# Positions > Split collateral into a complete binary pair and merge a held pair back into collateral. Outcome tokens enter or leave your account through trading or two explicit position operations: * **Split** locks collateral and mints one unit of each binary outcome per collateral unit. * **Merge** burns equal quantities of both outcomes and returns collateral. Every AGARA market is binary. Neg-risk events group binary member markets; a member uses the same split and merge paths as a standalone market. | Endpoint | Authentication | | ------------------------------------------ | -------------------------- | | `POST /trade/v1/portfolio/positions/split` | PAT with `positions:split` | | `POST /trade/v1/portfolio/positions/merge` | PAT with `positions:merge` | Split and merge are refused after a market is resolved. Supported standalone markets use [automatic redemption](/docs/automatic-redemption) after resolution. ## Asynchronous lifecycle [#asynchronous-lifecycle] For an AGARA market, both endpoints return `201` with an account-batch hash: ```json { "batch_hash": "0x2174…", "status": "PENDING", "as_of": "2026-07-20T11:00:00.000Z" } ``` Poll `GET /trade/v1/batches/{batch_hash}`. `PENDING` means only that the request was accepted. `SETTLED` means the operation succeeded. For an isolated `FAILED` batch, do not reuse provisional inventory until `unwound_at` is set. `FAILED_DIVERGENT` requires review: keep mutations paused. A higher batch closed after a lower `FAILED_DIVERGENT` batch is a further exception: its `unwound_at` alone does not prove inventory was restored. Follow the [stranded-sequence recovery rule](/docs/api-traders/account-batches#what-you-observe-on-failure). Operations queue per account and run in the order you started them, so a second split, merge, or withdrawal is accepted while the first is still settling. The queue has a limit; past it you get a `409` until one finishes. Neither request has a client idempotency key. If a response is lost, the batch may exist but you also lose its server-generated `batch_hash`. Treat the outcome as unknown and do not resubmit automatically. Pause position mutations for that market and reconcile the account stream, positions, and portfolio summary. Do not trust a positions response while `unavailable_exchanges` includes `AGARA`; retry that read before using it as evidence. If the outcome remains uncertain, retain the request time and any `request_id` for investigation. ## Split [#split] `POST /trade/v1/portfolio/positions/split` ```json { "condition_id": "0x2174…", "collateral_amount_micro": "10000000" } ``` `collateral_amount_micro` must be positive. `10000000` locks ten collateral units and mints ten units of each outcome. ## Merge [#merge] `POST /trade/v1/portfolio/positions/merge` ```json { "condition_id": "0x2174…", "shares_micro": "5000000" } ``` `shares_micro` is burned from **each** outcome. `5000000` burns five units of both legs and returns five collateral units. Merge converts a complete pair at one collateral unit per pair; it does not use the orderbook midpoint. If you split 100 units and later sell 50 units of each outcome, the remaining 50-unit complete pair can be merged. A single unmatched outcome cannot be merged alone. ## Errors [#errors] This table is the AGARA request contract. Do not apply its retry guidance to a condition served by another exchange. | Status | Action | | ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------ | | `400 malformed_json` | Correct the JSON body | | `401` authentication code | Replace or refresh the credential as instructed | | `403 forbidden_scope` | Add the required split or merge scope | | `403 account_quarantined` | Stop account mutations; retain `request_id` and resolve the account review before continuing | | `404 wallet_not_registered` | Complete AGARA wallet registration for this account | | `409` conflict code | Wait for an operation in your queue to finish | | `422 validation_failed` | Correct a non-positive amount or unknown condition ID | | `422 invalid_batch` | Correct an unsupported market route, operation, or batch composition | | `422 insufficient_balance` | For split, reduce the amount or restore collateral; for merge, reduce the amount or restore both outcome balances needed for a complete pair | | `422 market_closed` | Stop position operations for that market | | `422 value_cap_exceeded` | Reduce the requested value below the configured cap | | `424` setup code | Finish wallet setup and signer authorization | | `500 internal_error` | Do not retry automatically; retain `request_id` for investigation | | `502 dependency_credentials_rejected` | Stop retrying, retain `request_id`, and contact support | | `502 dependency_invalid_response` | Do not retry automatically; retain `request_id` for investigation | | `502 dependency_outcome_unknown` | The batch may already exist. Follow `recovery.resource.batch_hash` and poll that batch; do not submit another mutation first | | `503 dependency_unavailable` | For an AGARA request, back off with jitter and retry after a received typed response; a lost response is the separate outcome-unknown case above | This table covers the immediate HTTP response. After a `201`, poll the batch: a later terminal `failure` can report `insufficient_shares` or another [account-batch failure](/docs/api-traders/account-batches#tracking-a-batch). ## Cross-match settlement [#cross-match-settlement] Position tokens can also be created or burned when orders match: | Match | Settlement | | ------------------------- | ------------------------------------------------- | | Same-outcome SELL and BUY | Normal token transfer | | Complementary BUY orders | Mint a complete pair from both buyers' collateral | | Complementary SELL orders | Merge the complete pair and return collateral | The fill's `settlement_mode` reports the path. SELL orders always require and reserve actual outcome shares; complementary BUY orders can create inventory from collateral during a match.