Reference
Words we use
Every term on this mock that isn't ordinary English. The first line of each entry is the plain version — what you'd say to a friend. The greyed line under it is the exact version, for when the plain one isn't precise enough.
A
One list of everything that needs a human, worst first.
Severity-sorted feed of guardrail trips, stale-data warnings, stuck orders and risk breaches. Every item carries a reason code and can be snoozed or acknowledged in place.
B
Replaying your rules against what actually happened, to see how they'd have done.
Offline replay against stored book and trade history for a chosen market set and window. Always badged BACKTEST and never presented as a track record. Run against depth, not mid.
One hundredth of a percent. 50 bps is half a percent.
Standard unit for fees, spreads and edge so small differences stay readable.
The running list of what you're trading right now.
Live table of open markets with side, size, edge, PnL and the bot responsible for each row.
The tag that says a trade came through us, so we get paid our share.
A bytes32 identifier set on every signed order to claim fee attribution. Maker max 50 bps, taker max 100 bps.
C
When it says 70% sure, it's right about 70% of the time.
A confidence number checked against realised outcomes. Uncalibrated confidence is worse than no confidence, because it looks like information.
A group of markets that move together.
Correlation grouping used to cap related exposure as one number. Holding five things in a cluster is closer to one bet than five.
D
Running on fake money against real market data.
Second rung of the ladder. Spec complete, tests passing, last envelope recent, not yet observed in shadow.
E
Splitting your profit into: good forecast, good fill, good sizing.
Decomposition of realised PnL into forecasting edge, execution edge and portfolio edge, so skill can be separated from luck.
The box you draw around what one bot is allowed to do.
Per-bot limits: max order size, max position, max daily loss, permitted markets. You set the numbers inside bounds we set. You cannot remove it.
F
Your order actually got matched. Partial means only some of it did.
Terminal or intermediate order state alongside rejected and expired, each with its own reason code.
Written down and checked, but not switched on.
First rung of the ladder. The spec exists and has been reviewed; no code is running.
G
A check that runs on every order and cannot be turned off.
Mandatory pre-trade check in the RiskGate chain. Users tune thresholds within bounds; they cannot remove or reorder checks.
K
The stop-everything button.
Cancels resting orders and blocks new ones. Per-bot, per-account and platform-wide variants exist.
M
Maker waits for someone to come to you. Taker takes the price on offer.
Maker orders rest in the book and usually pay a lower fee; taker orders cross the spread and fill immediately.
One yes/no question you can buy or sell an answer to.
A single binary outcome with its own order book and settlement source.
The price halfway between the best buy and the best sell.
A reference price only. Real trades happen at the bid or the ask, which is why backtests run against depth rather than mid.
N
We never hold your money.
No omnibus account, no platform signer over user funds. Keys stay in the user's wallet; the platform holds only a scoped, revocable session key.
P
A real wallet with no real money in it.
Used for the runtime-live rung so venue plumbing can be exercised without financial exposure.
Something you currently own and haven't closed.
Open exposure in a market, tracked with entry price, current mark and unrealised PnL.
Live, with real money.
Top rung. Requires explicit human approval, a per-bot exposure cap, real wallet, full audit and on-call rotation.
Your bot saying what it would like to do. A request, not a trade.
The only output a user strategy can produce. It carries intent, size and reasoning, and enters the gate like anything else.
The dollar-pegged token the markets settle in.
The only asset held or moved in the system.
R
A short label saying exactly why something was refused or flagged.
Machine-readable identifier from a fixed allowlist, e.g. RISK_EXPOSURE_CAP_HIT. Every rejection, warning and freeze carries one.
Constantly comparing our numbers to the exchange's.
Continuous check of balances and positions against the venue. A mismatch freezes the system rather than being resolved by guesswork.
The approved list of markets. Not on it, can't trade it.
Canonical instrument list with version readiness, duplicate resolution and quality scoring.
Money set aside for an order in flight so it can't be spent twice.
Held against filled plus pending plus partial exposure. Reserving and submitting happen atomically.
Withdrawing our permission to place orders. Immediate.
Cancels the session key. Open positions are deliberately left untouched, since closing them would itself be custody.
The one gate every order goes through.
The single component permitted to sign and submit. Runs admission, hard guardrails, envelope checks and shaping before the atomic reserve.
S
A narrow, expiring permission to place orders. Nothing else.
Scoped grant with an explicit method whitelist (post, cancel), an expiry and a spend cap. Transfer and unbounded approve are never included.
Running for real, deciding for real, placing nothing.
Third rung of the ladder. A full 24-hour soak beside live traffic with zero unexpected reason codes before promotion.
The gap between the price you wanted and the price you got.
Decomposed into spread cost, market impact and timing on the execution estimate page.
The gap between the best buy price and the best sell price.
Wider spread means it costs more to get in and out. Wide spreads trip a market-quality guardrail.
Your rules, saved and versioned. Same thing as your bot.
A user-authored ruleset. Declarative in v1; a sandboxed code tier follows later.
Model output. Advisory only.
Carries mandatory evidence, a registry-validated market id, a calibrated confidence and a pinned model version. Enters the gate like any other intent.
The market resolves, and whoever was right gets paid.
Final outcome determination and payout against the market's declared settlement source.