> For the complete documentation index, see [llms.txt](https://docs.punch.win/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.punch.win/market-structure/clp.md).

# CLP

On PUNCH.WIN, supported markets go live with a working orderbook — quotes on both sides from the moment a market opens, no waiting for a counterparty. That liquidity is provided by the CROSS Liquidity Provider Vault (CLP), a protocol-managed market maker that populates eligible markets with live quotes.

As a market trades, CLP's quotes adjust automatically, and user orders layer on top. CLP is purpose-built for prediction markets. Unlike inventory-based market makers that manage price exposure, it manages settlement risk — the all-or-nothing payout structure specific to event-resolved markets. Each market CLP supports is backed by a dedicated capital allocation with a defined worst-case payout obligation, so vault exposure stays capped regardless of how the book trades.

CLP is currently live on a subset of PUNCH.WIN markets and in active beta. Coverage will grow over time as more markets become eligible. A way for community participants to deposit into CLP and share in its returns is in development and will be announced when it's ready.