Core terms
| Term | Definition |
|---|---|
| strategy | Cross-margined position container owned by one wallet account |
| account | Ethereum wallet address owning one or more strategies |
| strategy value | Collateral plus unrealized PnL for a strategy |
| mark price | Risk price used for margin and liquidation checks |
| index price | External price anchor input to mark-price logic |
| MF | Margin fraction used for liquidation monitoring: total strategy value divided by total position notional |
| OMF | Open margin fraction after considering open exposure |
| IMF | Initial margin fraction threshold |
| MMR | Maintenance margin requirement threshold |
| liquidation | Forced risk reduction when margin falls below maintenance requirement |
| liquidation queue | Priority queue entered after pending orders are canceled on an under-margined account |
| bankruptcy price | Price at which the liquidated strategy value is driven to zero for liquidation-settlement purposes |
| liquidation spread | Difference between execution price and bankruptcy price during liquidation settlement |
| ADL | Auto-deleveraging path used when normal liquidation cannot complete safely |
| safety failure | Structured pre-sequencing validation failure |
realtime sequence | Global server-assigned notification sequence across all feeds and connections |
realtime ordinal | Per-connection message order across subscribed feeds |
globalOrdinal | Stable identifier over updates of one update type, used for pagination and reconciliation within that same update type; do not compare across different update types |
| checkpoint | On-chain state commitment point |
| session key | Delegated execution key with expiry and action scope |