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

# Converting Shares

> Swap between outcomes in Negrisk markets

## Converting 1 "No" Share

If you hold a **No share** in a Negrisk market (like "ETH is NOT \$2,000 on Friday"), you can **convert it into 1 Yes share** of *all* the other outcomes.

Why? Because only one outcome can be true, so a No on one is logically equivalent to a bet *for* the others.

This lets you switch positions quickly and cheaply — without selling one share and buying another.

<Frame>
  <img src="https://mintcdn.com/limitless/gaXTVCMwDdFSClic/images/convert.png?fit=max&auto=format&n=gaXTVCMwDdFSClic&q=85&s=9f68828f6dd6d98fa8be42b1bd7b0bba" alt="Convert shares interface" style={{maxWidth: "680px"}} width="1716" height="1166" data-path="images/convert.png" />
</Frame>

Access the **Convert** button from the portfolio tab in each market.

## Converting Multiple "No" Shares

If you hold **multiple No shares** and there aren't enough remaining Yes shares to convert into, you can convert the extras into **USDC**.

The combined value of "Event" and "Not Event" in a Negrisk market always adds up to \$1.

**Example:**

If you hold 5 No shares in a 3-outcome market:

* Convert 1 into a Yes of the remaining outcome
* **Receive USDC for the second**

<Frame>
  <img src="https://mintcdn.com/limitless/gaXTVCMwDdFSClic/images/multi-convert.png?fit=max&auto=format&n=gaXTVCMwDdFSClic&q=85&s=d27c6d161599a87fe293c5c819a21c2e" alt="Multi-share conversion" style={{maxWidth: "680px"}} width="1730" height="794" data-path="images/multi-convert.png" />
</Frame>

It's built-in arbitrage that helps keep prices aligned — and it's gas-efficient.