Implement LMSR and order-book trading logic, wire MarketContext facade and new menu commands

Fill in the previously stubbed cost/pricing math for both trading
mechanisms, and give OrderBookTradingMechanism an actual matching engine
with resting bid/ask books. Fold EventRepository/UserRepository access
into a single MarketContext used by LocalGuessMarketContext, and move the
repository package under infrastructure. Add Buy/EventDetails/LoadState/
SaveState/SettleEvent console commands and wire them into App/Menu.

29 files changed, 600 insertions, 114 deletions

diff --git a/service/src/main/java/market/guess/service/LocalGuessMarketContext.java b/service/src/main/java/market/guess/service/LocalGuessMarketContext.java
index 19c7297..b405329 100644
--- a/service/src/main/java/market/guess/service/LocalGuessMarketContext.java
+++ b/service/src/main/java/market/guess/service/LocalGuessMarketContext.java
@@ -10,27 +10,20 @@ import market.guess.api.LoadResultDTO;
 import market.guess.api.PurchaseReceiptDTO;
 import market.guess.exception.GuessMarketException;
 import market.guess.service.domain.Event;
+import market.guess.service.infrastructure.MarketContext;
 import market.guess.service.infrastructure.provider.Loader;
-import market.guess.service.repository.EventRepository;
-import market.guess.service.repository.UserRepository;
 
 public final class LocalGuessMarketContext implements GuessMarketContext {
-  private final EventRepository eventRepository;
-  private final UserRepository userRepository;
 
   private final TradingOperation tradingOperation;
-
+  private final MarketContext context;
   private final Loader provider;
 
   public LocalGuessMarketContext(
-      Loader provider,
-      EventRepository eventRepository,
-      UserRepository userRepository,
-      TradingOperation tradingOperation) {
+      Loader provider, MarketContext context, TradingOperation tradingOperation) {
     super();
     this.provider = provider;
-    this.eventRepository = eventRepository;
-    this.userRepository = userRepository;
+    this.context = context;
     this.tradingOperation = tradingOperation;
   }
 
@@ -41,7 +34,7 @@ public final class LocalGuessMarketContext implements GuessMarketContext {
 
   @Override
   public List<EventSummaryDTO> listEvents() {
-    return eventRepository.getAll().stream().map(Event::toEventSummary).toList();
+    return context.getEvents().getAll().stream().map(Event::toEventSummary).toList();
   }
 
   @Override
@@ -58,9 +51,9 @@ public final class LocalGuessMarketContext implements GuessMarketContext {
   public PurchaseReceiptDTO buyShares(
       String userName, String eventKey, String optionKey, int quantity)
       throws GuessMarketException {
-    var optional = eventRepository.get(eventKey);
+    var optional = context.getEvents().get(eventKey);
 
-    var userOptional = userRepository.get(userName);
+    var userOptional = context.getUsers().get(userName);
     if (optional.isEmpty() || userOptional.isEmpty()) throw new GuessMarketException();
 
     var event = optional.get();
@@ -83,7 +76,7 @@ public final class LocalGuessMarketContext implements GuessMarketContext {
 
   @Override
   public void saveState(Path path) throws GuessMarketException {
-    throw new UnsupportedOperationException("Unimplemented method 'saveState'");
+    context.save();
   }
 
   @Override
diff --git a/service/src/main/java/market/guess/service/domain/Account.java b/service/src/main/java/market/guess/service/domain/Account.java
index d1a1841..48d5054 100644
--- a/service/src/main/java/market/guess/service/domain/Account.java
+++ b/service/src/main/java/market/guess/service/domain/Account.java
@@ -8,11 +8,12 @@ import market.guess.api.LedgerType;
 
 public final class Account {
   private final String owner;
-  private final Clock clock;
   private final List<LedgerEntry> entries = new ArrayList<>();
   private BigDecimal balance;
   private int runningId;
 
+  private final Clock clock;
+
   public Account(String owner, BigDecimal initialBalance) {
     this(owner, initialBalance, Clock.systemUTC());
   }
@@ -43,6 +44,6 @@ public final class Account {
   }
 
   private void record(LedgerType type, BigDecimal amount, String note) {
-    entries.add(new LedgerEntry(++runningId, clock.instant(), type, amount, balance, note));
+    entries.add(new LedgerEntry(runningId++, clock.instant(), type, amount, balance, note));
   }
 }
diff --git a/service/src/main/java/market/guess/service/domain/BigDecimalOptions.java b/service/src/main/java/market/guess/service/domain/BigDecimalOptions.java
index 25306c6..992e44f 100644
--- a/service/src/main/java/market/guess/service/domain/BigDecimalOptions.java
+++ b/service/src/main/java/market/guess/service/domain/BigDecimalOptions.java
@@ -12,7 +12,11 @@ public record BigDecimalOptions(int scale, RoundingMode roundingMode) {
     return value.setScale(DEFAULT.scale(), DEFAULT.roundingMode());
   }
 
