Market Trust diligence packet
Will the Fed increase interest rates by 25 bps after the July 2026 meeting?
One of four bands, strongest warning on the right
participant quality pending elevated unknown flow.
Use only as a review target. Current-card issues must clear before this price is used as evidence.
Market quality
58 / 100
Interval 30-67
Evidence confidence
low
58 / 100
Source health
source gate passed
1 sources | dropped 0
Audit chain
787882034f...
row hash verified
Memo language
Convexly rates this polymarket market "Will the Fed increase interest rates by 25 bps after the July 2026 meeting?" as Do not cite. Use only as a review target. Current-card issues must clear before this price is used as evidence. Caveat to carry: participant quality pending elevated unknown flow. This is market diligence, not a trading instruction or proof that the market probability is correct.
Caveat to carry: participant quality pending elevated unknown flow.
How to use this packet and what changes the verdict
Use this packet when
- Use to explain why this market should stay out of a citation set for now.
- Use as a recovery checklist for source freshness, coherence, depth, or evidence gaps.
Do not use it as
- A trading instruction.
- Proof that the market probability is correct.
- A manipulation accusation or person-level identity claim.
What changes the verdict
- Clear hard cap: participant quality pending elevated unknown flow.
- Clear hard cap: The integrity screen is still heuristic and scores below 60.
- Clear current blocker: Not enough pillars on this card are measured yet.
How the score adds upWhy this verdict
Why this rating
Composite 58 · Do not cite
- Coherenceheuristicweight 25.0
No full-provenance CME signal is linked to this condition in the current ledger window; absence of a signal is not proof of coherence.
- · no linked cme signal in window
- · absence of signal not proof of coherence
- · cme signal window days: 7
- · recent full provenance signals: 171
50+15.6 - Executabilitymeasuredweight 20.0
Executability scored as worse-of(spread, depth) from a single orderbook snapshot; the two were merged from the former liquidity + depth pillars to stop double-counting one correlated source.
- · executability worse of spread depth
- · spread: top-of-book spread 0.2c
- · spread: pp-band-to-cents-band approximation in effect (depth_5pct_usd/2 per side); per-side decomposition pending substrate work
- · spread: scorer_version:M2
75+18.8 - Resolution reliabilityheuristicweight 20.0
Resolution source and rule text are present but not independently reviewed.
- · resolution metadata present manual review pending
70+17.5 - Participant flowpendingweight 20.0
Participant flow inputs exist but do not meet identity-coverage floors; descriptive only.
- · below publishable sample floor
- · current account score join
- · edge score composite descriptive not skill
- · high participant concentration
n/ano contrib - Integrity risk screenheuristicweight 10.0
Top account flow share is 78%.
- · high participant concentration
0no contrib - Audit completenessmeasuredweight 5.0
5 linked artifacts; 0 missing hashes; 0 stale/failing sources.
- · artifact hashes present
- · source watermarks healthy
100+6.3
How it adds up: composite = Σ(score × weight) / Σ(weight) across measured + heuristic pillars only. Pending and data-rights-blocked pillars are excluded from both numerator and denominator. Total contributing weight = 80.0.
Caveat: 1 pillar pending; the score will recompute as the substrate fills in.
Market identityWhat is being rated
Venue
polymarket
condition 0xb5c0abeecb5502e6...
Category
unmapped
used for coverage and validation breadth
Market status
active
venue-provided lifecycle state when available
Resolution rule
The FED interest rates are defined in this market by the upper bound of the target federal funds range. The decisions on the target federal funds range are made by the Federal Open Market Committee (FOMC) meetings. This market will resolve to the amount of basis points the upper bound of the target federal funds rate is changed by versus the level it was prior to the Federal Reserve's July 2026 meeting. If the target federal funds rate is changed to a level not expressed in the displayed options, the change will be rounded up to the nearest 25 and will resolve to the relevant bracket. (e.g. if there's a cut/increase of 12.5 bps it will be considered to be 25 bps) The resolution source for this market is the FOMC’s statement after its meeting scheduled for July 28-29, 2026 according to the official calendar: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. The level and change of the target federal funds rate is also published at the official website of the Federal Reserve at https://www.federalreserve.gov/monetarypolicy/openmarket.htm. This market may resolve as soon as the FOMC’s statement for their July meeting with relevant data is issued. If no statement is released by the end date of the next scheduled meeting, this market will resolve to the "No change" bracket.
card_id: mt-v02:polymarket:0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793:2026-07-16
market_id: 125ba959-3bdf-4988-b643-eb69d9a4dcc9
venue_market_id: 0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793
resolution_source: 0x69c47De9D4D3Dad79590d61b9e05918E03775f24
Audit chainReceipt and verification
Convexly stores the card payload, removes the row_hash field, canonicalizes the remaining JSON, and recomputes the SHA-256 hash. This is the bridge from a readable verdict to a buyer-reviewable audit chain.
