Request a Review

Prediction-market economic verification

The number is only as reliable as the record behind it.

MSR Decode independently reconstructs prediction-market trading activity, reported profits, volume, fees, incentives, and settlements. We test financial claims against underlying records and document what the evidence supports, what it contradicts, and what remains uncertain.

Defined-scope researchIndependent conclusionsEvidence and limitations documented

01 / Review applications

What needs to be verified?

01

Performance & Financial Claims

Does a reported profit, wallet ranking, market-growth figure, or trading return survive reconstruction from the underlying records?

  • Reported PnL versus reconstructed trading outcomes
  • Fees, rebates, redemptions, and settlement effects
  • Trading volume under different accounting conventions
  • Unsupported or incorrectly attributed performance claims
Explore performance reviews
02

Market Activity & Economic Mechanisms

What economic mechanism generated observed activity, and what does the evidence actually establish?

  • Concentrated and repeated trading
  • Offsetting positions and low-net-cost turnover
  • Market-making, incentive programs, and settlement mechanics
  • Unusual activity versus incomplete or misleading data
Explore activity reviews

These are primary use cases, not a claim that every market or account can be reconstructed.

02 / Public research

Published findings. Reconstructable evidence.

Browse all case work
Case 03 · Polymarket

BNB profit reconstruction

$917,311.53

Realized profit confirmed before rebates

The July 17, 2026 session produced $917,311.53 before rebates; the claimed 23-of-24 win rate did not hold. The monetary reconstruction shows 21 positive and three negative markets.

One wallet, one historical session, 24 examined markets. The published case and sample memorandum contain additional method qualifications. Two open source-artifact items remain: U13 concerns four descriptive ledger labels; U14 concerns a reported execution price that does not match the published ledger. The dollar figures agree to the displayed cent.

Kalshi · Volume measurement

Volume measurement

237.7%$1 contract face value
vs.
170.4%Trade execution prices

From October 2025 through April 2026, reconstructed annualized volume grew 237.7% at $1 face value and 170.4% at execution prices.

These measures count different dollar amounts; that difference alone does not imply fabricated trades. The later June–August combo-mix analysis is separate and does not explain the earlier growth gap.

Case 04 · Polymarket API

Selected API false positives reconciled

150of150

Selected markets reconciled

Recovering omitted maker-side fills resolved the selected false-positive signals across the tested markets.

The test covered 50 selected markets from each of three wallets. It does not establish the same API behavior for all markets, wallets, or historical flags. Independent on-chain sender tracing covered the flagship example, not all 150 markets.

Each capsule links to its full source record, methods, and current qualifications. A capsule is a route into the evidence, not a substitute for it.

03 / Engagement process

From question to evidence-backed finding.

  1. 01

    Submit a defined question

    Describe the wallet, market, financial figure, claim, or activity that needs evaluation.

  2. 02

    Establish feasibility and scope

    MSR assesses source availability, data completeness, rights and permissions, analytical boundaries, expected deliverables, and the proposed fee.

  3. 03

    Receive the documented finding

    MSR delivers the agreed work product: a supported conclusion, reconstruction, source schedule, alternative explanations, and limitations.

Read the ten-step Methodology
MSR DECODEILLUSTRATIVE MEMORANDUM

ECONOMIC RECONSTRUCTION / PUBLIC RECORD

BNB 5-minute market session

Finding$917,311.53Realized before rebates
  1. Executive finding
  2. Economic reconstruction
  3. Alternative explanations
  4. Established / not established
  5. Sources and limitations
PUBLIC MSR RESEARCH · NOT A CLIENT ENGAGEMENT

04 / Example work product

See what the research actually delivers.

Illustrative work product based on public MSR research — not a client engagement.

The sample memorandum shows how a defined finding connects the executive conclusion to the reconstruction, alternatives considered, source schedule, and limits of the record.

  • Executive finding and economic reconstruction
  • Alternative explanations and what is established
  • What is not established, sources, and limitations
Read the complete sample

05 / Start a conversation

Have a figure or claim that needs independent verification?

Tell us what you need to establish. MSR will review the initial question, assess the available evidence and scope, and explain the appropriate next step.

Request a Review An inquiry is not an accepted engagement or a promise of a particular finding. Work begins under separately agreed terms.