Glossary

Term	Definition
24h Change	The instrument’s price movement over the previous 24 hours, usually shown as both an amount and a percentage.
24h Volume	The total amount or value traded during the previous 24 hours. Unlike open interest, it includes contracts that were opened and later closed.
Account Bankruptcy Amount	The deficit remaining if an account’s positions are valued at mark price and its USDC settlement balance is negative. Formula: `max(0, −Account USDC Settlement Balance)`
Account Health	An overall measure of how safely an account is funded, based on its effective collateral compared with its margin and liquidation thresholds.
Account Initial Margin Requirement (IMR)	The minimum account value needed to place an order that opens or increases exposure. The risk check may include both open positions and unfilled orders.
Account Leverage	The account’s total market exposure relative to its equity. For example, 1.63x means the account controls about $1.63 of exposure for every $1 of equity.
Account Maintenance Margin Requirement (MMR)	The minimum account value needed to keep existing leveraged positions open. Falling below it can place the account into liquidation.
Account Summary	A consolidated view of the account’s balance, equity, leverage, margin requirements, and unrealized profit or loss.
Account USDC Balance	The account’s settled USDC balance: net deposits plus realized P&L and settled funding, minus withdrawals and fees. It excludes unrealized gains and losses.
Account Value	The account’s estimated net value, also called margin balance. It equals collateral value plus unrealized P&L, assuming open positions are valued at mark price.
Accrued Funding	Funding earned or owed on an open perpetual position that has accumulated since the position’s last funding settlement or trade.
APY (Annual Percentage Yield)	The annualized return after compounding. Unlike APR, APY assumes that earned interest is reinvested.
Ask Price	The lowest price at which a seller is currently willing to sell.
Automated Market Maker (AMM)	An on-chain market-making system that lets traders exchange assets against a liquidity pool. Prices are determined by a formula rather than bids and offers in a traditional order book.
Backstop Liquidation	A more aggressive liquidation stage used when an account has already passed the normal liquidation threshold and standard risk reduction is insufficient.
Balance	The recorded cash or collateral amount in an account, generally before unrealized gains and losses are included. The precise calculation can vary by platform.
Bearish	Expecting an asset or market to fall in price.
Best Day Rule	No single trading day’s profit can represent more than 50% of the sum of your profitable days. This encourages consistent performance rather than relying on one unusually profitable trade.
Bid Price	The highest price at which a buyer is currently willing to buy.
BTC	Bitcoin. It may be traded directly or used as the underlying asset for derivatives.
BTC-USDC	A market where Bitcoin exposure is priced in USDC. In a perpetual market, traders gain or lose from BTC price movements without necessarily owning BTC.
Bullish	Expecting an asset or market to rise in price.
Cancel Margin	A risk threshold below which the platform may automatically cancel resting orders that would increase the account’s exposure.
Chart	A visual record of an instrument’s price and trading activity over time.
Close / C	The final traded price during a chart candle’s selected time interval.
Collateral	An asset pledged to support borrowing or leveraged trading. If the position becomes underfunded, some or all of the collateral may be sold or liquidated.
Collateral Value	The current USD value of the assets supporting an account. In a USDC-only account, it may be calculated as `USDC Balance × USDC Oracle Price`
Countdown	The time remaining until the next scheduled event, typically the next perpetual funding calculation or payment.
Counterparty	The participant or entity on the opposite side of a trade or financial contract.
Cross Margin	A margin mode where a position draws on all the available margin in the account, shared with other cross positions. A loss on one reduces the margin left for the others. Not available on every market; see Markets.
Derivative	A financial instrument whose value is based on another asset, rate, or index, such as a future, option, perpetual, or CFD.
Discounted Unrealized P&L	Unrealized profit after a risk haircut has been applied before it counts as collateral. Unrealized losses are normally counted in full.
Entry Price	The average price at which the current position was established. Additional fills may change the average entry basis.
Equity	The account’s current net value after adding unrealized gains and subtracting unrealized losses and other applicable adjustments.
Exchange-Traded	Executed through an exchange that matches participants, rather than as a bilateral trade where a broker directly acts as the counterparty.
Fees	Charges related to trading or maintaining a position, such as maker, taker, routing, protocol, or financing fees.
From Breach	How far equity can fall before the account breaches: equity minus the nearer of the max daily loss and max loss floors. At zero, the account breaches. Shown in the top bar next to To target.
Funding	Periodic cash flow exchanged between long and short perpetual traders to keep the contract near its reference spot price. It is paid between traders rather than being a standard exchange fee.
Funding Payment	The actual amount paid or received at a funding event, based on the funding rate and the size of the open position.
Funding Rate	The percentage used to calculate a perpetual contract’s funding payment. A positive rate commonly means longs pay shorts; a negative rate commonly means shorts pay longs.
