Unrealized P&L (uPnL): Profit or loss on an open position that hasn’t been closed yet. Based on the difference between your entry price and the current mark price and thus will fluctuate.
Realized P&L (rPnL): Profit or loss that becomes “locked in” when you close part or all of a position. Fees and funding are not included.
Entry Price (Avg Entry): The average price of your current open position. If you add to a position, the entry price is updated using a size-weighted average.
Mark Price: A reference price used to calculate PnL and trigger risk checks (like liquidation / TP/SL). A reference price derived from external markets.
Position Size: How large your open position is.
Notional Position Size: The value of your position at the current price. Commonly abs(size) × price. Notional is what leverage and margin requirements are based on.
Leverage: How much notional exposure you control per unit of collateral notional / margin.
Margin (Collateral): Funds backing your positions. Your positions consume margin based on risk requirements.
Cross Margin: All positions share one collateral pool. Losses on one position can impact the entire account’s margin health.
Isolated Margin: Margin is isolated to a specific position. Liquidation risk is primarily limited to that position’s allocated collateral.
Initial Margin (IM): The minimum margin required to open or increase a position.
Maintenance Margin (MM): The minimum margin required to keep a position open. Falling below this can trigger liquidation eligibility.
Margin Ratio / Health: A risk metric showing how close the account or position is to liquidation
Liquidation: A forced position close when margin health is too low. It protects the system from going into bad debt.
Liquidation Price: An estimated price where liquidation becomes likely, based on your position, collateral, and margin requirements.
Funding Rate: A periodic rate that transfers value between longs and shorts to keep perp price aligned with the index.
Funding Payment: The actual amount you pay/receive each funding interval based on your position size and the funding rate.
Open Interest (OI): Total outstanding perp positions (measured in notional).
Volume: Total amount traded over a time period shown in notional terms.
Fees (Trading Fees): Costs charged when you trade (maker/taker). Fees reduce equity and affect realized performance.
Maker / Taker: Maker orders add liquidity (rest on the book). Taker orders remove liquidity (execute immediately against the book).
Slippage: The difference between expected price and actual fill price, especially for market orders or triggered orders in fast markets.
Spread: The difference between best ask and best bid. Wider spreads usually mean higher execution cost.
Reduce Only: Prevents an order from increasing exposure. It can only reduce or close an existing position.
Post Only (ALO): Ensures your limit order posts to the book as a maker. If it would execute immediately, it’s rejected (or adjusted, venue-dependent).
GTC (Good ’Til Canceled): The order stays active until it’s filled or canceled.
IOC (Immediate or Cancel): The order tries to fill immediately; any unfilled portion is canceled.
TP/SL (Take Profit / Stop Loss): Trigger orders that close a position when a trigger price is reached.