Glossary

Trader. The person who requests a position. The contracts call the trader the swapper. Matcher. The counterparty who takes the other side of a request and locks their own margin. See Counterparty. Request. A proposed position, waiting for a matcher. It expires after about 20 seconds and can then be cancelled by anyone. Notional (size). The size of the position in collateral terms. PnL, the opening fee, and funding are all computed on notional. Margin (collateral). What you post to back the position, in USDC or ETH. It is the most you can lose to price moves. Leverage. Notional divided by margin. Opening fee. A percentage of notional paid to the matcher when the position opens. It rises from a minimum until a matcher takes the request. See Fees and funding. Funding. A fixed annual rate on notional, agreed when the position is matched, paid between trader and matcher. See Fees and funding. Max ROE / max profit. The most the trader can win, set by how much margin the matcher locks. See Max profit. Maturity. The time after which the matcher, or anyone, can close the position with an oracle game. Before it, only the trader can. See Maturity. Reference price. The off-chain price the ticket uses to quote and check your request: Coinbase for crypto, Hyperliquid for stocks. Oracle game. An openOracle price-discovery game. Its settled price is your entry or exit price. Report / reporter. A report is a price submitted to an oracle game, backed by tokens. The reporter is whoever submits it. The first report starts the game. Dispute. A new report that replaces the current one. Each dispute restarts the oracle timer. Oracle timer. How many blocks a report must sit undisputed before the game can settle. Oracle size. The liquidity behind the first report, as a percentage of notional. Escalation halt. The report size after which disputes stop growing. Eligible to settle. A game whose report has sat undisputed for the oracle timer. Execute. The transaction that applies a settled game to the position: opening, closing, or liquidating it, or cancelling the game if a protection trips. See Execution. Open slippage. How far the opening price may land from the reference price at your request before the opening is cancelled and refunded. Close reward. What you pay, in collateral, for someone to start the oracle game that closes your position. See Request close. Maintenance margin. The equity below which a position can be liquidated. See Liquidation. Liquidation notice. A public on-chain notice that must come before a liquidating game becomes eligible to settle. See Liquidation. Max execution latency. The 3 minutes after a game becomes eligible to settle within which it must be executed. Recovery. From 60 hours after maturity, games skip the block pace, execution delay, and gas checks, so a position cannot stay stuck open. See Maturity. Trading account. A smart contract account owned by your wallet, used for one-click trading. See One-click trading. Session key. A key in your browser that signs for the trading account, per collateral, for 7 days.