Reference
Glossary
| Term | Definition |
|---|---|
| ADL | Auto-deleveraging. Mechanism for closing positions of profitable counterparties when the insurance fund cannot cover a shortfall. |
AT_RISK | Account health state where equity is below initial margin but above maintenance margin. Operations restricted to those that improve health. |
| Bankruptcy Price | Price at which a position's remaining margin reaches zero. |
| Cross Margin | Margin mode where all positions in an account share the entire collateral pool. |
| Funding Rate | Periodic payment between longs and shorts that anchors mark price to index price. |
HEALTHY | Account health state where equity is at or above initial margin requirement. All operations permitted. |
| Index Price | Reference price from Pyth representing the underlying asset's fair value. |
| Initial Margin (IM) | Collateral required to open or increase a position. |
| Insurance Fund | Reserve capital that absorbs liquidation shortfalls before ADL is triggered. |
| Isolated Margin | Margin mode where collateral is allocated to a single position; losses cannot exceed allocation. |
LIQUIDATABLE | Account health state where equity has fallen below maintenance margin. Liquidation Engine takes control. |
| Maintenance Margin (MM) | Minimum collateral required to keep a position open. |
| Mark Price | Three-source-median price used for PnL, margin ratio, liquidation, and conditional order triggers. |
| Order Margin | Margin reservation against resting limit orders, separate from position margin. |
| Partial Liquidation | Liquidation that closes only enough of a position to restore the account's margin ratio. |
| Sub-Account | Independently-margined account nested under a master account. |
Live Parameters
The authoritative source for live risk parameters, fee tiers, listed markets, and collateral haircuts is the public parameters API and the parameters reference page. This document describes the framework; live values may evolve through governed parameter updates with notice.