Glossary

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Term	Meaning
Market	One traded asset, settlement token, vault, and set of rules.
Settlement token	The token used for margin, market fees, and payouts.
Long	Exposure that gains when the asset price rises.
Short	Exposure that gains when the asset price falls.
Position	Your open exposure on one side of one market.
Size	Exposure measured at entry in settlement tokens.
Margin	Collateral behind a position.
Leverage	Position size compared with its margin.
Equity	What remains after the marked result and closing costs, including any profit cap.
Initial margin	Required posted collateral for a position you open or change.
Maintenance margin	Equity threshold below which the position can be liquidated.
Order	A request to change a position, held until execution or cancellation.
Trigger	Price condition that makes a limit or stop order eligible.
Price bound	The worst execution price an order accepts.
Expiry	Last ledger where an order or permission can be used.
Ledger	A batch of changes confirmed by Stellar.
Escrow	Funds held by the market for a resting order.
Fill	Successful execution of an order.
Keeper	An account that submits execution with a price report.
Relayer	A service that submits a transaction using your signed permissions.
Router	A contract that bundles calls and can attempt a fill.
Fee forwarder	A contract that collects a relay fee before it invokes the target.
Session key	A delegated key that signs eligible actions until permission ends.
Bid and ask	The sale and purchase sides of a quote.
Spread	The gap between bid and ask.
Funding	Payments between the paying and receiving market sides.
Borrowing interest	Time-based cost of reserved vault liquidity.
Claimable credit	Earned funding or a parked payout held in your name.
Liquidation	Forced full close when equity falls below maintenance.
Auto-deleveraging	Forced reduction on a side with excessive pending profit.
Profit cap	Limit that scales paid profit when a side runs above it.
Vault	The liquidity pool backing one market.
Share	A token representing part of a vault.
Redeem	Exchange vault shares for settlement tokens.
Minimum received	Lowest share or token amount accepted from a vault fill, after fees.
Owner	The account or contract controlling administrative actions.
Timelock	A contract that queues ordinary administrative actions for a delay.