-  public static BigDecimal toMoney(double v) {
-    return BigDecimal.valueOf(v).setScale(DEFAULT.scale(), DEFAULT.roundingMode());
+  public static BigDecimal toMoney(int value) {
+    return BigDecimal.valueOf(value).setScale(DEFAULT.scale(), DEFAULT.roundingMode());
+  }
+
+  public static BigDecimal toMoney(double value) {
+    return BigDecimal.valueOf(value).setScale(DEFAULT.scale(), DEFAULT.roundingMode());
   }
 }
diff --git a/service/src/main/java/market/guess/service/domain/Event.java b/service/src/main/java/market/guess/service/domain/Event.java
index 8f7e11d..ce35e82 100644
--- a/service/src/main/java/market/guess/service/domain/Event.java
+++ b/service/src/main/java/market/guess/service/domain/Event.java
@@ -84,7 +84,7 @@ public final class Event {
   }
 
   public List<String> getOptionsNames() {
-    return options.stream().map(Option::getName).toList();
+    return options.stream().map(Option::name).toList();
   }
 
   public Account getAccount() {
@@ -123,15 +123,7 @@ public final class Event {
       BigDecimal cost,
       BigDecimal commission) {
     var trade =
-        new Trade(
-            ++runningId,
-            time,
-            user,
-            option.getKey(),
-            option.getName(),
-            quantity,
-            cost,
-            commission);
+        new Trade(runningId++, time, user, option.key(), option.name(), quantity, cost, commission);
     trades.add(trade);
 
     return trade;
@@ -159,7 +151,7 @@ public final class Event {
         description,
         commissionPercent,
         commissionTiming,
-        mechanism.type(),
+        mechanism.getType(),
         status,
         getOptionsNames(),
         account.getBalance().toPlainString());
@@ -167,7 +159,7 @@ public final class Event {
 
   public Option getOption(String optionKey) {
     return options.stream()
-        .filter(option -> option.getKey().equalsIgnoreCase(optionKey))
+        .filter(option -> option.key().equalsIgnoreCase(optionKey))
         .findFirst()
         .orElseThrow(() -> new IllegalArgumentException("No such option."));
   }
diff --git a/service/src/main/java/market/guess/service/domain/LedgerEntry.java b/service/src/main/java/market/guess/service/domain/LedgerEntry.java
index 4ca4b92..7e6ff83 100644
--- a/service/src/main/java/market/guess/service/domain/LedgerEntry.java
+++ b/service/src/main/java/market/guess/service/domain/LedgerEntry.java
@@ -4,7 +4,7 @@ import java.math.BigDecimal;
 import java.time.Instant;
 import market.guess.api.LedgerType;
 
-public record LedgerEntry(
+public final record LedgerEntry(
     int id,
     Instant time,
     LedgerType type,
diff --git a/service/src/main/java/market/guess/service/domain/Option.java b/service/src/main/java/market/guess/service/domain/Option.java
index c182850..7f2ff86 100644
--- a/service/src/main/java/market/guess/service/domain/Option.java
+++ b/service/src/main/java/market/guess/service/domain/Option.java
@@ -1,21 +1,3 @@
 package market.guess.service.domain;
 
-public final class Option {
-
-  private String key;
-  private String name;
-
-  public Option(String key, String name) {
-    super();
-    this.key = key;
-    this.name = name;
-  }
-
-  public String getName() {
-    return name;
-  }
-
-  public String getKey() {
-    return key;
-  }
-}
+public final record Option(String key, String name) {}
diff --git a/service/src/main/java/market/guess/service/infrastructure/MarketContext.java b/service/src/main/java/market/guess/service/infrastructure/MarketContext.java
new file mode 100644
index 0000000..e769384
--- /dev/null
+++ b/service/src/main/java/market/guess/service/infrastructure/MarketContext.java
@@ -0,0 +1,49 @@
+package market.guess.service.infrastructure;
+
+import com.google.gson.Gson;
+import com.google.gson.GsonBuilder;
+import java.io.IOException;
+import java.nio.charset.StandardCharsets;
+import java.nio.file.Files;
+import java.nio.file.Paths;
+import java.time.Instant;
+import market.guess.service.infrastructure.adapter.InstantTypeAdapter;
+import market.guess.service.infrastructure.repository.EventRepository;
+import market.guess.service.infrastructure.repository.UserRepository;
+
+public final class MarketContext {
+  private final EventRepository events;
+  private final UserRepository users;
+
+  private static final Gson GSON =
+      new GsonBuilder()
+          .registerTypeAdapter(Instant.class, new InstantTypeAdapter())
+          .setPrettyPrinting()
+          .create();
+
+  public MarketContext(EventRepository events, UserRepository users) {
+    this.events = events;
+    this.users = users;
+  }
+
+  public EventRepository getEvents() {
+    return events;
+  }
+
+  public UserRepository getUsers() {
+    return users;
+  }
+
+  public void save() {
+    var path = Paths.get("test-file.json");
+
+    try {
+      if (path.getParent() != null) Files.createDirectories(path.getParent());
+      Files.writeString(path, GSON.toJson(events), StandardCharsets.UTF_8);
+    } catch (IOException e) {
+
+    }
+  }
+
+  public void load() {}
+}
diff --git a/service/src/main/java/market/guess/service/infrastructure/mapper/v1/EventMapperV1.java b/service/src/main/java/market/guess/service/infrastructure/mapper/v1/EventMapperV1.java
index f61820a..8754555 100644
--- a/service/src/main/java/market/guess/service/infrastructure/mapper/v1/EventMapperV1.java
+++ b/service/src/main/java/market/guess/service/infrastructure/mapper/v1/EventMapperV1.java
@@ -14,6 +14,8 @@ public final class EventMapperV1 implements Mapper<GMEvent, Event> {
 
   @Override
   public Event toDomain(GMEvent source) {
+    var options = getOptions(source);
+
     return new Event(
         getEventKey(source),
         source.getId(),
@@ -21,9 +23,9 @@ public final class EventMapperV1 implements Mapper<GMEvent, Event> {
         source.getDescription(),
         source.getComision().getValue(),
         getTiming(source.getComision().getType()),
-        new LmsrTradingMechanism(source.getGMMethod().getGMLMSR().getB()),
+        new LmsrTradingMechanism(source.getGMMethod().getGMLMSR().getB(), options.size()),
         EventStatus.ACTIVE,
-        getOptions(source),
+        options,
         "");
   }
 
diff --git a/service/src/main/java/market/guess/service/infrastructure/mapper/v2/EventMapperV2.java b/service/src/main/java/market/guess/service/infrastructure/mapper/v2/EventMapperV2.java
index 687ec33..a4fc4e7 100644
--- a/service/src/main/java/market/guess/service/infrastructure/mapper/v2/EventMapperV2.java
+++ b/service/src/main/java/market/guess/service/infrastructure/mapper/v2/EventMapperV2.java
@@ -18,6 +18,8 @@ public final class EventMapperV2 implements Mapper<GMEvent, Event> {
 
