Glossary

New to DeFi or perpetuals trading? Here's what the key terms mean.

Term	Definition
Perpetual (Perp)	A futures contract with no expiry. You can go long or short on a token with leverage and hold as long as you want.
Long	A bet that the price will go up. You profit when price rises.
Short	A bet that the price will go down. You profit when price falls.
Leverage	Multiplying your position size with borrowed funds. 5x leverage means $100 collateral controls a $500 position.
Collateral	The capital you put up to back your position. This is what's at risk.
Liquidation Price	The price at which your position is automatically closed because losses have consumed your collateral.
PnL	Profit and Loss — how much you've made or lost on a position.
Borrow Fee	A recurring fee charged for using leverage.
Entry/Exit Fee	One-time fees charged when opening or closing a position.
Take Profit (TP)	An automatic order to close your position at a target profit price.
Stop Loss (SL)	An automatic order to close your position at a maximum loss price.
SSE	Server-Sent Events — a one-way real-time push feed over HTTP.
WebSocket (WS)	A bidirectional real-time connection. Similar to SSE but allows two-way communication.
Pubkey	A Solana public key (base58-encoded string). Used to identify wallets and on-chain accounts.
Custody	An on-chain account holding a specific token (e.g., USDC, SOL) for the protocol's liquidity pool.
Market	A tradeable pair (e.g., SOL-PERP). Each market has a target token and a collateral token.
Pool	A liquidity pool that backs trading. Traders trade against the pool's liquidity.
Degen Mode	A mode enabling higher leverage than normal. Higher risk, higher potential reward.