> ## Documentation Index
> Fetch the complete documentation index at: https://docs.polynode.dev/llms.txt
> Use this file to discover all available pages before exploring further.

# Positions Converted Event

> Position conversion on neg-risk multi-outcome markets.

Emitted when a user calls `convertPositions` on the NegRiskAdapter contract. This converts NO positions on selected outcomes into USDC plus YES positions on the complementary outcomes within the same multi-outcome market.

Conversions are unique to neg-risk markets (multi-outcome events like "Republican Presidential Nominee" or "FIFA World Cup Winner"). They allow traders to rebalance positions across outcomes without going through the orderbook.

```json theme={null}
{
  "data": {
    "amount": 98,
    "block_number": 85007631,
    "converted_outcomes": [
      "Fidesz-KDNP",
      "TISZA"
    ],
    "event_title": "Hungary Parliamentary Election Winner",
    "event_type": "positions_converted",
    "index_set": "0x0000000000000000000000000000000000000000000000000000000000000021",
    "log_index": 943,
    "market_id": "0x355e7310dd6e18ef5fa456de7ce1331bd8c7540c4c39028db05325be19050100",
    "neg_risk": true,
    "stakeholder": "0x30cecdf29f069563ea21b8ae94492e41e53a6b2b",
    "taker_base_fee": null,
    "timestamp": 1775135299000,
    "tx_hash": "0x74fcb24732007ec58042c6e2ed7596c44a12f2fb34dec8bef9bbd3eaeb020718"
  },
  "timestamp": 1775135299000,
  "type": "positions_converted"
}
```

## Fields

<ResponseField name="type" type="string" required>
  Always `"positions_converted"`.
</ResponseField>

<ResponseField name="timestamp" type="number" required>
  Block timestamp in Unix milliseconds.
</ResponseField>

<ResponseField name="data" type="object" required>
  <Expandable title="data fields">
    <ResponseField name="tx_hash" type="string" required>
      Transaction hash.
    </ResponseField>

    <ResponseField name="block_number" type="number" required>
      Block number.
    </ResponseField>

    <ResponseField name="log_index" type="number" required>
      Log index within the transaction.
    </ResponseField>

    <ResponseField name="timestamp" type="number" required>
      Block timestamp in Unix milliseconds.
    </ResponseField>

    <ResponseField name="stakeholder" type="string" required>
      Wallet address that performed the conversion.
    </ResponseField>

    <ResponseField name="market_id" type="string" required>
      The neg-risk market group ID (bytes32). All outcomes within the same multi-outcome event share this ID.
    </ResponseField>

    <ResponseField name="index_set" type="string" required>
      Bitmask (hex) of which outcome indices were converted. Each bit position corresponds to an outcome in the market. For example, `0x03` (binary `11`) means outcomes at index 0 and 1 were converted.
    </ResponseField>

    <ResponseField name="amount" type="number" required>
      USDC amount per outcome that was converted (6 decimal precision).
    </ResponseField>

    <ResponseField name="converted_outcomes" type="string[]">
      Human-readable names of the outcomes that were converted. Decoded from the `index_set` bitmask using market metadata. For example: `["Fidesz-KDNP", "TISZA"]`.
    </ResponseField>

    <ResponseField name="event_title" type="string">
      Parent event title (e.g. "Hungary Parliamentary Election Winner"). Enriched from metadata.
    </ResponseField>

    <ResponseField name="neg_risk" type="boolean">
      Always `true` for conversion events (conversions only exist on neg-risk markets).
    </ResponseField>

    <ResponseField name="market_title" type="string">
      Market question. Enriched from metadata when available.
    </ResponseField>

    <ResponseField name="market_slug" type="string">
      URL slug for the market. Enriched from metadata.
    </ResponseField>

    <ResponseField name="market_image" type="string">
      Market image URL. Enriched from metadata.
    </ResponseField>

    <ResponseField name="taker_base_fee" type="number">
      Taker fee rate in basis points. Enriched from metadata.
    </ResponseField>

    <ResponseField name="tokens" type="object">
      Map of token ID to outcome name for all outcomes in this market. Enriched from metadata.
    </ResponseField>
  </Expandable>
</ResponseField>

## How conversions work

On a neg-risk market with N outcomes, a user holding NO positions on selected outcomes can convert them:

1. The user's NO tokens on the selected outcomes are burned
2. The user receives **(number of NO positions - 1) x amount** in USDC
3. The user receives YES tokens on all complementary outcomes (the ones NOT in the index\_set)

This enables efficient position rebalancing without using the orderbook.

## Use cases

* **Whale tracking** — large conversions signal sophisticated repositioning across outcomes
* **Market structure analysis** — conversion flow reveals which outcomes traders are moving between
* **Liquidity detection** — conversions create new YES token supply on complementary outcomes
* **Arbitrage monitoring** — conversions can indicate perceived mispricing between outcomes

<Note>
  Not included in `global` firehose by default (same as `position_split`/`position_merge`). Subscribe explicitly with `event_types: ["positions_converted"]` or use the `wallets`/`markets` subscription types which include it automatically.
</Note>