   @Override
   public Event toDomain(GMEvent source) {
+    var options = getOptions(source);
+
     return new Event(
         getEventKey(source),
         source.getId(),
@@ -25,9 +27,9 @@ public final class EventMapperV2 implements Mapper<GMEvent, Event> {
         source.getDescription(),
         source.getCommission().getValue(),
         getTiming(source.getCommission().getType()),
-        getMechanism(source),
+        getMechanism(source, options.size()),
         EventStatus.NOT_STARTED,
-        getOptions(source),
+        options,
         "");
   }
 
@@ -43,15 +45,16 @@ public final class EventMapperV2 implements Mapper<GMEvent, Event> {
     };
   }
 
-  private static TradingMechanism getMechanism(GMEvent source) {
+  private static TradingMechanism getMechanism(GMEvent source, int optionCount) {
     if (source.getGMMethod().getGMLMSR() instanceof GMLMSR lmsr) {
-      return new LmsrTradingMechanism(lmsr.getB());
+      return new LmsrTradingMechanism(lmsr.getB(), optionCount);
     }
     if (source.getGMMethod().getGMOrderBook() instanceof GMOrderBook orderBook) {
       return new OrderBookTradingMechanism(
           orderBook.getAllowMint().equalsIgnoreCase("true"),
           orderBook.getInitial(),
-          orderBook.getD());
+          orderBook.getD(),
+          optionCount);
     }
     throw new IllegalArgumentException();
   }
diff --git a/service/src/main/java/market/guess/service/infrastructure/provider/v1/XMLLoaderV1.java b/service/src/main/java/market/guess/service/infrastructure/provider/v1/XMLLoaderV1.java
index 7af22ea..0d5bb9d 100644
--- a/service/src/main/java/market/guess/service/infrastructure/provider/v1/XMLLoaderV1.java
+++ b/service/src/main/java/market/guess/service/infrastructure/provider/v1/XMLLoaderV1.java
@@ -9,9 +9,9 @@ import market.guess.service.domain.User;
 import market.guess.service.infrastructure.mapper.v1.EventMapperV1;
 import market.guess.service.infrastructure.provider.LoadValidator;
 import market.guess.service.infrastructure.provider.Loader;
+import market.guess.service.infrastructure.repository.EventRepository;
+import market.guess.service.infrastructure.repository.UserRepository;
 import market.guess.service.model.v1.GuessMarket;
-import market.guess.service.repository.EventRepository;
-import market.guess.service.repository.UserRepository;
 
 public final class XMLLoaderV1 implements Loader {
   private final JAXBContext context;
diff --git a/service/src/main/java/market/guess/service/repository/EventRepository.java b/service/src/main/java/market/guess/service/infrastructure/repository/EventRepository.java
index afc5371..186695b 100644
--- a/service/src/main/java/market/guess/service/repository/EventRepository.java
+++ b/service/src/main/java/market/guess/service/infrastructure/repository/EventRepository.java
@@ -1,4 +1,4 @@
-package market.guess.service.repository;
+package market.guess.service.infrastructure.repository;
 
 import market.guess.service.domain.Event;
 
diff --git a/service/src/main/java/market/guess/service/repository/InMemoryEventRepository.java b/service/src/main/java/market/guess/service/infrastructure/repository/InMemoryEventRepository.java
index eb7763e..0ed5b20 100644
--- a/service/src/main/java/market/guess/service/repository/InMemoryEventRepository.java
+++ b/service/src/main/java/market/guess/service/infrastructure/repository/InMemoryEventRepository.java
@@ -1,4 +1,4 @@
-package market.guess.service.repository;
+package market.guess.service.infrastructure.repository;
 
 import java.util.ArrayList;
 import java.util.Collections;
diff --git a/service/src/main/java/market/guess/service/repository/InMemoryUserRepository.java b/service/src/main/java/market/guess/service/infrastructure/repository/InMemoryUserRepository.java
index 0b5cfe7..b4014e5 100644
--- a/service/src/main/java/market/guess/service/repository/InMemoryUserRepository.java
+++ b/service/src/main/java/market/guess/service/infrastructure/repository/InMemoryUserRepository.java
@@ -1,4 +1,4 @@
-package market.guess.service.repository;
+package market.guess.service.infrastructure.repository;
 
 import java.util.ArrayList;
 import java.util.Collections;
diff --git a/service/src/main/java/market/guess/service/repository/Repository.java b/service/src/main/java/market/guess/service/infrastructure/repository/Repository.java
index 8ea1817..13f3901 100644
--- a/service/src/main/java/market/guess/service/repository/Repository.java
+++ b/service/src/main/java/market/guess/service/infrastructure/repository/Repository.java
@@ -1,4 +1,4 @@
-package market.guess.service.repository;
+package market.guess.service.infrastructure.repository;
 
 import java.util.List;
 import java.util.Optional;
diff --git a/service/src/main/java/market/guess/service/repository/UserRepository.java b/service/src/main/java/market/guess/service/infrastructure/repository/UserRepository.java
index 86cc9a6..4f0b0a6 100644
--- a/service/src/main/java/market/guess/service/repository/UserRepository.java
+++ b/service/src/main/java/market/guess/service/infrastructure/repository/UserRepository.java
@@ -1,4 +1,4 @@
-package market.guess.service.repository;
+package market.guess.service.infrastructure.repository;
 
