Glossary

Term	Meaning
Adjusted win	A winning close's raw PnL after the win haircut, before the 2% payout fee
Available balance (trading balance)	USDC you can use as margin or withdraw now
Bust price	≈ entry × (1 ∓ (1/leverage − 0.05%)). A close or settlement at or past it loses the whole margin. Permissionless liquidation also applies the confidence-band, underwater-at-mid and timing rules.
Bust buffer	How far the bust price sits before zero equity: currently 0.05% of entry
Cancel bounty	¼ of the execution fee, paid to whoever cancels an expired request
Cliff	House size ($2M) above which the $NOTE mint rate starts to decay
Confidence band	Pyth's uncertainty interval around a price. Liquidation gives you its benefit, up to zero equity.
Deadband	Moves of 0.31 bps or less pay no win
Execution fee	0.0005 SOL per request, paid to whoever posted the pinned price update
Fill	Executing a request at its pinned price (execute_open / execute_close)
Fill window	Time after the pin during which a request can fill (30 s)
Guardian	Key that can pause new opens, lower the OI brake and cancel proposals, instantly
Hard stop / zero equity	entry × (1 ∓ 1/leverage): where the loss equals the margin
Harvest	Paying the payout queue from the front
Heartbeat	A permissionless observe_price call that records a fresh verified price as the market's watermark
House / LP	The counterparty pool, funded only by losses
House funds	Treasury + side bucket − queue debt
Locked	Margin held by pending open requests
Mint rate	$NOTE minted per $1 of basis: flat 44, then 44 × (S/(S+H))² (+5% for referred traders). The basis is raw PnL − 2% for a win, loss − fee for a loss, and the full margin for a liquidation.
Notional	margin × leverage
OI (open interest)	Total notional on one side of a market. Caps count live + pending.
OI brake	Emergency per-side cap set by the admin or guardian
OI ceiling	Governance maximum per side (oi_cap_*)
Payout queue	FIFO list of unpaid wins (IOUs), paid from backing cash and new losses
Pin / pin time	pin_ts = max(clock, watermark + 1) + 6 s. A request fills at the first Pyth update published at or after it.
Pinned update	The unique update with prev_publish_time < pin_ts ≤ publish_time
Queued	Your total unpaid queue claims
Raw PnL	notional × price move / entry, before the haircut
Request	The first step of an order. Ordinary cancellation needs expiry; a close can be voided early only with proof that its pinned update is inadmissible.
Retired market	Takes no new opens. A settlement proposal sets its settlement pin; once it executes, positions settle at the final price: the Pyth update pinned at the settlement pin, or the proposed price if that update is inadmissible or the feed is dead.
Returned	USDC credited to your available balance when a position closes
Risk keeper	Hot key that sets trailing OI limits between usage and the ceiling
Session key (1-click)	A delegated key that can trade, stake and claim, but never withdraw or deposit
Settlement pin (settle_pin_ts)	The eta of a retired market's pending settlement proposal. Its final price is the update pinned at it. From it on, closes must be pinned before it and liquidations must use prices published before it; closes committed earlier still fill at their own pins. Cancelling the proposal or re-opening the market can clear it only while both the Solana clock and the market's last_oracle_ts are more than 1 h before its pin, or after the settlement lapses (more than 7 days after the pin).
Side bucket	Losses received while the queue is active, reserved for queue payments
Staker cap	$5M. While the queue is empty, treasury above it is swept to stakers whenever a settling instruction runs.
Sweep	Moving treasury above the staker cap to stakers
Tail progress (H)	High-water mark of treasury + all-time sweeps − cliff. It drives the mint-rate decay.
Timelock	Delay between a governance proposal and its execution
Tranche	A batch of staker revenue vesting linearly over 1 hour from the next epoch boundary
Trailing OI limit	Per-side limit kept at about current OI + $5M by the risk keeper
Treasury (LP balance)	House cash available to pay wins
Watermark (last_oracle_ts)	Newest verified Pyth publish time recorded for a market
Win haircut	Reduction of winning PnL: 7.7% base, larger on small moves
$NOTE	SPL token minted at close on realized PnL (wins on raw PnL, losses, liquidations on full margin) and staked for USDC rewards. Zero PnL mints nothing.