Key Trading Concepts

Familiarize yourself with the core terms used across the platform before placing your first trade.

Term	Definition
Entry Price	The price at which a position is opened, excluding fees. A long position is profitable above this price and at a loss below it.
Mark Price (perpetual)	The reference price used for unrealized P&L, margin calculations and liquidations. Its calculation depends on the market’s pricing mode and may incorporate external prices and order book data.
Open Interest (perpetual)	The total notional value of all open positions in a given market.
Funding Rate (perpetual)	The rate for hourly payments between long and short positions, designed to help keep perpetual prices aligned with the applicable oracle price. Rates depend on market conditions and market-specific funding parameters.
Net Position	Your total asset exposure across all positions.
Net Leverage (perpetual)	Actual leverage across all open positions. This may differ from the leverage set at entry due to trading fees, reduced buying power as positions are opened, and margin safety buffers.
Liquidation Price (perpetual)	The estimated price at which a position is automatically closed to prevent negative equity.
uPnL (Unrealized PnL, perpetual)	The potential profit or loss on an open position if closed at the current mark price.
Take Profit & Stop Loss (TP/SL, perpetual)	Automated exit orders triggered by the mark price. Reduce-only and operate as OCO (one cancels the other), when one is triggered, the other is automatically cancelled.
Order	An instruction to buy or sell. An order can rest on the book, fill in part, or be cancelled.
Fill	An executed trade. One order can produce several fills at different prices.
Open order	An order resting on the book with an unfilled quantity. Its unfilled portion holds the funds or the asset needed to complete it.
Reservation	The amount an open order or a pending withdrawal holds. Reserved amounts cannot fund another action. Cancelling an order releases only that order’s reservation.
Spot balance	The user’s displayed balance for assets available for spot trading or held following a spot purchase. For tokenized stocks, it shows an equivalent quantity of the underlying GM token.
Perps balance	The user’s displayed balance for collateral allocated to support perpetual positions. For tokenized stocks, the underlying GM token remains the collateral asset.