Term

Definition

Account Leverage

Total Notional Position as a multiple of Total Account Margin.

Available Margin

USDC available to place new orders.

Basis

Spread between the spot and the perpetual future price, used to calculate Basis Payment. On other exchanges referred to as Premium or Funding Rate.

Basis Payment

Exchange of payment between long and short holders of a perpetual contract based on the Basis. On other exchanges referred to as Funding Payment.

Buying Power

The maximum additional Notional Position that can be bought by using all remaining Available Margin.

Collateral

See “Margin”.

Funding Payment

See “Basis Payment”.

Funding Rate

See “Basis”.

Initial Margin

The minimum amount of USDC required to open any new position. The Initial Margin includes both open position(s) and open order(s) for leveraged products.

Insurance Fund

See “Liquidation Reserve”.

Leverage

On a trade level, the Notional Position as a multiple of Initial Margin.

Liquidation

The automatic unwinding of positions by the exchange as a result of insufficient Total Account Margin.

Liquidation Price

Price of the underlying at which the position will start to get liquidated.

Liquidation Reserve

A fund to cover losses from liquidations below the Zero Price. On other exchanges referred to as Insurance Fund.

Liquidation Reserve Manager

The entity that quotes for liquidation orders, manages liquidation risk and the Liquidation Reserve.

Margin

Assets on the exchange that can be used to fund a trade.

Margin Liquidation Trigger

Minimum amount of USDC equivalent notional required to avoid liquidation. If the Total Account Margin falls below the Margin Liquidation Trigger, the account’s positions will get liquidated.

Notional Position

USDC notional of the position size.

Position Size

Number of contracts held. Positive for long holders, negative for shorts.

Reserved Margin

The amount of Initial Margin needed for open orders only. This is currently included in the Initial Margin for all positions.

Reserved Margin Buys

The amount of Initial Margin needed for open buy orders only. Positive Reserved Margin Buys is included in the Initial Margin. Negative Reserved Margin Buys means that when the buy orders get executed, the Initial Margin will reduce.

Reserved Margin Sells

The amount of Initial Margin needed for open sell orders only. Positive Reserved Margin Sells is included in the Initial Margin. Negative Reserved Margin Sells means that when the buy orders get executed, the Initial Margin will reduce.

Selling Power

The maximum additional Notional Position that can be sold by using all remaining Available Margin.

Total Account Margin

Total USDC equivalent notional of all assets available for margin, including any unrealized P&L, less any capital required for non-margin (spot) trades.

Total Notional Position

Sum of Notional Position across all positions.

Zero Price

Price at which the margin of an account would be depleted, adjusted for liquidation fees.

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