diff --git a/common/antes.ts b/common/antes.ts
index 0b7cb1b3..e2c7028c 100644
--- a/common/antes.ts
+++ b/common/antes.ts
@@ -3,7 +3,8 @@ import { getProbability } from './calculate'
 import { Contract } from './contract'
 import { User } from './user'
 
-export const PHANTOM_ANTE = 200
+export const PHANTOM_ANTE = 100
+export const MINIMUM_ANTE = 10
 
 export const calcStartPool = (initialProbInt: number, ante = 0) => {
   const p = initialProbInt / 100.0
diff --git a/functions/src/create-contract.ts b/functions/src/create-contract.ts
index 779b38d4..e588f42b 100644
--- a/functions/src/create-contract.ts
+++ b/functions/src/create-contract.ts
@@ -6,7 +6,7 @@ import { Contract } from '../../common/contract'
 import { slugify } from '../../common/util/slugify'
 import { randomString } from '../../common/util/random-string'
 import { getNewContract } from '../../common/new-contract'
-import { getAnteBets } from '../../common/antes'
+import { getAnteBets, MINIMUM_ANTE } from '../../common/antes'
 
 export const createContract = functions
   .runWith({ minInstances: 1 })
@@ -32,9 +32,15 @@ export const createContract = functions
       if (!question || !initialProb)
         return { status: 'error', message: 'Missing contract attributes' }
 
+      if (initialProb < 1 || initialProb > 99)
+        return { status: 'error', message: 'Invalid initial probability' }
+
       if (
-        ante !== undefined &&
-        (ante < 0 || ante > creator.balance || isNaN(ante) || !isFinite(ante))
+        ante === undefined ||
+        ante < MINIMUM_ANTE ||
+        ante > creator.balance ||
+        isNaN(ante) ||
+        !isFinite(ante)
       )
         return { status: 'error', message: 'Invalid ante' }
 
diff --git a/web/components/amount-input.tsx b/web/components/amount-input.tsx
index 205c68b6..ccbce060 100644
--- a/web/components/amount-input.tsx
+++ b/web/components/amount-input.tsx
@@ -10,6 +10,7 @@ export function AmountInput(props: {
   onChange: (newAmount: number | undefined) => void
   error: string | undefined
   setError: (error: string | undefined) => void
+  minimumAmount?: number
   disabled?: boolean
   className?: string
   inputClassName?: string
@@ -22,6 +23,7 @@ export function AmountInput(props: {
     disabled,
     className,
     inputClassName,
+    minimumAmount,
   } = props
 
   const user = useUser()
@@ -33,11 +35,16 @@ export function AmountInput(props: {
 
     onChange(str ? amount : undefined)
 
-    if (user && user.balance < amount) setError('Insufficient balance')
-    else setError(undefined)
+    if (user && user.balance < amount) {
+      setError('Insufficient balance')
+    } else if (minimumAmount && amount < minimumAmount) {
+      setError('Minimum amount: ' + formatMoney(minimumAmount))
+    } else {
+      setError(undefined)
+    }
   }
 
-  const remainingBalance = (user?.balance ?? 0) - (amount ?? 0)
+  const remainingBalance = Math.max(0, (user?.balance ?? 0) - (amount ?? 0))
 
   return (
     <Col className={className}>
@@ -57,22 +64,22 @@ export function AmountInput(props: {
           onChange={(e) => onAmountChange(e.target.value)}
         />
       </label>
-      {user &&
-        (error ? (
-          <div className="font-medium tracking-wide text-red-500 text-xs whitespace-nowrap mr-auto self-center mt-4">
-            {error}
+      {error && (
+        <div className="font-medium tracking-wide text-red-500 text-xs whitespace-nowrap mr-auto self-center mt-4">
+          {error}
+        </div>
+      )}
+      {user && (
+        <Col className="text-sm mt-3">
+          <div className="text-gray-500 whitespace-nowrap mb-2">
+            Remaining balance
           </div>
-        ) : (
-          <Col className="text-sm mt-3">
-            <div className="text-gray-500 whitespace-nowrap mb-2">
-              Remaining balance
-            </div>
-            <Row className="gap-4">
-              <div>{formatMoney(Math.floor(remainingBalance))}</div>
-              {user.balance !== 1000 && <AddFundsButton />}
-            </Row>
-          </Col>
-        ))}
+          <Row className="gap-4">
+            <div>{formatMoney(Math.floor(remainingBalance))}</div>
+            {user.balance !== 1000 && <AddFundsButton />}
+          </Row>
+        </Col>
+      )}
     </Col>
   )
 }
diff --git a/web/pages/create.tsx b/web/pages/create.tsx
index 7cb0f6e1..d25612c4 100644
--- a/web/pages/create.tsx
+++ b/web/pages/create.tsx
@@ -9,10 +9,10 @@ import { Title } from '../components/title'
 import { useUser } from '../hooks/use-user'
 import { Contract, contractPath } from '../lib/firebase/contracts'
 import { Page } from '../components/page'
-import { AdvancedPanel } from '../components/advanced-panel'
 import { createContract } from '../lib/firebase/api-call'
 import { Row } from '../components/layout/row'
 import { AmountInput } from '../components/amount-input'
+import { MINIMUM_ANTE } from '../../common/antes'
 
