Glossary
Last updated: Mar 11, 2026
| Term | Definition |
|---|---|
| Unrealized P&L (uPnL) | Profit or loss on an open position that hasn't been closed yet. Based on the difference between your entry price and the current mark price and will fluctuate. |
| Realized P&L (rPnL) | Profit or loss that becomes locked in when you close part or all of a position. Fees and funding are not included. |
| Entry Price (Avg Entry) | The average price of your current open position. If you add to a position, the entry price is updated using a size-weighted average. |
| Mark Price | A reference price used to calculate PnL and trigger risk checks such as liquidation and TP/SL. |
| Position Size | How large your open position is. |
| Notional Position Size | The value of your position at the current price. Commonly abs(size) x price. |
| Leverage | How much notional exposure you control per unit of collateral: notional / margin. |
| Margin (Collateral) | Funds backing your positions. |
| Cross Margin | All positions share one collateral pool. Losses on one position can impact the entire account's margin health. |
| Isolated Margin | Margin is isolated to a specific position. Liquidation risk is primarily limited to that position's allocated collateral. |
| Initial Margin (IM) | The minimum margin required to open or increase a position. |
| Maintenance Margin (MM) | The minimum margin required to keep a position open. Falling below this can trigger liquidation eligibility. |
| Liquidation | A forced position close when margin health is too low. |
| Liquidation Price | An estimated price where liquidation becomes likely, based on your position, collateral, and margin requirements. |
| Funding Rate | A periodic rate that transfers value between longs and shorts to keep perp price aligned with the index. |
| Funding Payment | The actual amount you pay or receive each funding interval based on your position size and the funding rate. |
| Open Interest (OI) | Total outstanding perp positions measured in notional. |
| Volume | Total amount traded over a time period shown in notional terms. |
| Fees (Trading Fees) | Costs charged when you trade. Fees reduce equity and affect realized performance. |
| Maker / Taker | Maker orders add liquidity. Taker orders remove liquidity. |
| Slippage | The difference between expected price and actual fill price. |
| Spread | The difference between best ask and best bid. |
| Reduce Only | Prevents an order from increasing exposure. It can only reduce or close an existing position. |
| Post Only (ALO) | Ensures your limit order posts to the book as a maker. |
| GTC (Good 'Til Canceled) | The order stays active until it's filled or canceled. |
| IOC (Immediate or Cancel) | The order tries to fill immediately; any unfilled portion is canceled. |
| TP/SL (Take Profit / Stop Loss) | Trigger orders that close a position when a trigger price is reached. |