# Terminology

## Terminology

**Dex Aggregator:** Router that searches across multiple DEXs/pools to execute swaps at the best total cost (price + slippage + gas).

**AMM:** Automated Market Maker; smart-contract pool that prices trades algorithmically using token reserves.

**V2 Pool (Volatile Pools):** Full-range AMM suitable for volatile/meme assets.

**V3 Pool (Concentrated):** Liquidity deployed within chosen price ranges for higher capital efficiency and fee capture.

**Perp (Perpetual Contract)**: Derivative without expiry; uses funding rate to anchor to spot.

**SPLP**: Perp Pool LP; single-sided USDC liquidity provider for perps; earns protocol fees.

**Funding Rate:** Periodic payment between longs and shorts to keep perp price close to spot.

**Borrow Fee:** Hourly fee for borrowing assets; (assets\_borrowed / total\_assets\_in\_pool) × 0.01% per hour.

**Smart Routing:** Algorithm that splits orders across venues/paths to minimize total cost.

**Slippage**: Difference between expected and executed price due to depth/volatility.

**IMR / IMF:** Initial Margin Requirement / Fraction; equity required to open/increase a position.

**MMR / MMF:** Maintenance Margin Requirement / Fraction; equity required to keep a position open.

**Equity Value:** Unrealized PnL + unrealized fees + collateral value.

**Collateral Value:** Sum of collateral assets × price × LTV.

**Bonding Curve:** Price-of-token follows a deterministic curve as tokens are bought/sold during launch.

**Referral Rebate/Discount:** Fee share to referrer and discount to invitee based on tier.


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