method: market_trust_card_v0_2
row_hash: 787882034fc5c2a2be16b74738c9f4b333b39f545f474f4507a4913f8db98dca
previous_row_hash: d8697e0c079752b599e9c776a7786384dc0cadb0b48c127eed642c3e21fdeac6
source_artifact_hashes: f48c1de86d30aff00ec72b82068686de879f248b1f7ff5cf631e4be931c6ce04, 0fc661f2e4e3562f3d2725c17f303592f28e13be2a8578d46bbbe3c9dc63244d
Verdict hashImmutable verdict archive
This verdict is archived as a canonical JSON object with a SHA-256 content hash. The hashed payload carries the methodology version (market_trust_card_v0_2), the canary_preview label, and a fixed boundary statement; none of them can be removed without changing the digest.
verdict archive sha256: 7992ecee8b87497e5f83bf7b3e8e7143f3cc7d4601db0c2a9be71e6e1b173562
How to verify this hash
- Fetch the canonical archive bytes: https://www.convexly.app/api/market-trust/v0.2/0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793/archive?venue=polymarket&format=canonical
- Recompute the digest locally, for example: curl -s "https://www.convexly.app/api/market-trust/v0.2/0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793/archive?venue=polymarket&format=canonical" | shasum -a 256
- Compare your digest to archive_sha256 in the JSON response at https://www.convexly.app/api/market-trust/v0.2/0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793/archive?venue=polymarket. Matching digests mean the archived verdict content is byte-for-byte unchanged.
- Cross-check card_row_hash against the stored full-card receipt at https://www.convexly.app/api/market-trust/v0.2/0xb5c0abeecb5502e6e8d83155c27819174d8317af3c425c3afc5a8c45257a3793/verify?venue=polymarket.
Stored v0.2 cards are frozen scorecards: a re-score inserts a new row with a new card_id and records the prior receipt in previous_row_hash, and the filed calibration design binds Convexly to never mutate frozen card-time rows. The archive is a deterministic serialization of one stored row, so the same row always reproduces the same archive_sha256.
Participant and integrity screenWho shaped the price
Participant-flow screens flagged concentration, unknown-flow, or low-edge-flow conditions for review. This is an integrity-risk screen, not a manipulation accusation and not person-level identity resolution.
Scored flow
21.3%
1 scored accounts
Unknown flow
78.7%
higher unknown flow lowers confidence
Participants
3
public accounts observed
Top flow share
78.3%
concentration diagnostic
Not claiming: wash-trading detection; sybil detection; manipulation-free market.
Market Fitness - pre-trade diligence (experimental)
4 of 6 diagnostics have a derivable observable on this stored card; 2 are insufficient_data. An insufficient_data row means the card lacks that input, not that the check passed.
Depth and slippage at size is a Researcher feature.
The resolution-reliability, manipulation, and basis-risk reads below are open. To see the fill cost at $100 / $1k / $10k and the executability detail, upgrade to Researcher.
Depth durability
measured
insufficient data
At-size depth and slippage detail is a Researcher feature. Upgrade at /pricing to see fill cost at size.
Observable: Executability pillar: worse-of(top-of-book spread, modeled price impact) from the latest inspected orderbook snapshot at 2026-07-16T11:59:09.142+00:00
Caveats: derived from a single orderbook snapshot; durability across time is not yet measured on this card; descriptive diagnostic from operator-set scoring that is not calibrated; no interval exists for this value, so none is shown rather than fabricated; gated detail requires researcher
Spread and price impact
measured
insufficient data
At-size depth and slippage detail is a Researcher feature. Upgrade at /pricing to see fill cost at size.
Observable: Top-of-book spread (price points) and modeled price impact for a fixed notional, from the latest inspected orderbook snapshot
Caveats: spread cost over a holding period is not modeled; this is a single-snapshot read; descriptive diagnostic from operator-set scoring that is not calibrated; no interval exists for this value, so none is shown rather than fabricated; gated detail requires researcher
Time to resolution
insufficient data
insufficient data
Venue lifecycle status on the card: active. No end date is stored.
Observable: Venue-supplied market end date or close time stored on the card
Missing input: The v0.2 card schema does not store an end date or close time, so time to resolution cannot be derived from this card.
Resolution reliability
heuristic
70 / 100 (descriptive)
Resolution source and rule text are present but not independently reviewed. Resolution rule text is stored on the card.
Observable: Resolution reliability pillar: review of the resolution source (0x69c47De9D4D3Dad79590d61b9e05918E03775f24) and stored resolution rule text
Caveats: resolved-outcome dispute history is not joined on this card; the read covers resolution source and rule text only; descriptive diagnostic from operator-set scoring that is not calibrated; no interval exists for this value, so none is shown rather than fabricated
Concentration exposure
insufficient data
insufficient data
Participant-flow screens flagged concentration, unknown-flow, or low-edge-flow conditions for review.
Observable: Participant-flow concentration from the card's integrity screen: top account flow share, unknown flow share, scored notional share
Missing input: Participant-flow concentration is not measured on this card (no scored participant rollup or no top-account flow share).
