Glossary

Perpetual Contract (Perp) A derivatives instrument that provides directional exposure without a fixed expiry date.

Collateral Assets posted to support leveraged exposure and absorb adverse pnl movement.

Margin The framework that defines collateral sufficiency for opening and maintaining positions.

Initial Margin Minimum collateral requirement to open a new leveraged position.

Maintenance Margin Minimum collateral requirement needed to keep an existing position active.

Leverage Exposure multiplier relative to posted collateral.

Notional Exposure Total market value of an open position.

Index Price Reference benchmark price used as part of market anchoring methodology.

Mark Price Fair-value estimate used for risk checks and liquidation logic.

Funding Rate Periodic transfer mechanism between longs and shorts to encourage price convergence.

Maker Order flow that adds liquidity to the market.

Taker Order flow that removes liquidity from available depth.

Unrealized PnL Profit or loss on an open position.

Realized PnL Profit or loss crystallized after reducing or closing exposure.

Liquidation Protocol-enforced reduction or closure when maintenance requirements are breached.

Open Interest (OI) Aggregate notional value of open contracts in a market.