Glossary

Short, precise, and the same meaning everywhere in the product.

Index

A price that chains the trader's return on capital at risk sample by sample from 100 at listing, median-filtered, never re-based. The oracle price. The seven-day return beside it is a statistic.

Mark

Where the market trades: the vAMM's current price. Fills, unrealized PnL, funding and triggers use it.

Deployed capital

The market value of the trader's open positions at a sample: the capital at risk, and the index denominator. Idle stables never count.

Notional

The USD value of a position or order: size in units × price.

Leverage

Notional divided by margin. Capped per market by its tier.

Tier

A market's leverage cap and maintenance margin, set weekly from the realised daily volatility of its index.

Isolated margin

Collateral locked to one position. Never shared across markets.

Maintenance margin

The equity a position must keep, as a fraction of notional: half of the initial margin at the tier's maximum leverage.

Liquidation price

The index level at which margin plus unrealized PnL equals the maintenance margin.

Funding

The hourly payment between longs and shorts, proportional to the mark's premium over the index.

Premium

Mark minus index, as a fraction of the index. Positive means the crowd is paying to be long.

Trigger order

A take-profit or stop-loss order that waits for the mark to cross a price, then executes as market or rests as limit.

Attached TP / SL

Take-profit and stop-loss levels on a position that close the whole position at market.

Reduce-only

An order that can only shrink or close the position on the other side of its market; it never opens one.

Time in force

GTC rests, IOC fills what it can now or cancels, post-only rests or is rejected.

Slippage

Price impact of a market execution. Rejected above your max.

Open interest

The total notional of open positions on a market, long plus short.

Insurance fund

Where liquidation fees go and where shortfalls come from.

Settle-only

A delisting state: index frozen, reduce-only orders only, then settlement at the frozen index.

Warming

A market with fewer than seven days of samples; the window runs from the first sample.

Frozen

A market whose data feed failed; index held, liquidations paused.

Keeper

The service that samples the data feed, computes the index and runs the engine's clock.

Schema drift

An upstream payload that no longer matches the ingest schema. Freezes the market instead of guessing.