractive. Before entering, write down the maximum cost, intended size and what would change your view. Before exiting, inspect the available opposing quote and size again.
What does ProphetX charge?
The fee schedule dated October 1, 2026 states that straight trades carry a 2% fee on net gains per market. Parlay trades use a separate linked schedule. Do not apply the straight-trade percentage to a parlay, gross payout or deposited balance.
For an isolated invented straight-market net gain of $40 before the stated fee, 2% is $0.80, leaving $39.20 after that fee. This is arithmetic, not a reconstruction of an account ledger. Multiple fills, exits and other activity must be reconciled at the fee schedule's market-level basis. Read the actual order quote and current rules for your transaction.
Settlement depends on the contract
The trading overview describes settlement after the specified event and official result, including cancellation of remaining open orders in the affected market. Read the exact contract's resolution source and conditions before buying.
Two contracts about the same team can still differ. A full-game result, first-half result and spread threshold answer distinct questions. Build a short record of the event, period, threshold, deadline and resolution rule. Do not treat a familiar sports label as sufficient evidence of equivalence with a contract on another venue.
Availability and regulatory status
The CFTC record lists ProphetX LLC as a designated contract market effective June 11, 2026. The official lobby currently says the platform is not operating in Nevada. That platform access statement is not a blanket determination of every state's law or every person's eligibility. Confirm current account requirements and geographic restrictions before funding.
A regulatory designation does not establish that a position will be profitable, that a contract has abundant depth, or that the best displayed price will still be available when you submit an order.
Before deciding whether to use it
- Read the exact contract and settlement conditions.
- Inspect executable price, spread and depth for your intended size.
- Check the fee schedule for the product you selected.
- Distinguish requested, filled and still-open quantities.
- Keep promotional credit separate from your own money and withdrawal eligibility.
For developer access, read the ProphetX API guide. For the exchange-versus-research distinction, see ProphetX vs Alphascope. Alphascope provides independent prediction-market research and does not submit ProphetX orders or hold trading funds.