diff --git a/web/lib/util/format.ts b/common/util/format.ts
similarity index 100%
rename from web/lib/util/format.ts
rename to common/util/format.ts
diff --git a/functions/src/emails.ts b/functions/src/emails.ts
index 8650d981..971c51e7 100644
--- a/functions/src/emails.ts
+++ b/functions/src/emails.ts
@@ -1,5 +1,7 @@
+import { getProbability } from '../../common/calculate'
 import { Contract } from '../../common/contract'
 import { User } from '../../common/user'
+import { formatPercent } from '../../common/util/format'
 import { sendTemplateEmail } from './send-email'
 import { getPrivateUser, getUser } from './utils'
 
@@ -31,7 +33,8 @@ export const sendMarketResolutionEmail = async (
   const user = await getUser(userId)
   if (!user) return
 
-  const outcome = toDisplayResolution[resolution]
+  const prob = formatPercent(getProbability(contract.totalShares))
+  const outcome = toDisplayResolution[resolution].replace('PROB', prob)
 
   const subject = `Resolved ${outcome}: ${contract.question}`
 
@@ -57,4 +60,4 @@ export const sendMarketResolutionEmail = async (
   )
 }
 
-const toDisplayResolution = { YES: 'YES', NO: 'NO', CANCEL: 'N/A', MKT: 'MKT' }
+const toDisplayResolution = { YES: 'YES', NO: 'NO', CANCEL: 'N/A', MKT: 'PROB' }
diff --git a/web/components/amount-input.tsx b/web/components/amount-input.tsx
index 9968a132..f01ae418 100644
--- a/web/components/amount-input.tsx
+++ b/web/components/amount-input.tsx
@@ -1,6 +1,6 @@
 import clsx from 'clsx'
 import { useUser } from '../hooks/use-user'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 import { AddFundsButton } from './add-funds-button'
 import { Col } from './layout/col'
 import { Row } from './layout/row'
diff --git a/web/components/bet-panel.tsx b/web/components/bet-panel.tsx
index 12a094fb..5fd9b1f4 100644
--- a/web/components/bet-panel.tsx
+++ b/web/components/bet-panel.tsx
@@ -11,7 +11,7 @@ import {
   formatMoney,
   formatPercent,
   formatWithCommas,
-} from '../lib/util/format'
+} from '../../common/util/format'
 import { Title } from './title'
 import {
   getProbability,
diff --git a/web/components/bets-list.tsx b/web/components/bets-list.tsx
index 85a4fe71..5af4bb0d 100644
--- a/web/components/bets-list.tsx
+++ b/web/components/bets-list.tsx
@@ -11,7 +11,7 @@ import {
   formatMoney,
   formatPercent,
   formatWithCommas,
-} from '../lib/util/format'
+} from '../../common/util/format'
 import { Col } from './layout/col'
 import { Spacer } from './layout/spacer'
 import {
diff --git a/web/components/contract-card.tsx b/web/components/contract-card.tsx
index 9f91d272..e682c12a 100644
--- a/web/components/contract-card.tsx
+++ b/web/components/contract-card.tsx
@@ -1,7 +1,7 @@
 import clsx from 'clsx'
 import Link from 'next/link'
 import { Row } from '../components/layout/row'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 import { UserLink } from './user-page'
 import {
   Contract,
@@ -74,7 +74,7 @@ export function ResolutionOrChance(props: {
   const resolutionText = {
     YES: 'YES',
     NO: 'NO',
-    MKT: 'MKT',
+    MKT: probPercent,
     CANCEL: 'N/A',
     '': '',
   }[resolution || '']
diff --git a/web/components/contract-feed.tsx b/web/components/contract-feed.tsx
index c8618691..c5ae3ee5 100644
--- a/web/components/contract-feed.tsx
+++ b/web/components/contract-feed.tsx
@@ -27,7 +27,7 @@ import { Linkify } from './linkify'
 import { Row } from './layout/row'
 import { createComment } from '../lib/firebase/comments'
 import { useComments } from '../hooks/use-comments'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 import { ResolutionOrChance } from './contract-card'
 import { SiteLink } from './site-link'
 import { Col } from './layout/col'
diff --git a/web/components/create-fold-button.tsx b/web/components/create-fold-button.tsx
index c68f1223..794ed8ab 100644
--- a/web/components/create-fold-button.tsx
+++ b/web/components/create-fold-button.tsx
@@ -4,7 +4,7 @@ import { useState } from 'react'
 import { parseWordsAsTags } from '../../common/util/parse'
 import { createFold } from '../lib/firebase/api-call'
 import { foldPath } from '../lib/firebase/folds'
-import { toCamelCase } from '../lib/util/format'
+import { toCamelCase } from '../../common/util/format'
 import { ConfirmationButton } from './confirmation-button'
 import { Col } from './layout/col'
 import { Spacer } from './layout/spacer'
diff --git a/web/components/edit-fold-button.tsx b/web/components/edit-fold-button.tsx
index 64ffc2fe..3019f3a1 100644
--- a/web/components/edit-fold-button.tsx
+++ b/web/components/edit-fold-button.tsx
@@ -6,7 +6,7 @@ import { PencilIcon } from '@heroicons/react/outline'
 import { Fold } from '../../common/fold'
 import { parseWordsAsTags } from '../../common/util/parse'
 import { deleteFold, updateFold } from '../lib/firebase/folds'
-import { toCamelCase } from '../lib/util/format'
+import { toCamelCase } from '../../common/util/format'
 import { Spacer } from './layout/spacer'
 import { TagsList } from './tags-list'
 import { useRouter } from 'next/router'
diff --git a/web/components/outcome-label.tsx b/web/components/outcome-label.tsx
index 1eb8ac4f..c8831c89 100644
--- a/web/components/outcome-label.tsx
+++ b/web/components/outcome-label.tsx
@@ -22,5 +22,5 @@ export function CancelLabel() {
 }
 
