Skip to main content
A list of buy and sell orders organized by price. The central limit order book (CLOB) matches orders when bid and ask cross.
The depth of orders in the book. Deep liquidity = tight spreads and minimal slippage when you trade.
The difference between the best bid and best ask. Tighter spread = lower cost to cross.
A trader who adds liquidity (e.g. limit orders that rest in the book). Often receives fee rebates.
A trader who removes liquidity (e.g. market orders or aggressive limits). Pays a fee.
One-hundredth of a percent (0.01%). Fees are often quoted in bps—e.g. 3 bps = 0.03%.
Profit or loss on open positions based on mark price. Not realized until you close and settle.
Profit or loss from closed trades. Moves to your balance after PnL settlement.
Minimum margin required to keep a position open. Below this = liquidation.
Margin required to open a position. Depends on size and leverage.
Periodic payment between longs and shorts to keep perp price aligned with spot. Paid every 4–8 hours depending on market.
Average entry price plus fees. Used to calculate unrealized PnL.
Reference price for PnL and liquidation. Derived from index price, funding, and orderbook—less volatile than last price.
Volume-weighted average of underlying asset prices on major spot exchanges. Used for mark price and funding.
The most recent trade price. Less important than mark price for risk calculations.
Total notional value of open positions for a market. Measures market depth.
Forced closure of a position when margin falls below maintenance. Position transfers to liquidators at a discount.
Protocol reserve that absorbs positions when liquidators don’t take them. Funded by liquidation fees.
Mechanism that offsets profitable positions against Insurance Fund losses in extreme scenarios.
You hold your own keys and control your funds. Perpetra never custodies your wallet—only facilitates trading.