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

# Glossary

> Definition of terms used in the protocol

export const VolumeTerm = "Volume";

export const VolumeDefinition = "Total traded notional over a period of time. ";

export const USDTerm = "USD";

export const USDDefinition = "U.S. Dollar, used as the quote currency.";

export const UnfilledOrderTerm = "Unfilled Order";

export const UnfilledOrderDepthTerm = "Unfilled order depth";

export const UnfilledOrderDepthDefinition = "Sum of all notionals of unfilled orders (whether executable or not).";

export const UnfilledOrderDefinition = "An order (or part of it) that has not yet been executed. ";

export const UnderwaterPositionTerm = "Underwater Position";

export const UnderwaterPositionDefinition = "A position where position margin < 0 (losses exceed margin); the Insurance Fund backstops the deficit.";

export const UnderlyingAssetTerm = "Underlying Asset";

export const UnderlyingAssetDefinition = "The base asset the perp tracks (e.g. BTC for BTC-USD). ";

export const TriggerPriceTerm = "Trigger price";

export const TriggerPriceDefinition = "Not applicable (yet) on Fairground: trigger conditions for take-profit/stop-loss orders are not supported.";

export const TraderVaultTerm = "Trader Vault";

export const TraderVaultDefinition = "Holds traders\u2019 margin for all open positions for a market.";

export const ToxicPositionTerm = "Toxic Position";

export const ToxicPositionDefinition = "Any position that is not healthy. Toxic = liquidatable + seized + underwater.";

export const SlippageTerm = "Slippage";

export const SlippageDefinition = "Difference between expected and actual execution price. ";

export const SideTerm = "Side";

export const SideDefinition = "The direction of a trade: long or short. ";

export const SeizedPositionTerm = "Seized Position";

export const SeizedPositionDefinition = "A position where position margin < (2/3) \u00d7 maintenance margin; remaining margin is treated as forfeit to the Insurance Fund on close.";

export const ROETerm = "ROE";

export const ROEDefinition = "Return on Equity (percentage): PnL / margin \u00d7 100%. ";

export const RemoveMarginTerm = "Remove Margin";

export const RemoveMarginDefinition = "Remove funds from a position\u2019s margin.";

export const ReducePositionSizeTerm = "Reduce (Position) Size";

export const ReducePositionSizeDefinition = "Reduce a position\u2019s size (typically via a reduce-only order).";

export const ReduceOnlyOrderTerm = "Reduce-only Order";

export const ReduceOnlyOrderDefinition = "An order that can only reduce an existing position, decreasing exposure.";

export const RealizedUnrealizedPnLTerm = "Realized / Unrealized PnL";

export const RealizedUnrealizedPnLDefinition = "PnL is realized when a position closes or is modified to reduce exposure. PnL is unrealized when a position is open. ";

export const PositionValueUSDTerm = "Position Value (USD)";

export const PositionValueUSDDefinition = "The notional a position controls: value = price \u00d7 size. ";

export const PositionTerm = "Position";

export const PositionSizeTerm = "Position Size";

export const PositionSizeDefinition = "The quantity of the underlying asset the position represents (e.g. 50 JPY). ";

export const PositionMarginTerm = "Position Margin";

export const PositionMarginDefinition = "Collateral locked to support a position. Position Margin = Net Contributions + System PnL.";

export const PositionDefinition = "Exposure held after orders are filled.";

export const PnLTerm = "PnL";

export const PnLDefinition = "Profit and Loss from a trade. For longs: PnL = (Exit Price \u2212 Entry Price) \u00d7 Position Size. For shorts: PnL = (Entry Price \u2212 Exit Price) \u00d7 Position Size. For unrealized PnL, use current spot/oracle price instead of Exit Price.";

export const PlaceAnOrderTerm = "Place an Order";

export const PlaceAnOrderDefinition = "Submit a new order to the system; it becomes an unfilled order. ";

export const PerpTerm = "Perp";

export const PerpDefinition = "A perpetual futures contract with no expiry, tracking an underlying asset\u2019s price over time. ";

export const OrderTerm = "Order";

export const OrderSizeTerm = "Order Size";

export const OrderSizeDefinition = "Quantity of the underlying asset specified by an order (e.g. 50 JPY). ";

export const OrderOriginalSizeTerm = "(Order) Original Size";

export const OrderOriginalSizeDefinition = "The original size of an order when the user first created it. It may differ from current size if the order was partially filled.";

export const OrderDefinition = "Instruction to buy or sell a perp contract under specific conditions.";

export const OrderBookTerm = "Order Book";

export const OrderBookDefinition = "Not applicable on Fairground: we maintain unfilled orders, but orders are not matched using an order book mechanism.";

export const OraclePriceTerm = "Oracle price";

export const OraclePriceDefinition = "The latest market price of the underlying asset on spot markets provided by the oracle. ";

export const OpenPositionTerm = "Open Position";

export const OpenPositionDefinition = "A live position that has not been fully closed. ";

export const OpenInterestTerm = "Open Interest";