 export function MarketLabel() {
-  return <span className="text-blue-400">MKT</span>
+  return <span className="text-blue-400">PROB</span>
 }
diff --git a/web/components/profile-menu.tsx b/web/components/profile-menu.tsx
index 94f2c3f6..327b389b 100644
--- a/web/components/profile-menu.tsx
+++ b/web/components/profile-menu.tsx
@@ -1,5 +1,5 @@
 import { firebaseLogout, User } from '../lib/firebase/users'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 import { Avatar } from './avatar'
 import { Col } from './layout/col'
 import { MenuButton } from './menu'
diff --git a/web/components/resolution-panel.tsx b/web/components/resolution-panel.tsx
index 64e643a3..25ca650e 100644
--- a/web/components/resolution-panel.tsx
+++ b/web/components/resolution-panel.tsx
@@ -82,8 +82,8 @@ export function ResolutionPanel(props: {
           <>The pool will be returned to traders with no fees.</>
         ) : outcome === 'MKT' ? (
           <>
-            Traders will be paid out at the current implied probability. You
-            earn 1% of the pool.
+            Traders will be paid out at the probability you specify. You earn 1%
+            of the pool.
           </>
         ) : (
           <>Resolving this market will immediately pay out traders.</>
diff --git a/web/components/yes-no-selector.tsx b/web/components/yes-no-selector.tsx
index 8073ffe4..91cf6358 100644
--- a/web/components/yes-no-selector.tsx
+++ b/web/components/yes-no-selector.tsx
@@ -1,6 +1,6 @@
 import clsx from 'clsx'
 import React from 'react'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 import { Col } from './layout/col'
 import { Row } from './layout/row'
 
@@ -78,7 +78,7 @@ export function YesNoCancelSelector(props: {
           onClick={() => onSelect('MKT')}
           className={clsx(btnClassName, 'btn-sm')}
         >
-          MKT
+          PROB
         </Button>
 
         <Button
diff --git a/web/pages/fold/[...slugs]/index.tsx b/web/pages/fold/[...slugs]/index.tsx
index 84b32465..5d4a07a6 100644
--- a/web/pages/fold/[...slugs]/index.tsx
+++ b/web/pages/fold/[...slugs]/index.tsx
@@ -28,7 +28,7 @@ import { useRouter } from 'next/router'
 import clsx from 'clsx'
 import { scoreCreators, scoreTraders } from '../../../lib/firebase/scoring'
 import { Leaderboard } from '../../../components/leaderboard'
-import { formatMoney, toCamelCase } from '../../../lib/util/format'
+import { formatMoney, toCamelCase } from '../../../../common/util/format'
 import { EditFoldButton } from '../../../components/edit-fold-button'
 import Custom404 from '../../404'
 import { FollowFoldButton } from '../../../components/follow-fold-button'
diff --git a/web/pages/leaderboards.tsx b/web/pages/leaderboards.tsx
index b131248c..e1d9c24c 100644
--- a/web/pages/leaderboards.tsx
+++ b/web/pages/leaderboards.tsx
@@ -1,9 +1,10 @@
 import _ from 'lodash'
+
 import { Col } from '../components/layout/col'
 import { Leaderboard } from '../components/leaderboard'
 import { Page } from '../components/page'
 import { getTopCreators, getTopTraders, User } from '../lib/firebase/users'
-import { formatMoney } from '../lib/util/format'
+import { formatMoney } from '../../common/util/format'
 
 export async function getStaticProps() {
   const [topTraders, topCreators] = await Promise.all([