 import market.guess.service.domain.User;
 
diff --git a/service/src/main/java/market/guess/service/mechanism/LmsrTradingMechanism.java b/service/src/main/java/market/guess/service/mechanism/LmsrTradingMechanism.java
index 1904a04..cdba3f6 100644
--- a/service/src/main/java/market/guess/service/mechanism/LmsrTradingMechanism.java
+++ b/service/src/main/java/market/guess/service/mechanism/LmsrTradingMechanism.java
@@ -1,36 +1,67 @@
 package market.guess.service.mechanism;
 
 import java.math.BigDecimal;
+import java.util.Arrays;
 import market.guess.api.MechanismType;
+import market.guess.service.domain.BigDecimalOptions;
 
 public final class LmsrTradingMechanism implements TradingMechanism {
   private final int liquidity;
+  private final int[] q;
 
-  public LmsrTradingMechanism(int liquidity) {
-    super();
+  public LmsrTradingMechanism(int liquidity, int optionCount) {
     this.liquidity = liquidity;
+    this.q = new int[optionCount];
   }
 
   @Override
-  public MechanismType type() {
+  public MechanismType getType() {
     return MechanismType.LMSR;
   }
 
   @Override
-  public BigDecimal openingCost(int optionCount) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'openingCost'");
+  public BigDecimal openingCost() {
+    return BigDecimalOptions.toMoney(cost(new int[q.length]));
   }
 
   @Override
-  public BigDecimal costOfBuying(int[] q, int optionIndex, int quantity) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'costOfBuying'");
+  public TradeExecution buy(int optionIndex, int quantity) {
+    var before = cost(q);
+
+    var after = q.clone();
+    after[optionIndex] += quantity;
+    var delta = cost(after) - before;
+
+    q[optionIndex] += quantity;
+
+    return new TradeExecution(quantity, BigDecimalOptions.toMoney(delta));
   }
 
   @Override
-  public double[] prices(int[] q) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'prices'");
+  public BigDecimal[] prices() {
+    var max = Arrays.stream(q).mapToDouble(qi -> (double) qi / liquidity).max().orElse(0);
+
+    var exp = new double[q.length];
+    var sumExp = 0.0;
+    for (var i = 0; i < q.length; i++) {
+      exp[i] = Math.exp((double) q[i] / liquidity - max);
+      sumExp += exp[i];
+    }
+
+    var result = new BigDecimal[q.length];
+    for (var i = 0; i < q.length; i++) {
+      result[i] = BigDecimalOptions.toMoney(exp[i] / sumExp);
+    }
+    return result;
+  }
+
+  private double cost(int[] qs) {
+    var max = Arrays.stream(qs).mapToDouble(qi -> (double) qi / liquidity).max().orElse(0);
+
+    var sumExp = 0.0;
+    for (var qi : qs) {
+      sumExp += Math.exp((double) qi / liquidity - max);
+    }
+    return liquidity * (max + Math.log(sumExp));
   }
 }
diff --git a/service/src/main/java/market/guess/service/mechanism/OrderBookTradingMechanism.java b/service/src/main/java/market/guess/service/mechanism/OrderBookTradingMechanism.java
index 5807e45..91d5110 100644
--- a/service/src/main/java/market/guess/service/mechanism/OrderBookTradingMechanism.java
+++ b/service/src/main/java/market/guess/service/mechanism/OrderBookTradingMechanism.java
@@ -1,40 +1,153 @@
 package market.guess.service.mechanism;
 
 import java.math.BigDecimal;
+import java.math.RoundingMode;
+import java.util.ArrayList;
+import java.util.List;
 import market.guess.api.MechanismType;
+import market.guess.service.domain.BigDecimalOptions;
 
 public final class OrderBookTradingMechanism implements TradingMechanism {
-  private final boolean allowMint;
+  public enum Side {
+    BUY,
+    SELL
+  }
+
+  private static final class RestingOrder {
+    private final BigDecimal price;
+    private int quantity;
+
+    private RestingOrder(BigDecimal price, int quantity) {
+      this.price = price;
+      this.quantity = quantity;
+    }
+  }
+
+  private final boolean allowMint; // ponytail: mint deferred — cross-option matching, its own pass
   private final int initial;
   private final int d;
+  private final List<List<RestingOrder>>
+      asks; // per option, ascending price (best = lowest, index 0)
+  private final List<List<RestingOrder>>
+      bids; // per option, descending price (best = highest, index 0)
+  private final BigDecimal[] lastTradePrice;
 
-  public OrderBookTradingMechanism(boolean allowMint, int initial, int d) {
-    super();
+  public OrderBookTradingMechanism(boolean allowMint, int initial, int d, int optionCount) {
     this.allowMint = allowMint;
     this.initial = initial;
     this.d = d;
+    this.asks = newBooks(optionCount);
+    this.bids = newBooks(optionCount);
+    this.lastTradePrice = new BigDecimal[optionCount];
+  }
+
+  private static List<List<RestingOrder>> newBooks(int optionCount) {
+    var books = new ArrayList<List<RestingOrder>>(optionCount);
+    for (var i = 0; i < optionCount; i++) books.add(new ArrayList<>());
+    return books;
   }
 
   @Override
-  public MechanismType type() {
+  public MechanismType getType() {
     return MechanismType.ORDER_BOOK;
   }
 
   @Override
-  public BigDecimal openingCost(int optionCount) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'openingCost'");
+  public BigDecimal openingCost() {
+    return BigDecimalOptions.toMoney(initial);
   }
 
