> ## Documentation Index
> Fetch the complete documentation index at: https://docs.openoracle.org/llms.txt
> Use this file to discover all available pages before exploring further.

# 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](https://docs.openoracle.org/punt/bilateral.md).

**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](https://docs.openoracle.org/punt/fees.md).

**Funding.** A fixed annual rate on notional, agreed when the position is matched, paid between trader and matcher. See [Fees and funding](https://docs.openoracle.org/punt/fees.md#funding).

**Max ROE / max profit.** The most the trader can win, set by how much margin the matcher locks. See [Max profit](https://docs.openoracle.org/punt/max-profit.md).

**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](https://docs.openoracle.org/punt/maturity.md).

**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](https://docs.openoracle.org/openoracle/introduction.md) 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](https://docs.openoracle.org/punt/execution.md).

**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](https://docs.openoracle.org/punt/close.md).

**Maintenance margin.** The equity below which a position can be liquidated. See [Liquidation](https://docs.openoracle.org/punt/liquidation.md).

**Liquidation notice.** A public on-chain notice that must come before a liquidating game becomes eligible to settle. See [Liquidation](https://docs.openoracle.org/punt/liquidation.md#how-it-happens).

**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](https://docs.openoracle.org/punt/maturity.md#recovery).

**Trading account.** A smart contract account owned by your wallet, used for one-click trading. See [One-click trading](https://docs.openoracle.org/punt/one-click-trading.md).

**Session key.** A key in your browser that signs for the trading account, per collateral, for 7 days.


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