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In Polymarket’s April 28, 2026 CLOB V2 upgrade, existing positions in active markets carried over and were expected to resolve normally. Open orders were cancelled, so traders and market makers had to place any desired limit orders or quotes again. The change temporarily cleared resting liquidity; Polymarket did not promise when or whether the order book would return to its former depth.
What happened in Polymarket’s April 2026 CLOB V2 upgrade?
Polymarket’s documentation says CLOB V2 went live in production on April 28, 2026. The migration replaced exchange contracts, introduced a rewritten central limit order book backend, and changed collateral handling. The planned cutover included approximately one hour of trading downtime, according to Polymarket’s Help Center notice. That estimate applies to this cutover, not to upgrades generally. Polymarket’s migration guide also says V1 SDKs and V1-signed orders were no longer supported in production after cutover. Polymarket’s upgrade notice described the user-facing steps; follow current in-product guidance for any account action, since instructions can change.
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Positions and orders were treated differently
Polymarket’s notice said, “Positions in active markets carry over and resolve normally.” A position is existing exposure to outcome shares; an open order is an unfilled instruction waiting on the book. The notice distinguished them: active positions carried over, while open orders were cancelled. It did not say that filled positions were cancelled or that traders needed to migrate each market position manually. Polymarket’s notice
What this meant for traders
If you held outcome shares in an active market during this specific migration, Polymarket said they remained in place and would resolve normally. If you had a resting limit order that had not filled, it did not carry over; you needed to check the market and submit a new order if you still wanted one.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
What this meant for market makers
Previously posted bids and asks did not automatically move to V2. Market makers had to recreate their quotes, and displayed depth could be lower or different immediately after cutover. The notice does not establish how quickly traders rebuilt liquidity or promise that prices, spreads, or depth would return to prior levels.
How settlement relates to the upgrade
The migration changed the exchange and collateral plumbing, not—according to Polymarket’s notice—the ordinary resolution of active markets. Separately, Polymarket’s general FAQ says a share representing the correct final outcome pays $1 USDC when the market resolves, and notes that shares can be sold before the outcome is known. That is general platform guidance, not a new migration-specific payout rule. Polymarket FAQ
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
V2 introduced pUSD as collateral. Polymarket’s migration documentation describes pUSD as backed 1:1 by USDC; its V2 repository describes a wrapped-collateral layer and adapters connecting collateral with Conditional Token Framework operations. Depending on the match type, the exchange can transfer outcome tokens directly or perform split/merge operations through CTF. These technical changes do not mean a holder must take a separate action on each active-market position. Migration guide · Polymarket CLOB V2 repository
What to check after a contract or exchange upgrade
- Identify the specific upgrade. The carryover assurance here applies to Polymarket’s April 28, 2026 CLOB V2 migration; it is not a general rule for every future contract, oracle, condition, or market-terms change.
- Separate holdings from instructions. Check whether you hold outcome shares or had unfilled orders. For this migration, positions carried over and open orders were cleared.
- Review the live order book. Re-enter any limit orders or quotes you still want, and do not assume earlier depth or spreads have returned.
- Use current account instructions. V2 included a one-time flow to convert USDC balance to pUSD and approve trading on the new contracts. Follow Polymarket’s current in-product guidance rather than relying on an old migration screen or instruction.
- Check market-specific terms for other changes. The April notice does not establish what happens if an upgrade changes resolution terms, the oracle, condition identifiers, or settlement contracts.
What the upgrade does not establish
Polymarket’s published materials describe this exchange-stack migration; they do not establish that all future upgrades preserve positions, nor do they quantify liquidity lost or the time needed to rebuild it. The V2 repository reports a matching-gas test snapshot of 207,402 gas for V1 versus 134,594 for V2 in a one-maker complementary-match test, a reported 35% reduction under equivalent test conditions with EOA signatures and no fees. That is a project-repository benchmark, not a prediction of an individual user’s transaction cost. V2 repository
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
- When you access your Visa Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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