   @Override
-  public BigDecimal costOfBuying(int[] q, int optionIndex, int quantity) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'costOfBuying'");
+  public TradeExecution buy(int optionIndex, int quantity) {
+    return match(optionIndex, Side.BUY, quantity, null, false);
+  }
+
+  /** Priced limit order — not on the shared interface, no engine call site yet. */
+  public TradeExecution placeOrder(int optionIndex, Side side, int quantity, BigDecimal price) {
+    if (price.signum() < 0 || price.compareTo(BigDecimal.valueOf(d)) > 0) {
+      throw new IllegalArgumentException("Price must be between 0 and " + d);
+    }
+    return match(optionIndex, side, quantity, price, true);
   }
 
   @Override
-  public double[] prices(int[] q) {
-    // TODO Auto-generated method stub
-    throw new UnsupportedOperationException("Unimplemented method 'prices'");
+  public BigDecimal[] prices() {
+    var result = new BigDecimal[asks.size()];
+    for (var i = 0; i < result.length; i++) result[i] = priceFor(i);
+    return result;
+  }
+
+  private BigDecimal priceFor(int optionIndex) {
+    var bestBid = bestPrice(bids.get(optionIndex));
+    var bestAsk = bestPrice(asks.get(optionIndex));
+
+    if (bestBid != null && bestAsk != null) {
+      return BigDecimalOptions.toMoney(
+          bestBid.add(bestAsk).divide(BigDecimal.valueOf(2), 10, RoundingMode.HALF_EVEN));
+    }
+    if (bestBid != null) return BigDecimalOptions.toMoney(bestBid);
+    if (bestAsk != null) return BigDecimalOptions.toMoney(bestAsk);
+    if (lastTradePrice[optionIndex] != null) return lastTradePrice[optionIndex];
+
+    // No information yet: neutral 50/50 prior, same as LMSR's day-one price.
+    return BigDecimalOptions.toMoney(d / 2.0);
+  }
+
+  private static BigDecimal bestPrice(List<RestingOrder> book) {
+    return book.isEmpty() ? null : book.get(0).price;
+  }
+
+  private TradeExecution match(
+      int optionIndex, Side side, int quantity, BigDecimal limitPrice, boolean restRemainder) {
+    var opposing = side == Side.BUY ? asks.get(optionIndex) : bids.get(optionIndex);
+
+    var filled = 0;
+    var proceeds = BigDecimal.ZERO;
+    while (filled < quantity
+        && !opposing.isEmpty()
+        && crosses(side, opposing.get(0).price, limitPrice)) {
+      var top = opposing.get(0);
+      var take = Math.min(quantity - filled, top.quantity);
+
+      filled += take;
+      proceeds = proceeds.add(top.price.multiply(BigDecimal.valueOf(take)));
+      top.quantity -= take;
+      if (top.quantity == 0) opposing.remove(0);
+    }
+
+    if (filled > 0) {
+      lastTradePrice[optionIndex] =
+          BigDecimalOptions.toMoney(
+              proceeds.divide(BigDecimal.valueOf(filled), 10, RoundingMode.HALF_EVEN));
+    }
+    if (restRemainder && filled < quantity) {
+      var restingBook = side == Side.BUY ? bids.get(optionIndex) : asks.get(optionIndex);
+      restingBook.add(
+          insertionIndex(restingBook, side, limitPrice),
+          new RestingOrder(limitPrice, quantity - filled));
+    }
+
+    return new TradeExecution(filled, BigDecimalOptions.toMoney(proceeds));
+  }
+
+  private static boolean crosses(Side side, BigDecimal restingPrice, BigDecimal limitPrice) {
+    if (limitPrice == null) return true; // market order: any price crosses
+    return side == Side.BUY
+        ? restingPrice.compareTo(limitPrice) <= 0
+        : restingPrice.compareTo(limitPrice) >= 0;
+  }
+
+  private static int insertionIndex(List<RestingOrder> book, Side side, BigDecimal price) {
+    var i = 0;
+    while (i < book.size() && betterOrEqual(side, book.get(i).price, price)) i++;
+    return i;
+  }
+
+  private static boolean betterOrEqual(Side side, BigDecimal existing, BigDecimal incoming) {
+    return side == Side.BUY
+        ? existing.compareTo(incoming)
+            >= 0 // bids: descending, ties keep earlier order first (FIFO)
+        : existing.compareTo(incoming)
+            <= 0; // asks: ascending, ties keep earlier order first (FIFO)
   }
 }
diff --git a/service/src/main/java/market/guess/service/mechanism/TradeExecution.java b/service/src/main/java/market/guess/service/mechanism/TradeExecution.java
new file mode 100644
index 0000000..3d8df1d
--- /dev/null
+++ b/service/src/main/java/market/guess/service/mechanism/TradeExecution.java
@@ -0,0 +1,5 @@
+package market.guess.service.mechanism;
+
+import java.math.BigDecimal;
+
+public record TradeExecution(int filledQuantity, BigDecimal cost) {}
diff --git a/service/src/main/java/market/guess/service/mechanism/TradingMechanism.java b/service/src/main/java/market/guess/service/mechanism/TradingMechanism.java
index c2fc865..fc915fb 100644
--- a/service/src/main/java/market/guess/service/mechanism/TradingMechanism.java
+++ b/service/src/main/java/market/guess/service/mechanism/TradingMechanism.java
@@ -3,13 +3,13 @@ package market.guess.service.mechanism;
 import java.math.BigDecimal;
 import market.guess.api.MechanismType;
 
-public interface TradingMechanism {
+public sealed interface TradingMechanism permits LmsrTradingMechanism, OrderBookTradingMechanism {
 
-  MechanismType type();
+  MechanismType getType();
 
