Resolution-risk intelligence

Most markets do not pay on the headline.

They pay if the contract resolves.

One Memo per market. We name the contract, the source, the deadline, and the dispute path — what actually decides settlement.

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Markets we’ve read

Notable past cases

What a Memo reads for.

The work
  • Ambiguity

    Where ordinary-language meaning diverges from contract meaning.

  • Source

    The named source that actually decides settlement.

  • Timing

    The determination window vs the event time.

  • Dispute

    Platform discretion, challenge process, fallback rules.

Memo · 014 · February 2026

The Super Bowl halftime market generated roughly $57M in aggregate volume across Kalshi and Polymarket. Same facts. Two settlements. The Memo below is what we read before they diverged.

What the contract says

This market resolves Yes if Cardi B publicly performs as a musical act at the 2026 Super Bowl LX halftime show, as confirmed by official NFL broadcast or league communications — subject to platform interpretation of “perform.”

Resolution Risk we measured

Resolution Risk78/ 100
0255075100

Driver: Ambiguity + Dispute

Where the headline diverges from the contract

What it appears to ask

Did Cardi B perform at the Super Bowl?

What it pays on

Did Cardi B publicly perform as a musical act, by the platform's definition of perform, on the broadcast?

How it actually resolved

Polymarket resolved Yes. Kalshi invoked a conservative reading and settled at the last traded price (74¢ to No, 26¢ to Yes). Same facts. Two outcomes.

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