# Fast markets

> Short-round markets that open and close every few minutes, and how trading rules change near the end of a round.

## What fast markets are

Fast markets are short rounds on a repeating schedule. Each round asks a quick question, for example whether an asset will be higher or lower when the round ends. When one round closes, the next one opens.

Rounds currently come in three lengths:

- 5 minutes
- 15 minutes
- 1 hour

On a fast market's page you see a countdown to the end of the round and a strip of the previous and next rounds. You buy YES or NO shares as in any other market. See [Placing orders](/trading/placing-orders/).

## The final seconds of a round

The last seconds of a 5-minute or 15-minute round have special rules. Currently:

- **Limit orders** are turned off in the final 10 seconds before the round closes. The trade panel shows: "Limit orders are disabled in the final 10s before this market closes — use a market order." A limit order that is still waiting at close cannot fill, so use a market order instead.
- **Selling** is turned off in the same final window. The sell button in your [portfolio](/portfolio/) is disabled and shows "Market is settling — cannot trade".
- **Buying with a market order** stays available while the market still has offers to buy from. In the last seconds the offers can disappear. If you cannot buy, the panel shows: "Market is settling — trading is ending and orders may no longer fill. Your balance is untouched."

If an order is refused because the round is ending, nothing is charged.

The 10-second window may change. The panel always shows the current value in its message.

Hourly rounds show the same round strip, but the 10-second rules above apply only to 5-minute and 15-minute rounds.

## While a round is ending

In the last seconds the price shown for a position may not be a price you can trade at. Doxa then keeps showing the last tradable value for your position instead of a live price that nobody can trade against.

After the round closes, the market resolves and your shares are paid out or expire worthless. See [Settlement and payouts](/settlement-and-payouts/).

## Tips

- Place your order a little before the countdown ends. Do not wait for the last seconds.
- Use a market order if you need to get in late.
- Check the countdown before you submit. Rounds close on time, even if you are in the middle of an order.