Trading glossary
Trading, account, risk and technical terms used throughout Edel Markets.
Markets and prices
These terms describe the contract and its prices. See the terminal guide for where they appear.
| Term | Meaning |
|---|---|
| Perpetual | A derivative that provides price exposure without a fixed expiry date. |
| Long / short | Exposure that benefits from a higher / lower exit price before costs. |
| Base / quote | The underlying unit used for size / the unit used to quote its price. |
| Last / index / mark | Latest execution price / underlying reference price / reported valuation and risk price. |
| Bid / ask | Resting buy interest / resting sell interest. |
| Spread | The difference between the best ask and best bid. |
| Notional | The value of the exposure represented by a quantity and price. |
| Open interest | Reported outstanding exposure in a market, distinct from traded volume over a period. |
| Settlement asset | The asset in which a market’s obligations settle, as identified by current metadata; its name alone does not establish an eligible deposit rail. |
| Price-time priority | Matching considers eligible better-priced liquidity first, then the venue’s sequence at an equal price. |
Orders and execution
See market and limit orders and order options for their practical use.
| Term | Meaning |
|---|---|
| Market order | An order that attempts immediate execution under the venue’s protective constraints. |
| Limit order | An order to buy at a specified price or lower, or sell at a specified price or higher. |
| IOC / GTC | Immediate-or-cancel / good-till-cancelled. Edel derives these from order type. |
| Maker / taker | A fill that provides resting liquidity / a fill that consumes it. |
| Reduce Only | An instruction that an order may only reduce existing exposure. |
| Post Only | An instruction that a limit order may enter the book only without immediate matching. |
| Fill | An actual execution, which can cover all or part of an order. |
| Slippage | The difference between a reference price and the execution price for an order. |
| TP / SL / OCO | Take profit / stop loss / one cancels the other: paired exit conditions whose first trigger cancels its sibling. |
Account value and risk
Read collateral and margin and liquidation alongside these definitions.
| Term | Meaning |
|---|---|
| Collateral | The supported account asset used to meet trading obligations. |
| Equity | The reported account value including current position valuation. |
| Available for Orders | The service’s reported available capacity after applicable risk and reservations. |
| Initial / maintenance margin | The requirement to admit exposure / the requirement to maintain position health. |
| Leverage | Exposure relative to margin; higher leverage increases sensitivity to adverse price changes. |
| Liquidation | Forced reduction or closure under the venue’s risk process when requirements are not met. |
| Realized / unrealized PNL | Reported profit or loss from closed activity / current valuation of open exposure. |
| Funding | A periodic charge or credit associated with a perpetual position, separate from execution fees. |
| Account margin | The venue’s current requirements and reservations supporting perpetual positions and orders. |
| On-Chain Margin Layer | The planned connection allowing eligible Edel Stocks to support perpetual margin; it is separate from current account margin. |
Units, freshness, and confirmations
A number is useful only with its unit and source status. See portfolio and history for freshness labels.
| Term | Meaning |
|---|---|
| Atom | An exact integer unit. Converting atoms into a decimal amount requires the correct asset scale. |
| Basis point (bp) | 0.01 percentage point; 100 basis points equal 1%. |
| Snapshot | A view of data at a particular point. A history snapshot and a live account snapshot can have different freshness. |
| Projection | A derived view of recorded activity that can lag the latest accepted actions. |
| Stale / reconnecting | Previously shown data may no longer be current / the connection is being restored. |
| Accepted | A request was accepted for processing; this does not itself prove a fill or final settlement. |
| Unknown outcome | The interface cannot yet determine the action’s result. Check the existing request before retrying. |
| Passkey approval | The owner’s browser or device authentication of a specific requested action. |
| Command sequence / command ring | The ordered path into matching. Commands receive a sequence so execution and later replay follow the same order. |
| Journal evidence | The durable record of ordered execution outcomes used for the off-chain commitment boundary and verified recovery. |
| Read model | A query-oriented view derived from authoritative execution or ledger records. It displays financial state without authorizing changes to it. |
| Canton Party | An on-ledger identity associated with the account through the supported secure binding flow; login alone does not establish that binding. |
| Device grant | An RFC 8628-style flow in which the owner approves the account, scopes and lifetime of an agent’s key. |
| MCP tools | Optional agent tools that wrap permitted product REST operations; they do not provide owner deposit/withdrawal authority or replace live WebSockets. |
| Sub-transaction privacy | Canton’s selective sharing of transaction views with entitled participants. Edel uses this for collateral and settlement alongside private account positions and a public order book. |
Markets and access
For the product introduction, start with Markets overview.
Are perpetual markets open 24/7?
Yes. Edel perpetual markets have a 24/7 trading schedule. Operational pauses, risk restrictions, data outages, and maintenance can still prevent a particular action. Read the live market and account status.
Does a stock or commodity perpetual give me the underlying asset?
No. It provides price exposure through a perpetual position. It does not give you ownership or delivery of the referenced asset.
Which Markets environments are available?
Devnet is available for development. Testnet and Mainnet are coming soon. Confirm the environment reported by the application; a hostname or working API response alone does not establish public network availability. See environments and endpoints.
Does signing in with Google approve deposits or withdrawals?
No. Google can provide sign-in where enabled. Funding actions still require the specific owner passkey approvals shown by the application.
Orders and positions
See order types, order options, and closing positions for step-by-step guidance.
Why did my market order fill only partly?
Market orders use immediate-or-cancel. They execute only against available eligible liquidity within protective constraints; unfilled quantity cancels. Check Fills and the resulting position.
Does a limit order always pay a maker fee?
No. A limit order can execute immediately against resting liquidity. Post Only makes a limit order maker-only; Fills records the actual role and fee.
Can I choose IOC, GTC, or FOK myself?
The current public order interface derives IOC for market orders and GTC for limit orders. It does not offer a separate time-in-force selector or a FOK option.
Can I safely press submit again after a timeout?
Check the existing action’s status first. The application retains the original request where supported and can offer an exact retry after checking its status. Creating a new order before resolving the first can create unintended exposure.
Does a stop loss guarantee my exit price?
No. It supplies an exit condition, not a guaranteed execution price or protection against every loss. Confirm the actual fills and remaining position.
Funding and records
See funding flows, withdrawals, and portfolio history for current behavior.
Can I fund a Testnet or Mainnet account?
Not yet. Testnet and Mainnet are coming soon. Current funding instructions apply to Devnet; confirm the asset and capabilities shown for your account.
How do I get test funds on Devnet?
Use Request test funds where it is enabled for your account, then follow the displayed deposit approvals. The grant is one-time. If no funding intent is available, contact Support.
I approved a withdrawal. Why is it not complete?
A withdrawal can require another passkey approval to claim the payout. Open the current withdrawal and follow its next step. Payout acceptance and the final account update are separate confirmations.
Why does history say Updated while trading is unavailable?
History and live account state are different views. An updated history snapshot does not prove that fresh balance and position data or private realtime updates have recovered.
Why can’t I see my personal leaderboard rank?
Your personal rank is unavailable when the account view has no confirmed link to its public leaderboard handle. Your account may still appear in the published rankings.