Shared liquidity means that every possible outcome in a complex event sits in the same capital pool. When traders bet, they affect this collective resource rather than isolated runner-specific pools. The concrete example Take this actual example question from @intodotspace docs: Which world leader will make a state visit to the White House first in 2026? Outcomes include Macron, Starmer, Modi, Kishida, and Other. Each outcome has its own YES/NO orderbook , but the markets are linked. A NO position on one outcome means belief in any of the others, and can be converted into YES positions for whichever you prefer.