Glossary
Terms used in the app and these docs.
| Term | Meaning |
|---|---|
| Perpetual (perp) | A futures contract with no expiry. Funding keeps its price near the index price |
| Spot | Buying or selling the token itself, with no leverage |
| Long / Short | A position that profits if the price rises / falls |
| Market order | Fills immediately at the best available prices, within your max slippage |
| Limit order | Fills only at your price or better; rests on the book until then |
| Reduce Only | An order that can only shrink an existing position |
| Take profit (TP) / Stop loss (SL) | Trigger prices at which your position is closed automatically |
| Slippage | The difference between the expected price and the fill price. "Max slippage" caps it |
| Leverage | Position value divided by the margin backing it |
| Initial margin | Margin needed to open a position |
| Maintenance margin | Minimum margin needed to keep a position open |
| Cross margin | Your whole balance supports all positions |
| Isolated margin | Each position has its own margin |
| Liquidation | Automatic closing of positions when equity falls to maintenance margin |
| Mark price | The fair price used for PnL and liquidation |
| Index price | The reference price of the underlying asset |
| Funding rate | Payment between longs and shorts that keeps the perp price near the index; quoted per hour, accrued continuously |
| Open interest | Total notional value of all open positions in a market (longs and shorts combined) |
| Tick size | Smallest price step |
| ROE | Return on equity: PnL relative to the margin used |
| Unrealised / realised PnL | Profit or loss on open positions / on closed trades |
| Signing key | A key your browser creates at sign-in, linked to your wallet |
| One-Click Trading | A session key that signs orders without wallet pop-ups |
| Maker / taker | Maker orders add liquidity to the book; taker orders remove it |