> For the complete documentation index, see [llms.txt](https://vortex-protocol.gitbook.io/vortex-protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vortex-protocol.gitbook.io/vortex-protocol/glossary.md).

# Glossary

### Market Info

| Term          | Description                                                                                                               | Example  |
| ------------- | ------------------------------------------------------------------------------------------------------------------------- | -------- |
| Mark Price    | Price of the asset on Vortex                                                                                              | $100     |
| Oracle Price  | Price of the underlying asset                                                                                             | $101     |
| Funding Rate  | 1/24 the average premium paid every hour. If +, longs pay shorts. If -, shorts pay longs. See Funding Rates for more info | .0015%   |
| Open Interest | Total size of all positions (Long and short) in the market                                                                | 300 ATOM |
| 24h Volume    | Total volume traded in past day in the market                                                                             | $5.05M   |

### Position Terms

| Term                   | Description                                                                                   | Example                                                                                                               |
| ---------------------- | --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- |
| Market                 | A base/quote asset pair                                                                       | ATOM/USDC                                                                                                             |
| Direction              | The position’s bet on price change                                                            | LONG,SHORT                                                                                                            |
| Size                   | The position’s base asset value                                                               | 3.5 ATOM                                                                                                              |
| Notional               | The position’s quote asset value                                                              | $1000                                                                                                                 |
| Entry Price            | Average price paid (cost basis) for acquiring the position                                    | $100                                                                                                                  |
| Exit Price             | Average price realized if closing the entire position                                         | $102                                                                                                                  |
| Liquidation Price      | Soft estimate of price where liquidation of account will occur                                | $75                                                                                                                   |
| P\&L (Profit and Loss) | Profit and/or Loss of position Calculated on difference between exit price and entry price    | Exit Price - Entry Price $2 (following the above example)                                                             |
| Margin Call            | Leverage is larger than the inverse of margin requirement ratio. (Position may be liquidated) | Trader receives a warning that collateral ratio is too low. If unresolved, position and collateral may be liquidated. |

### User Account Terms

| Term                    | Description                                                                                                                      | Example |
| ----------------------- | -------------------------------------------------------------------------------------------------------------------------------- | ------- |
| Total Collateral        | The total USD value of collateral (Account Balance +/- Unrealized P\&L)                                                          | 110     |
| Unrealized P\&L         | Sum of Unrealized P\&L in all open positions                                                                                     | 10      |
| Unrealized Funding P\&L | Unrealized amount collected/paid for funding payments. (Automatically realized upon a new user action)                           | .02     |
| Free Collateral         | The value of collateral that can be used to open new risk-increasing positions                                                   | 5       |
| Leverage                | Total Notional Position Size/ Total Collateral                                                                                   | 3x      |
| Margin Ratio            | Total Collateral/ Total Notional Position Size                                                                                   | 50%     |
| Margin Debt             | For a long position is the amount of cash borrowed to open the position, for a short position is the proceed from the short sale | 300$    |
| Portfolio Equity        | The sum of equities of all components in the portfolio: Balances, Long & Short Positions, Open Orders                            | 100$    |