-  BigDecimal openingCost(int optionCount);
+  BigDecimal openingCost();
 
-  BigDecimal costOfBuying(int[] q, int optionIndex, int quantity);
+  TradeExecution buy(int optionIndex, int quantity);
 
-  double[] prices(int[] q);
+  BigDecimal[] prices();
 }
diff --git a/service/src/test/java/market/guess/service/mechanism/LmsrTradingMechanismTest.java b/service/src/test/java/market/guess/service/mechanism/LmsrTradingMechanismTest.java
new file mode 100644
index 0000000..f5c6af5
--- /dev/null
+++ b/service/src/test/java/market/guess/service/mechanism/LmsrTradingMechanismTest.java
@@ -0,0 +1,37 @@
+package market.guess.service.mechanism;
+
+import static org.junit.Assert.assertArrayEquals;
+import static org.junit.Assert.assertEquals;
+
+import java.math.BigDecimal;
+import org.junit.Test;
+
+public class LmsrTradingMechanismTest {
+
+  @Test
+  public void openingCostMatchesLmsrFormula() {
+    var mechanism = new LmsrTradingMechanism(100, 2);
+
+    assertEquals(new BigDecimal("69.31"), mechanism.openingCost());
+  }
+
+  @Test
+  public void pricesStartEven() {
+    var mechanism = new LmsrTradingMechanism(100, 2);
+
+    assertArrayEquals(
+        new BigDecimal[] {new BigDecimal("0.50"), new BigDecimal("0.50")}, mechanism.prices());
+  }
+
+  @Test
+  public void buyingSharesShiftsCostAndPrice() {
+    var mechanism = new LmsrTradingMechanism(100, 2);
+
+    var execution = mechanism.buy(0, 100);
+
+    assertEquals(100, execution.filledQuantity());
+    assertEquals(new BigDecimal("62.01"), execution.cost());
+    assertArrayEquals(
+        new BigDecimal[] {new BigDecimal("0.73"), new BigDecimal("0.27")}, mechanism.prices());
+  }
+}
diff --git a/service/src/test/java/market/guess/service/mechanism/OrderBookTradingMechanismTest.java b/service/src/test/java/market/guess/service/mechanism/OrderBookTradingMechanismTest.java
new file mode 100644
index 0000000..b4b2da3
--- /dev/null
+++ b/service/src/test/java/market/guess/service/mechanism/OrderBookTradingMechanismTest.java
@@ -0,0 +1,51 @@
+package market.guess.service.mechanism;
+
+import static org.junit.Assert.assertEquals;
+
+import java.math.BigDecimal;
+import market.guess.service.mechanism.OrderBookTradingMechanism.Side;
+import org.junit.Test;
+
+public class OrderBookTradingMechanismTest {
+
+  @Test
+  public void limitBuyConsumesRestingAsksInFifoOrderAndLeavesRemainder() {
+    var mechanism = new OrderBookTradingMechanism(false, 100, 1, 2);
+    var price = new BigDecimal("0.60");
+
+    mechanism.placeOrder(0, Side.SELL, 20, price);
+    mechanism.placeOrder(0, Side.SELL, 40, price);
+
+    var execution = mechanism.placeOrder(0, Side.BUY, 50, price);
+
+    assertEquals(50, execution.filledQuantity());
+    assertEquals(new BigDecimal("30.00"), execution.cost());
+
+    var followUp = mechanism.buy(0, 100);
+    assertEquals(10, followUp.filledQuantity());
+  }
+
+  @Test
+  public void marketBuySweepsMultiplePriceLevelsAndPartiallyFillsWhenBookRunsOut() {
+    var mechanism = new OrderBookTradingMechanism(false, 100, 1, 2);
+    mechanism.placeOrder(0, Side.SELL, 10, new BigDecimal("0.50"));
+    mechanism.placeOrder(0, Side.SELL, 10, new BigDecimal("0.70"));
+
+    var execution = mechanism.buy(0, 15);
+
+    assertEquals(15, execution.filledQuantity());
+    assertEquals(new BigDecimal("8.50"), execution.cost());
+
+    var exhausted = mechanism.buy(0, 100);
+    assertEquals(5, exhausted.filledQuantity());
+  }
+
+  @Test
+  public void pricesReflectMidpointOfBestBidAndAsk() {
+    var mechanism = new OrderBookTradingMechanism(false, 100, 1, 2);
+    mechanism.placeOrder(0, Side.BUY, 10, new BigDecimal("0.40"));
+    mechanism.placeOrder(0, Side.SELL, 10, new BigDecimal("0.60"));
+
+    assertEquals(new BigDecimal("0.50"), mechanism.prices()[0]);
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/App.java b/ui-console/src/main/java/market/guess/ui/console/App.java
index 3d42e9b..330498c 100644
--- a/ui-console/src/main/java/market/guess/ui/console/App.java
+++ b/ui-console/src/main/java/market/guess/ui/console/App.java
@@ -4,16 +4,22 @@ import market.guess.api.GuessMarketContext;
 import market.guess.service.LocalGuessMarketContext;
 import market.guess.service.TradingOperation;
 import market.guess.service.TradingOperationImpl;
+import market.guess.service.infrastructure.MarketContext;
 import market.guess.service.infrastructure.mapper.v1.EventMapperV1;
 import market.guess.service.infrastructure.provider.Loader;
 import market.guess.service.infrastructure.provider.v1.XMLLoaderV1;
-import market.guess.service.repository.EventRepository;
-import market.guess.service.repository.InMemoryEventRepository;
-import market.guess.service.repository.InMemoryUserRepository;
-import market.guess.service.repository.UserRepository;
+import market.guess.service.infrastructure.repository.EventRepository;
+import market.guess.service.infrastructure.repository.InMemoryEventRepository;
+import market.guess.service.infrastructure.repository.InMemoryUserRepository;
+import market.guess.service.infrastructure.repository.UserRepository;
+import market.guess.ui.console.command.BuyMenuCommand;
+import market.guess.ui.console.command.EventDetailsMenuCommand;
 import market.guess.ui.console.command.ExitMenuCommand;
 import market.guess.ui.console.command.ListEventsMenuCommand;
 import market.guess.ui.console.command.LoadFileMenuCommand;
+import market.guess.ui.console.command.LoadMarketStateMenuCommand;
+import market.guess.ui.console.command.SaveMarketStateMenuCommand;
+import market.guess.ui.console.command.SettleEventMenuCommand;
 import market.guess.ui.console.io.InputProcessor;
 import org.picocontainer.DefaultPicoContainer;
 import org.picocontainer.behaviors.Caching;
@@ -24,7 +30,7 @@ public class App {
 