Gold CFD (Contract for Difference)	A derivative that tracks changes in the price of gold without transferring ownership of physical gold. P&L is based on the difference between entry and exit prices.
Gold Perpetual (XAU Perp)	A perpetual futures-style contract that provides price exposure to gold without an expiry date.
High / H	The highest traded price during a chart candle’s selected time interval.
High-Risk Margin	A deep risk threshold indicating that an account is close to emergency handling such as auto-deleveraging.
Hyperliquid	An on-chain trading venue that provides perpetual markets, order-book execution, and related market data.
Index Price / Reference Price	An external benchmark, often built from several spot markets, used to estimate fair value and support mark-price, funding, and liquidation calculations.
Indicators	Mathematical tools applied to chart data, such as moving averages, RSI, MACD, or volatility measures.
Initial Margin	The minimum collateral required to open a leveraged position or increase exposure. It is usually higher than the maintenance margin.
Insurance Fund	A reserve that absorbs losses left by liquidated or bankrupt accounts before those losses must be passed to other market participants.
Isolated Margin	A margin mode where a position has its own margin. If it is liquidated, only that margin is lost and other positions are not affected. The only mode on some markets; see Markets.
Last Resort Mechanism (LR Mechanism)	An emergency, time-based process used when positions cannot be closed normally because liquidity is insufficient. It settles or transfers exposure to limit further losses.
Leverage	Using margin to control exposure larger than the capital committed. It magnifies both returns and losses.
Limit Order	An instruction to buy or sell only at a specified price or better. Price is controlled, but execution is not guaranteed.
Liquidation	Forced reduction or closure of a leveraged position when the account no longer meets its maintenance requirement. In lending, collateral may be sold to repay debt.
Liquidation Bonus	An incentive paid to liquidators for purchasing or repaying undercollateralized positions, usually expressed as a percentage of the collateral handled.
Liquidation Price	The estimated market price at which a leveraged position may be forcibly reduced or closed because its margin is no longer sufficient.
Liquidation Threshold	The collateral or risk level at which a borrowing position becomes eligible for liquidation.
Liquidity	The ability to trade without materially moving the price. In an AMM, it also refers to the assets deposited in a pool for traders to swap against.
Liquidity Index	A cumulative measure used by a lending reserve to track interest earned over time and calculate each supplier’s balance accurately.
Long / Long Position	A position that generally profits when the underlying asset rises and loses when it falls.
Low / L	The lowest traded price during a chart candle’s selected time interval.
Maintenance Margin	The minimum equity or effective collateral required to keep a leveraged position open. Falling below it can trigger liquidation.
Margin	Collateral committed to support a leveraged position. It is not the same as the position’s full notional value.
Margin Ratio	A measure of how close an account is to liquidation. In the source system it is `MMR ÷ Account Value`; a higher percentage is riskier, and 100% or more indicates liquidation mode.
Margin Required	The collateral needed to place a proposed order at the selected size, price, and leverage.
Mark Price	A calculated fair-value reference used for unrealized P&L, margin, funding, trigger orders, and liquidation. It is designed to be more stable than the latest trade price.
Market Order	An instruction to trade immediately at the best available prices. Execution is prioritized, but the final price may be affected by the spread, market depth, and slippage.
Max Daily Loss	The most an account can lose within a single trading day before breaching the rule. On OWNIT it is 3% of the start-of-day balance: a snapshot of balance at 00:00 UTC, closed trades only. The resulting floor is checked against equity.
Max Loss	The most an account can lose over its whole life before breaching the rule. On OWNIT it is 8% of the starting balance: a fixed floor that does not rise with profit, checked against equity.
Minimum Payout	Once funded, available profit can be requested for payout starting from $20.
Network Risk	The risk that a blockchain’s congestion, outages, security vulnerabilities, or other failures disrupt transactions or asset access.
Open Interest	The total number or value of derivative contracts that remain open. It measures outstanding exposure, not total trading volume.
Open / O	The first traded price during a chart candle’s selected time interval.
Order	An instruction to buy, sell, open, reduce, or close exposure under specified conditions.
Order Book	A live list of buy and sell orders waiting to execute at different prices. It shows the market’s visible supply, demand, and depth.
Order Value	The proposed trade’s total notional exposure, generally calculated from size and price. With leverage, it is larger than the margin committed.
Orders	Trading instructions that have been submitted but may still be waiting, partially filled, cancelled, or expired.
Pending Funding / Unsettled Funding	Funding that has accrued on an open perpetual position but has not yet been formally added to or deducted from the account’s settled collateral.
Perpetual / Perpetual Futures / Perp	A futures-style derivative with no expiry date. Periodic funding payments help keep its price close to the underlying spot or index price.
P&L	Profit and loss: the amount a trade, position, or account has gained or lost.
Position	Active market exposure created by executed trades. It can be long or short and may be increased, reduced, or closed.