 // Allow user to create a new contract
 export default function NewContract() {
@@ -23,8 +23,7 @@ export default function NewContract() {
   }, [creator])
 
   useEffect(() => {
-    // warm up function
-    createContract({}).catch()
+    createContract({}).catch() // warm up function
   }, [])
 
   const [initialProb, setInitialProb] = useState(50)
@@ -32,6 +31,13 @@ export default function NewContract() {
   const [description, setDescription] = useState('')
 
   const [ante, setAnte] = useState<number | undefined>(undefined)
+  useEffect(() => {
+    if (creator) {
+      const initialAnte = creator.balance < 100 ? 10 : 100
+      setAnte(initialAnte)
+    }
+  }, [creator])
+
   const [anteError, setAnteError] = useState<string | undefined>()
   const [closeDate, setCloseDate] = useState('')
 
@@ -41,14 +47,15 @@ export default function NewContract() {
   // We'd like this to look like "Apr 2, 2022, 23:59:59 PM PT" but timezones are hard with dayjs
   const formattedCloseTime = closeTime ? new Date(closeTime).toString() : ''
 
-  const user = useUser()
-  const remainingBalance = (user?.balance || 0) - (ante || 0)
+  const remainingBalance = (creator?.balance || 0) - (ante || 0)
 
   const isValid =
     initialProb > 0 &&
     initialProb < 100 &&
     question.length > 0 &&
-    (ante === undefined || (ante >= 0 && ante <= remainingBalance)) &&
+    ante !== undefined &&
+    ante >= MINIMUM_ANTE &&
+    ante <= remainingBalance &&
     // If set, closeTime must be in the future
     closeTime &&
     closeTime > Date.now()
@@ -76,7 +83,7 @@ export default function NewContract() {
   }
 
   // const descriptionPlaceholder = `e.g. This market will resolve to “Yes” if, by June 2, 2021, 11:59:59 PM ET, Paxlovid (also known under PF-07321332)...`
-  const descriptionPlaceholder = `(Optional) Provide more detail on how you will resolve this market.`
+  const descriptionPlaceholder = `Provide more detail on how you will resolve this market. (Optional)`
 
   if (!creator) return <></>
 
@@ -84,7 +91,7 @@ export default function NewContract() {
     <Page>
       <Title text="Create a new prediction market" />
 
-      <div className="w-full max-w-4xl bg-gray-100 rounded-lg shadow-md px-6 py-4">
+      <div className="w-full max-w-2xl bg-gray-100 rounded-lg shadow-md px-6 py-4">
         {/* Create a Tailwind form that takes in all the fields needed for a new contract */}
         {/* When the form is submitted, create a new contract in the database */}
         <form>
@@ -94,7 +101,7 @@ export default function NewContract() {
             </label>
 
             <Textarea
-              placeholder="e.g. Will the FDA will approve Paxlovid before Jun 2nd, 2022?"
+              placeholder="e.g. Will the Democrats win the 2024 US presidential election?"
               className="input input-bordered resize-none"
               disabled={isSubmitting}
               value={question}
@@ -109,11 +116,11 @@ export default function NewContract() {
               <span className="mb-1">Initial probability</span>
             </label>
             <Row className="items-center gap-2">
-              <label className="input-group input-group-lg w-fit text-xl">
+              <label className="input-group input-group-lg w-fit text-lg">
                 <input
                   type="number"
                   value={initialProb}
-                  className="input input-bordered input-md text-3xl w-24"
+                  className="input input-bordered input-md text-lg"
                   disabled={isSubmitting}
                   min={1}
                   max={99}
@@ -136,28 +143,6 @@ export default function NewContract() {
 
           <Spacer h={4} />
 
-          <div className="form-control items-start mb-1">
-            <label className="label">
-              <span className="mb-1">Close date</span>
-            </label>
-            <input
-              type="date"
-              className="input input-bordered"
-              onClick={(e) => e.stopPropagation()}
-              onChange={(e) => setCloseDate(e.target.value || '')}
-              min={new Date().toISOString().split('T')[0]}
-              disabled={isSubmitting}
-              value={closeDate}
-            />
-          </div>
-          <label>
-            <span className="label-text text-gray-500 ml-1">
-              No trading after this date
-            </span>
-          </label>
-
-          <Spacer h={4} />
-
           <div className="form-control">
             <label className="label">
               <span className="mb-1">Description</span>
@@ -173,20 +158,43 @@ export default function NewContract() {
             />
           </div>
 
-          <AdvancedPanel>
-            <div className="form-control mb-1">
-              <label className="label">
-                <span className="mb-1">Subsidize your market</span>
-              </label>
-              <AmountInput
-                amount={ante}
-                onChange={setAnte}
-                error={anteError}
-                setError={setAnteError}
-                disabled={isSubmitting}
-              />
-            </div>
-          </AdvancedPanel>
+          <Spacer h={4} />
+
+          <div className="form-control items-start mb-1">
+            <label className="label">
+              <span className="mb-1">Last trading day</span>
+            </label>
+            <input
+              type="date"
+              className="input input-bordered"
+              onClick={(e) => e.stopPropagation()}
+              onChange={(e) => setCloseDate(e.target.value || '')}
+              min={new Date().toISOString().split('T')[0]}
+              disabled={isSubmitting}
+              value={closeDate}
+            />
+          </div>
+          {/* <label>
+            <span className="label-text text-gray-500 ml-1">
+              No trading after this date
+            </span>
+          </label> */}
+
+          <Spacer h={4} />
+
+          <div className="form-control mb-1">
+            <label className="label">
+              <span className="mb-1">Subsidize your market</span>
+            </label>
+            <AmountInput
+              amount={ante}
+              minimumAmount={MINIMUM_ANTE}
+              onChange={setAnte}
+              error={anteError}
+              setError={setAnteError}
+              disabled={isSubmitting}
+            />
+          </div>
 
           <Spacer h={4} />