Terminology

Bull ↑ 
Predicting that the price of an asset will increase.
Bear ↓
Predicting that the price of an asset will decrease.
Payout
Expected returns on the initial amount locked in the market. When a round is live, users will be shown the expected payout for both positions. However, only those who correctly predicted the price direction would receive the payout.
Locked Price
Price of the asset when a round goes live. It serves as the reference price when determining whether the market has gone up or down.
Prize Pool
Total tokens locked in a particular round.
Closed Price
The price of the asset at the end of a round.
Rounds
The prediction markets are divided into rounds that remain live for a duration of 5, 15 or 60 minutes. Each round is further categorized into three phases:
1) Next Phase - During this phase, the users can enter their position, i.e. either bull or bear.
2) Live Phase - During this phase, the locked price is set, and participants can monitor live movements in MATIC’s price. At the end of the live phase, a snapshot of MATIC’s price will be taken and compared to the locked price. Rewards will be distributed based on whether the closed price is higher or lower than the locked price.
3) Expired Phase - When the live phase comes to an end, the round is marked as expired.

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