Glossary
| Term | Meaning |
|---|---|
| Basis / price gap | The difference between the same coin’s price on two venues. |
| Basis point (bp) | 0.01 %. A 4 bp fee is 0.04 %. |
| Break-even | Hours of funding a trade needs to pay back its round-trip cost. |
| Delta-neutral | A long and a short of the same size: price moves cancel, funding remains. |
| Funding rate | The periodic payment between longs and shorts that keeps a perpetual near spot. |
| Funding interval | How often a venue pays funding: 1, 4 or 8 hours. |
| Hedge | The second leg, placed to cancel the first leg’s price exposure. |
| Leg | One side of a trade: the long on one venue, or the short on the other. |
| Mark price | The venue’s reference price for P&L and liquidation. |
| Marketable limit | A limit order priced to fill at once, with a cap on the worst price. |
| Net APR | APR after fees, slippage and the price-gap edge, spread over the hold. See Net APR. |
| Net result | Funding received − fees paid − estimated cost to close now. |
| Perpetual (perp) | A futures contract with no expiry. |
| Round trip | Opening and closing a trade: fees and slippage both ways. |
| Slippage | The difference between the mid price and the average price you are filled at. |
| Spread | Short-leg funding minus long-leg funding, per 8 hours. |
| Taker fee | The fee for an order that fills immediately against the book. |
| Unwind | Closing the first leg again because the second could not be opened. |