# Single-Branch mode

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Multi-Branch mode keeps collateral across branches, while Single-Branch mode trades it into one branch before opening a position there.
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This guide describes Multi-Branch and Single-Branch modes for event conditionals.

## Definitions

Multi-Branch mode lets you split collateral across branches. This supports hedging and lets you take independent views in different branches.

Single-Branch mode lets you concentrate collateral into a single branch. This supports speculation and lets you take larger positions in the branch you select.

## How Multi-Branch mode works

In Multi-Branch mode, you open positions while keeping conditional USDC spread across all branches for the event.

You trade within branches. You do not trade conditional USDC between branches.

## How Single-Branch mode works

In Single-Branch mode, you concentrate all of your collateral into a selected branch before opening or increasing a position in that branch.

Conceptually, this flow has two stages:

1. Mint conditional USDC across all branches for the event–asset pair, as part of opening or adjusting exposure.
2. Trade the conditional USDC in all other branches into conditional USDC in the selected branch, so that most of the collateral ends up in that branch, then use it to open the position there.

This concentrates your collateral into one branch and eliminates your conditional USDC in the other branches.

## Settlement outcomes

At settlement, only one branch is realized.

Positions in unrealized branches expire worthless.

Your refund depends on how much conditional USDC you still hold in the realized branch after concentrating into one branch.

If you concentrate into a branch that is not realized, then your collateral in the realized branch is lower than it would be in Multi-Branch mode, because you traded it away when you concentrated.