Position Cost	The entry-value basis of a position, calculated in the source system as `Position Size × Average Entry Price`
Position Notional	The current gross market value of a position, commonly `Position Size × Mark Price`. It measures exposure, not the margin committed or maximum loss.
Price	The quoted amount of the settlement or quote currency required for one unit of the traded asset or contract.
Price Exposure	The ability to gain or lose from an asset’s price movement without necessarily owning the underlying asset.
Price Impact	The part of an execution-price change caused directly by the trade’s size relative to available liquidity. Larger trades in thinner markets have more impact.
Pro	A platform-specific advanced order-entry mode. Its exact controls depend on the interface.
Profit Target	Applies during the evaluation phase. Once you reach a funded account, there is no continuing profit target.
Prop Rules	The limits governing a proprietary trading account or evaluation, such as max loss, max daily loss, position size, or consistency requirements.
Protocol Fees	Fees directed to the protocol or its treasury rather than paid to liquidity providers.
Range	The price interval between two selected ticks in which concentrated liquidity may be active.
Range Order	A liquidity position designed to approximate a limit order. As price moves through the selected range, one asset is gradually converted into the other.
Reduce Only	An order instruction that can only reduce or close an existing position. It cannot increase exposure or open a new position in the opposite direction.
Reserves	The asset balances held by a liquidity pool. In a constant-product AMM, reserve levels affect both available liquidity and the quoted exchange price.
Risk Admin	A person, group, or automated system authorized to adjust protocol risk parameters without waiting for a full governance vote.
Risk Score	A platform-specific numerical measure of account health. In the source system, lower is safer and a score around 1000 is close to liquidation.
Self-Trade Prevention	Matching-engine logic that stops a trader’s incoming order from executing against the same trader’s resting order.
Settlement	The process of calculating and transferring cash, collateral, assets, profits, or losses after a trade or contract event.
Short / Short Position	A position that generally profits when the underlying asset falls and loses when it rises.
Size	The quantity of an asset or contract being ordered or held. In derivatives, it represents exposure and does not necessarily mean the underlying asset is owned.
Slippage	The total difference between the expected price when an order is submitted and the actual average execution price. It may reflect price impact, spread, and market movement before execution.
Spot Price	The current market price for immediate purchase or sale of an asset.
Spread	The difference between the best bid and best ask. A narrower spread generally indicates lower immediate trading cost and better liquidity.
Start-of-Day Balance	A snapshot of the account’s balance taken at 00:00 UTC, from closed trades only. It excludes unrealized profit or loss, so a position held through midnight does not change it.
Starting Balance	The account’s balance at purchase, before any trading. The max loss floor is measured from it. On an evaluation, the profit target is measured from it too; a funded account has no profit target.
Subaccount	A separate child account controlled by the same main wallet or authority. It can be used to separate strategies, balances, or isolated risk.
Symbol	The identifying code for a traded instrument, such as BTC-USDC or XAUUSD.
Take Profit / Stop Loss (TP / SL)	Exit instructions attached to an order or position. Take profit closes or reduces exposure at a profit target; stop loss does so at a loss threshold. Execution can differ from the trigger price in fast markets.
Tick	A discrete permitted price boundary. In concentrated-liquidity AMMs, ticks also define where a liquidity position starts or stops being active.
Tick Interval	The price space between two neighbouring active ticks.
Timeframe	The period represented by each chart candle or the visible chart range. For example, 1h means each candle covers one hour.
Total	The cumulative order-book quantity available from the best price through a selected price level, used to show market depth.
Trades	A record of completed transactions, as distinct from orders that are still waiting in the order book.
Underlying Asset	The asset, rate, or index whose value determines the price of a derivative.
Unrealized P&L	The estimated profit or loss on open positions at the mark price, including applicable accrued funding. It becomes realized when exposure is closed or settled, and actual execution may differ.
USDC	A stablecoin designed to track the U.S. dollar. It may serve as a quote currency, collateral asset, or settlement currency.
USDC Settlement	A structure where collateral, profits, and losses are calculated and paid in USDC rather than in the underlying asset, such as physical gold.
Utilization Rate	The percentage of a lending reserve that is currently borrowed. Higher utilization generally indicates stronger borrowing demand and less idle liquidity.
Value	The current monetary value of a position or holding, based on its quantity and the applicable market or mark price.
Volatility	The degree and speed at which an asset’s price changes over time. Higher volatility generally means larger and less predictable price moves.
Volume	The amount traded during a selected period. On a chart, volume bars show trading activity for each candle.
XAU	The ISO code representing one troy ounce of gold.
XAUUSD	The quoted U.S.-dollar price of one troy ounce of gold, commonly traded through spot, futures, perpetuals, or CFDs.

Introduction

Getting Started

Platform

Trading

Resources

Appendix