Basis-risk note
descriptive
structural note
This market settles as a binary event contract: it pays a fixed amount on one discrete resolution. Offsetting a continuous exposure with a binary payoff leaves residual basis risk by construction, and binary payoffs will generally fail the ASC 815 80-125% dollar-offset band used for hedge-accounting treatment, so a position that works as an economic offset can still be carried as mark-to-market P&L. This is a structural description of the contract type, not a statement about any party's exposure.
Observable: Contract payoff structure (binary event contract) and the resolution rule text stored on the card
Caveats: structural description of the contract type, not accounting or legal advice
Published deliberately as a component table with no single combined number. Read each component against the observable it derives from; an insufficient_data row means the stored card lacks that input, not that the check passed.
These diagnostics describe observable market-quality measurements for one market. They are not investment advice, not a trading instruction, not a recommendation to take or offset any exposure with this or any market, and not a statement about any person or their positions.
instrument_fitness_diagnostics_v0_1
Source freshness windowIngest status
The current ingest window is clean enough for review. This is freshness reporting, not an uptime SLA.
Latest orderbook
2026-07-16T11:59:09.142Z
most recent orderbook evidence attached to this card
Sources
1
1 healthy | 0 degraded | 0 stale | 0 failing
Dropped events
0
nonzero dropped events block current-language claims
Observed age
6s
oldest observed source watermark
Ingested age
729ms
oldest ingest watermark
Validation stateCanary vs v1
Canary pipeline
blocked
Current card has source, evidence, or robustness issues to clear.
Public v1 promotion
4 public v1 validation gates still open.
Canary readiness says the current batch can be reviewed. Public v1 promotion waits for coverage, clean source-health windows, resolved outcomes, and formula-freeze evidence.
Read the promotion evidence contract- Not enough pillars on this card are measured yet.
- Some pillars on this card are still gathering evidence.
- The rating moves under leave-one-out or weight-perturbation checks.
- 14 consecutive clean source-health days have not yet been observed.
- 30 current cards across 3 market categories are not yet reached.
- The scoring formula must be frozen before validation runs.
- At least one resolved-outcome row is still needed in the validation ledger.
Top caveatsWhat travels with the score
- Hard cap: participant quality pending elevated unknown flow.
- Hard cap: The integrity screen is still heuristic and scores below 60.
- Current card issue: Not enough pillars on this card are measured yet.
- Current card issue: Some pillars on this card are still gathering evidence.
- Current card issue: The rating moves under leave-one-out or weight-perturbation checks.
- absence of signal not proof of coherence
Before stable v1Validation requirements
- 14 consecutive clean source-health days have not yet been observed.
- 30 current cards across 3 market categories are not yet reached.
- The scoring formula must be frozen before validation runs.
- At least one resolved-outcome row is still needed in the validation ledger.
External contextNon-scoring provenance
External macro baselines are identified for review but are not part of the Market Trust score.
Survey or futures-implied consensus
planned
External context is non-scoring in v0.2. Market Trust still measures market-quality substrate, not absolute truth against outside forecasts.
Full seven-pillar evidence grid
Coherence
weight 25 · heuristic
50 / 100
No full-provenance CME signal is linked to this condition in the current ledger window; absence of a signal is not proof of coherence.
Executability
weight 20 · measured
75 / 100
Executability scored as worse-of(spread, depth) from a single orderbook snapshot; the two were merged from the former liquidity + depth pillars to stop double-counting one correlated source.
Resolution reliability
weight 20 · heuristic
70 / 100
Resolution source and rule text are present but not independently reviewed.
Participant flow
weight 20 · pending
pending
Participant flow inputs exist but do not meet identity-coverage floors; descriptive only.
Integrity risk screen
weight 10 · heuristic
0 / 100
Top account flow share is 78%.
Audit completeness
weight 5 · measured
100 / 100
5 linked artifacts; 0 missing hashes; 0 stale/failing sources.
Coherence blockLinked-market consistency
No full-provenance CME signal is linked to this condition in the current ledger window; absence of a signal is not proof of coherence.
Score
50
heuristic evidence
Source refs
0
linked-market or CME artifacts
no linked cme signal in window absence of signal not proof of coherence cme signal window days:7 recent full provenance signals:171
Robustness blockSensitivity and drivers
Sensitivity verdict
moves
leave-one-out and weight perturbation
Leave-one-out
53-66
score range
Weight perturbation
57-60
score range
Drivers
3
largest weighted contributors
- Coherence is heuristic, not fully measured.
- Coherence scores below 60 and needs stronger evidence before the verdict can improve.
- Resolution reliability is heuristic, not fully measured.
- Participant flow is pending, not fully measured.
- Integrity screen is heuristic, not fully measured.
- Integrity screen scores below 60 and needs stronger evidence before the verdict can improve.
Live market integrity read is a Trader feature
Trader ($499/mo) unlocks an on-demand participation-concentration read on any market — HHI of wallet volume shares with a confidence interval on every estimate, plus a round-trip self-churn share, computed live from the current flow tape. Descriptive structure with receipts, not a manipulation call.
Boundary of the packet
This packet is market diligence, not investment advice, not a claim of absolute truth, and not proof that any trader should buy or sell. It answers whether the market price has enough substrate to cite, monitor, discount, or ignore with receipts attached.