> For the complete documentation index, see [llms.txt](https://docs.probable.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.probable.markets/trade-on-probable/merge-and-split.md).

# Merge and Split

Liquidity is the backbone of any prediction market. Traders want tighter spreads, faster exits, and more flexibility in how they manage risk. Market makers want simpler ways to deploy capital without constantly fighting the order book.

**Merge and Split** enables instant exits and more capital-efficient liquidity provision on Probable.

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#### How to Access Merge and Split

Merge & Split is available directly inside the trade panel.\
Users can switch between **Buy / Sell** and **Split / Merge** depending on their strategy.

<figure><img src="/files/HSeC7KxXarn81wvNyQpf" alt=""><figcaption></figcaption></figure>

#### Split

Split lets you convert USDT into both YES and NO shares at the same time.

* **USDT is split 1:1 into YES + NO shares (50 USDT → 50 YES + 50 NO)**
* Shares are minted directly, bypassing the order book
* No fees apply

<figure><img src="/files/tgmYmfYWpMpKEth6qqdj" alt=""><figcaption></figcaption></figure>

#### Merge

Merge lets you convert a matched pair of YES and NO shares back into USDT instantly.

* **Equal amounts of YES and NO shares are converted 1:1 into USDT (50 YES + 50 NO → 50 USDT)**
* Happens outside the order book (no spread, no slippage)
* No fees apply

<figure><img src="/files/f6SRinMlu6WO8D2YKKd4" alt=""><figcaption></figcaption></figure>

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