> For the complete documentation index, see [llms.txt](https://docs.butter.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.butter.markets/welcome/readme.md).

# About Butter

**Butter is a conditionals exchange.**

Conditionals let you trade the forecasted price of an asset conditional on the outcome of an event. Each outcome has its own branch with a branch price reflecting what the market expects the asset to be worth if that outcome occurs. Positions in unrealized branches expire worthless; the realized branch settles to the observed price.

See [What are conditionals?](/welcome/what-are-conditionals-1.md) to learn more, or jump to [Getting started](/user-guide/getting-started.md) to begin trading.