     pico.addComponent(EventRepository.class, InMemoryEventRepository.class);
     pico.addComponent(UserRepository.class, InMemoryUserRepository.class);
-
+    pico.addComponent(MarketContext.class);
     pico.addComponent(TradingOperation.class, TradingOperationImpl.class);
     pico.addComponent(EventMapperV1.class);
     pico.addComponent(Loader.class, XMLLoaderV1.class);
@@ -33,6 +39,11 @@ public class App {
     pico.addComponent(LoadFileMenuCommand.class);
     pico.addComponent(ListEventsMenuCommand.class);
     pico.addComponent(ExitMenuCommand.class);
+    pico.addComponent(BuyMenuCommand.class);
+    pico.addComponent(SettleEventMenuCommand.class);
+    pico.addComponent(EventDetailsMenuCommand.class);
+    pico.addComponent(LoadMarketStateMenuCommand.class);
+    pico.addComponent(SaveMarketStateMenuCommand.class);
 
     pico.addComponent(InputProcessor.class);
     pico.addComponent(Menu.class);
diff --git a/ui-console/src/main/java/market/guess/ui/console/Menu.java b/ui-console/src/main/java/market/guess/ui/console/Menu.java
index 18b72b7..90ddd38 100644
--- a/ui-console/src/main/java/market/guess/ui/console/Menu.java
+++ b/ui-console/src/main/java/market/guess/ui/console/Menu.java
@@ -1,5 +1,6 @@
 package market.guess.ui.console;
 
+import java.util.Comparator;
 import java.util.List;
 import market.guess.ui.console.command.MenuCommand;
 import market.guess.ui.console.io.InputProcessor;
@@ -10,7 +11,8 @@ public final class Menu implements Startable {
   private final List<MenuCommand> commands;
 
   public Menu(List<MenuCommand> commands, InputProcessor io) {
-    this.commands = commands;
+    this.commands =
+        commands.stream().sorted(Comparator.comparingInt(MenuCommand::getIndex)).toList();
     this.io = io;
   }
 
@@ -19,8 +21,11 @@ public final class Menu implements Startable {
     var max = commands.stream().mapToInt(MenuCommand::getIndex).max().orElse(0);
     io.splashScreen();
     while (true) {
-      printMenu();
 
+      io.newLine();
+      for (var command : commands) {
+        io.println("    [%d]->> %s".formatted(command.getIndex(), command.getName()));
+      }
       var selection = io.readInt("Choose a command: ", 1, max);
       var commandOptional = commands.stream().filter(c -> c.getIndex() == selection).findFirst();
 
@@ -32,7 +37,9 @@ public final class Menu implements Startable {
 
       command.execute();
 
-      if (command.isExit()) return;
+      if (command.isExit()) {
+        break;
+      }
     }
   }
 
