Every term the rest of the documentation assumes, defined once, with a link to the page that owns the mechanism.
Each term gets one definition and, where a mechanism sits behind it, a link to the page that owns it. Where two words look interchangeable and are not, the entry says so.
Velocity's own liquidity. It quotes continuously off its own curve and competes with market makers on every fill rather than sitting behind them as a fallback. See The AMM.
vAMM
The AMM's virtual construction: its reserves are accounting quantities, not tokens anybody deposited, which is what lets a perpetual market quote a price without holding the underlying.
Keeper
A process somebody runs that watches onchain accounts and submits transactions against them. It is a job description, not a permission: there is no keeper registry or onchain role. See Orderbook and keepers.
Filler
The keeper that submits the transaction matching a taker order against a maker or the AMM, and is paid the filler reward. See Keeper incentives.
Liquidator
The keeper that takes over part of an under-margined account's position and is paid the liquidation fee for it. Every liquidator is a keeper; most keepers never liquidate anything. See Liquidations.
DLOB (decentralized orderbook)
The sorted view of onchain resting orders, assembled offchain. Each keeper builds its own from the order accounts, so no copy is authoritative. The orders and the fills are onchain; the book itself is not.
JIT
Just-in-time.
JIT auction
The Dutch auction a taker order runs while its acceptable price walks from the auction start price toward the auction end price. Market makers and the AMM compete to fill it. See Auctions.
Maker
A party that provides liquidity, either by resting a post-only order on the DLOB or by filling a taker's auction with just-in-time liquidity. Makers earn the maker rebate rather than paying the taker fee. See Fees.
Taker
A party that takes liquidity already on offer, whether from a maker or from the AMM. Takers cross the spread and pay the taker fee.
Per-market leverage
Each perpetual market sets its own initial margin ratio, and an account or an individual position can set a stricter cap on top. The strictest applies, so an override can only make the effective limit more conservative. See Account health.
Builder code
Per-order monetization for third-party frontends: an account approves a builder and a maximum fee, and that fee is charged on the account's fills and paid to the builder. See Builder codes.
Long
A position that gains when the price of the underlying rises.
Short
A position that gains when the price of the underlying falls.
TWAP
Time-weighted average price: the average of a price series over a window rather than its latest print.
The price of the underlying asset as reported by the oracle configured on that market. Both names appear in the UI and mean the same thing. See Oracles.
$201.01
Mark price
The price of the contract itself, taken as the midpoint of the AMM's bid and ask. It is what unrealized P&L is measured against, and it is not the oracle price.
$201.05
Funding rate
The hourly payment between longs and shorts that pulls the contract back toward the oracle. Positive means longs pay shorts, negative means shorts pay longs. See Funding rates.
0.0012% per hour
Open interest
The total size of all positions, long and short, in the market.
181 SOL
24h volume
The total notional traded in the market over the past day.
The USD value of the account's weighted collateral plus P&L, which is what margin is measured against. Weighted, because a volatile asset counts for less than its market value. See Collateral and margin.
101.01
Unrealized P&L
The sum of P&L across open positions that has not yet been settled into a balance.
1
Unrealized funding P&L
Funding collected or paid that has accrued but not yet realized. It realizes on the account's next action in the market.
0.01
Free collateral
The collateral not committed to margin, and therefore what is available to open new risk-increasing positions or to withdraw.
0.5
Leverage
Total notional position size divided by total collateral.
5x
Margin ratio
Total collateral divided by total notional position size, the reciprocal of leverage.
20%
Initial margin
The margin ratio an account must be above to open a position or withdraw collateral, set per market.
5% (illustrative)
Maintenance margin
The margin ratio a position can fall to before it becomes liquidatable, set per market. It is always looser than the initial requirement, and the gap between the two is the room a position has to move after opening.