export const OpenInterestDefinition = "Long open interest + short open interest. ";

export const OpenAPositionTerm = "Open a Position";

export const OpenAPositionDefinition = "Enter into a new exposure: from 0 exposure to x exposure (x can be positive or negative). ";

export const NetContributionsTerm = "Net Contributions";

export const NetContributionsDefinition = "How much a trader has put into a position. Initialized to Initial Margin; decreases when margin is removed and increases when margin is added.";

export const MarkPriceVsIndexPriceTerm = "Mark Price vs. Index Price";

export const MarkPriceVsIndexPriceDefinition = "Not applicable on Fairground: we only have the oracle price (no separate mark/index prices).";

export const MarketTerm = "Market";

export const MarketDefinition = "A specific perp contract for a given underlying asset (e.g. BTC-USD). ";

export const MaintenanceMarginTerm = "Maintenance Margin";

export const MaintenanceMarginDefinition = "The minimum margin that must be maintained to keep a position open; falling below this level triggers liquidation. Equals ½ of the initial margin required at max leverage at the current oracle price (Notional ÷ (2 × Max Leverage)).";

export const LongShortTerm = "Long / short";

export const LongShortOpenInterestTerm = "Long / short Open Interest";

export const LongShortOpenInterestDefinition = "Total value (notional) of all open long positions (long OI) or all open short positions (short OI).";

export const LongShortDefinition = "Going long means buying to profit if price rises. Going short means selling to profit if price falls. ";

export const LiquidationTerm = "Liquidation";

export const LiquidationPriceTerm = "Liquidation Price";

export const LiquidationPriceDefinition = "The estimated price at which liquidation will occur: the price below which (or above which for shorts) the position becomes liquidatable.";

export const LiquidationDefinition = "Forced closure of a position when margin is at risk of not covering losses.";

export const LiquidatablePositionTerm = "Liquidatable Position";

export const LiquidatablePositionDefinition = "A position that can be liquidated: (2/3) \u00d7 maintenance margin \u2264 position margin < maintenance margin.";

export const LeverageTerm = "Leverage";

export const LeverageDefinition = "A multiplier that allows controlling a larger position than deposited collateral. Leverage is the ratio of initial exposure to initial margin (e.g., 10x, 50x).";

export const IsolatedMarginCrossPositionMarginTerm = "Isolated margin / cross-position margin";

export const IsolatedMarginCrossPositionMarginDefinition = "Not applicable on Fairground: we only offer isolated margin, so we don\u2019t distinguish.";

export const InsuranceFundTerm = "Insurance Fund";

export const InsuranceFundDefinition = "Buffer fund absorbing losses from liquidations before ADL triggers.";

export const InitialMarginTerm = "Initial Margin";

export const InitialMarginDefinition = "Collateral locked when the position is opened. Initial Margin = Value / Leverage.";

export const IncreasePositionSizeTerm = "Increase (Position) Size";

export const IncreasePositionSizeDefinition = "Increase a position\u2019s size (typically via an increase order).";

export const HealthyPositionTerm = "Healthy Position";

export const HealthyPositionDefinition = "A position where margin > maintenance margin.";

export const FundingRateTerm = "Funding rate";

export const FundingRateDefinition = "Not applicable on Fairground: we don\u2019t have funding rates because we don\u2019t use a separate price from the oracle price. We may have other types of fees, but they are not called a funding rate.";

export const FillAnOrderTerm = "Fill an Order";

export const FillAnOrderDefinition = "Match an order against liquidity, resulting in a fill at the execution price. ";

export const ExitPriceTerm = "Exit Price";

export const ExitPriceDefinition = "The average execution price at which a position was closed. ";

export const ExecutionPriceThresholdTerm = "Execution price threshold";

export const ExecutionPriceThresholdDefinition = "The worst acceptable fill price. ";

export const ExecutionPriceTerm = "Execution price";

export const ExecutionPriceDefinition = "The actual price at which an order is filled. ";

export const ExecutableLongShortDepthTerm = "Executable long / short depth";

export const ExecutableLongShortDepthDefinition = "Maximum notional that can be bought (long) or sold (short) immediately: the sum of notionals of all currently executable orders. ";

export const EntryPriceTerm = "Entry Price";

export const EntryPriceDefinition = "The average execution price at which a position was opened. ";

export const ClosedPositionTerm = "Closed Position";

export const ClosedPositionDefinition = "A position that has been fully offset and realized; no longer open. ";

export const CloseAPositionTerm = "Close a Position";

export const CloseAPositionDefinition = "Offset an existing position entirely, reducing exposure to zero and realizing PnL. ";

export const CancelAnOrderTerm = "Cancel an Order";

export const CancelAnOrderDefinition = "Withdraw an unfilled order before execution. ";

export const AutoDeleveragingADLTerm = "Auto-deleveraging (ADL)";

export const AutoDeleveragingADLDefinition = "A last-resort mechanism that reduces profitable traders\u2019 positions to offset losses from liquidations.";

export const AddMarginTerm = "Add Margin";

export const AddMarginDefinition = "Add capital to a position\u2019s margin.";