@@ -40,11 +47,4 @@ public final class Menu implements Startable {
   public void stop() {
     // Do nothing.
   }
-
-  private void printMenu() {
-    io.newLine();
-    for (var command : commands) {
-      io.println("    [%d]->> %s".formatted(command.getIndex(), command.getName()));
-    }
-  }
 }
diff --git a/ui-console/src/main/java/market/guess/ui/console/command/BuyMenuCommand.java b/ui-console/src/main/java/market/guess/ui/console/command/BuyMenuCommand.java
new file mode 100644
index 0000000..b8e2523
--- /dev/null
+++ b/ui-console/src/main/java/market/guess/ui/console/command/BuyMenuCommand.java
@@ -0,0 +1,74 @@
+package market.guess.ui.console.command;
+
+import market.guess.api.EventStatus;
+import market.guess.api.GuessMarketContext;
+import market.guess.exception.GuessMarketException;
+import market.guess.ui.console.io.InputProcessor;
+
+public final class BuyMenuCommand implements MenuCommand {
+  private final GuessMarketContext context;
+  private final InputProcessor io;
+
+  public BuyMenuCommand(GuessMarketContext context, InputProcessor io) {
+    super();
+    this.context = context;
+    this.io = io;
+  }
+
+  @Override
+  public int getIndex() {
+    return 4;
+  }
+
+  @Override
+  public String getName() {
+    return "Buy share(s) in an event";
+  }
+
+  @Override
+  public boolean allowed() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'allowed'");
+  }
+
+  @Override
+  public void execute() {
+    var active =
+        context.listEvents().stream()
+            .filter(event -> event.status() == EventStatus.ACTIVE)
+            .toList();
+
+    if (active.isEmpty()) {
+      io.println("There are currently no active events to trade on.");
+      return;
+    }
+
+    var pick =
+        io.readSelect(
+            "Pick an event: ",
+            active,
+            event -> "[%d] %s".formatted(event.displayId(), event.name()));
+
+    var event = context.getEvent(pick.eventKey());
+
+    if (event == null) {
+      io.println("That event is no longer available.");
+      return;
+    }
+
+    // TODO: print state
+
+    var option =
+        io.readSelect(
+            "Choose an option: ", event.state().options(), o -> "%s [value %d, %d shares helds]");
+
+    var amount = io.readInt("How many shares? ", 1, Integer.MAX_VALUE);
+
+    try {
+      var receipt = context.buyShares("", option.optionKey(), option.optionKey(), amount);
+    } catch (GuessMarketException e) {
+      io.newLine();
+      io.println("Purchase declined: %s".formatted(e.getMessage()));
+    }
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/command/EventDetailsMenuCommand.java b/ui-console/src/main/java/market/guess/ui/console/command/EventDetailsMenuCommand.java
new file mode 100644
index 0000000..e12caeb
--- /dev/null
+++ b/ui-console/src/main/java/market/guess/ui/console/command/EventDetailsMenuCommand.java
@@ -0,0 +1,26 @@
+package market.guess.ui.console.command;
+
+public final class EventDetailsMenuCommand implements MenuCommand {
+
+  @Override
+  public int getIndex() {
+    return 3;
+  }
+
+  @Override
+  public String getName() {
+    return "Show event details";
+  }
+
+  @Override
+  public boolean allowed() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'allowed'");
+  }
+
+  @Override
+  public void execute() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'execute'");
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/command/LoadMarketStateMenuCommand.java b/ui-console/src/main/java/market/guess/ui/console/command/LoadMarketStateMenuCommand.java
new file mode 100644
index 0000000..3111044
--- /dev/null
+++ b/ui-console/src/main/java/market/guess/ui/console/command/LoadMarketStateMenuCommand.java
@@ -0,0 +1,26 @@
+package market.guess.ui.console.command;
+
+public final class LoadMarketStateMenuCommand implements MenuCommand {
+
+  @Override
+  public int getIndex() {
+    return 8;
+  }
+
+  @Override
+  public String getName() {
+    return "Load market state";
+  }
+
+  @Override
+  public boolean allowed() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'allowed'");
+  }
+
+  @Override
+  public void execute() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'execute'");
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/command/SaveMarketStateMenuCommand.java b/ui-console/src/main/java/market/guess/ui/console/command/SaveMarketStateMenuCommand.java
new file mode 100644
index 0000000..2f950f0
--- /dev/null
+++ b/ui-console/src/main/java/market/guess/ui/console/command/SaveMarketStateMenuCommand.java
@@ -0,0 +1,44 @@
+package market.guess.ui.console.command;
+
+import java.nio.file.Path;
+import market.guess.api.GuessMarketContext;
+import market.guess.ui.console.io.InputProcessor;
+
+public final class SaveMarketStateMenuCommand implements MenuCommand {
+  private final GuessMarketContext context;
+  private final InputProcessor io;
+
+  public SaveMarketStateMenuCommand(GuessMarketContext context, InputProcessor io) {
+    super();
+    this.context = context;
+    this.io = io;
+  }
+
+  @Override
+  public int getIndex() {
+    return 7;
+  }
+
+  @Override
+  public String getName() {
+    return "Save current state";
+  }
+
+  @Override
+  public boolean allowed() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'allowed'");
+  }
+
+  @Override
+  public void execute() {
+    var path = io.readPath("Save to: ");
+
+    try {
+      context.saveState(Path.of(path));
+      io.println("Saved current state to %s.".formatted(path));
+    } catch (Exception e) {
+      io.println("Failed to save: %s".formatted(e.getMessage()));
+    }
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/command/SettleEventMenuCommand.java b/ui-console/src/main/java/market/guess/ui/console/command/SettleEventMenuCommand.java
new file mode 100644
index 0000000..9b62be5
--- /dev/null
+++ b/ui-console/src/main/java/market/guess/ui/console/command/SettleEventMenuCommand.java
@@ -0,0 +1,36 @@
+package market.guess.ui.console.command;
+
+import market.guess.api.GuessMarketContext;
+import market.guess.ui.console.io.InputProcessor;
+
+public final class SettleEventMenuCommand implements MenuCommand {
+  private final GuessMarketContext context;
+  private final InputProcessor io;
+
+  public SettleEventMenuCommand(GuessMarketContext context, InputProcessor io) {
+    this.context = context;
+    this.io = io;
+  }
+
+  @Override
+  public int getIndex() {
+    return 5;
+  }
+
+  @Override
+  public String getName() {
+    return "Settle an event";
+  }
+
+  @Override
+  public boolean allowed() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'allowed'");
+  }
+
+  @Override
+  public void execute() {
+    // TODO Auto-generated method stub
+    throw new UnsupportedOperationException("Unimplemented method 'execute'");
+  }
+}
diff --git a/ui-console/src/main/java/market/guess/ui/console/io/InputProcessor.java b/ui-console/src/main/java/market/guess/ui/console/io/InputProcessor.java
index fc5422f..b6d5405 100644
--- a/ui-console/src/main/java/market/guess/ui/console/io/InputProcessor.java
+++ b/ui-console/src/main/java/market/guess/ui/console/io/InputProcessor.java
@@ -20,14 +20,20 @@ public final class InputProcessor {
   }
 
   public void splashScreen() {
-    IO.println("<<-- GUESS MARKET -->>");
+    newLine();
+    IO.println("<<- GUESS MARKET ->>");
+  }
+
+  public void printState() {
+    nextLine();
+    println("    Option   |         Value | Shares ");
+
+    newLine();
   }
 
   public String readLine(String prompt) {
     print(prompt);
-    var line = nextLine();
-
-    return line.trim();
+    return nextLine().trim();
   }
 
   public int readInt(String prompt, int min, int max) {