Use this page to quickly look up protocol terms.

| Term                                    | Definition                                    |
| --------------------------------------- | --------------------------------------------- |
| {AddMarginTerm}                         | {AddMarginDefinition}                         |
| {AutoDeleveragingADLTerm}               | {AutoDeleveragingADLDefinition}               |
| {CancelAnOrderTerm}                     | {CancelAnOrderDefinition}                     |
| {CloseAPositionTerm}                    | {CloseAPositionDefinition}                    |
| {ClosedPositionTerm}                    | {ClosedPositionDefinition}                    |
| {EntryPriceTerm}                        | {EntryPriceDefinition}                        |
| {ExecutableLongShortDepthTerm}          | {ExecutableLongShortDepthDefinition}          |
| {ExecutionPriceTerm}                    | {ExecutionPriceDefinition}                    |
| {ExecutionPriceThresholdTerm}           | {ExecutionPriceThresholdDefinition}           |
| {ExitPriceTerm}                         | {ExitPriceDefinition}                         |
| {FillAnOrderTerm}                       | {FillAnOrderDefinition}                       |
| {FundingRateTerm}                       | {FundingRateDefinition}                       |
| {HealthyPositionTerm}                   | {HealthyPositionDefinition}                   |
| {IncreasePositionSizeTerm}              | {IncreasePositionSizeDefinition}              |
| {InitialMarginTerm}                     | {InitialMarginDefinition}                     |
| {InsuranceFundTerm}                     | {InsuranceFundDefinition}                     |
| {IsolatedMarginCrossPositionMarginTerm} | {IsolatedMarginCrossPositionMarginDefinition} |
| {LeverageTerm}                          | {LeverageDefinition}                          |
| {LiquidatablePositionTerm}              | {LiquidatablePositionDefinition}              |
| {LiquidationTerm}                       | {LiquidationDefinition}                       |
| {LiquidationPriceTerm}                  | {LiquidationPriceDefinition}                  |
| {LongShortTerm}                         | {LongShortDefinition}                         |
| {LongShortOpenInterestTerm}             | {LongShortOpenInterestDefinition}             |
| {MaintenanceMarginTerm}                 | {MaintenanceMarginDefinition}                 |
| {MarketTerm}                            | {MarketDefinition}                            |
| {MarkPriceVsIndexPriceTerm}             | {MarkPriceVsIndexPriceDefinition}             |
| {NetContributionsTerm}                  | {NetContributionsDefinition}                  |
| {OpenAPositionTerm}                     | {OpenAPositionDefinition}                     |
| {OpenInterestTerm}                      | {OpenInterestDefinition}                      |
| {OpenPositionTerm}                      | {OpenPositionDefinition}                      |
| {OraclePriceTerm}                       | {OraclePriceDefinition}                       |
| {OrderTerm}                             | {OrderDefinition}                             |
| {OrderBookTerm}                         | {OrderBookDefinition}                         |
| {OrderOriginalSizeTerm}                 | {OrderOriginalSizeDefinition}                 |
| {OrderSizeTerm}                         | {OrderSizeDefinition}                         |
| {PerpTerm}                              | {PerpDefinition}                              |
| {PlaceAnOrderTerm}                      | {PlaceAnOrderDefinition}                      |
| {PnLTerm}                               | {PnLDefinition}                               |
| {PositionTerm}                          | {PositionDefinition}                          |
| {PositionMarginTerm}                    | {PositionMarginDefinition}                    |
| {PositionSizeTerm}                      | {PositionSizeDefinition}                      |
| {PositionValueUSDTerm}                  | {PositionValueUSDDefinition}                  |
| {RealizedUnrealizedPnLTerm}             | {RealizedUnrealizedPnLDefinition}             |
| {ReduceOnlyOrderTerm}                   | {ReduceOnlyOrderDefinition}                   |
| {ReducePositionSizeTerm}                | {ReducePositionSizeDefinition}                |
| {RemoveMarginTerm}                      | {RemoveMarginDefinition}                      |
| {ROETerm}                               | {ROEDefinition}                               |
| {SeizedPositionTerm}                    | {SeizedPositionDefinition}                    |
| {SideTerm}                              | {SideDefinition}                              |
| {SlippageTerm}                          | {SlippageDefinition}                          |
| {ToxicPositionTerm}                     | {ToxicPositionDefinition}                     |
| {TraderVaultTerm}                       | {TraderVaultDefinition}                       |
| {TriggerPriceTerm}                      | {TriggerPriceDefinition}                      |
| {UnderlyingAssetTerm}                   | {UnderlyingAssetDefinition}                   |
| {UnderwaterPositionTerm}                | {UnderwaterPositionDefinition}                |
| {UnfilledOrderTerm}                     | {UnfilledOrderDefinition}                     |
| {UnfilledOrderDepthTerm}                | {UnfilledOrderDepthDefinition}                |
| {USDTerm}                               | {USDDefinition}                               |
| {VolumeTerm}                            | {VolumeDefinition}                            |