> For the complete documentation index, see [llms.txt](https://fx100.gitbook.io/fx100-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://fx100.gitbook.io/fx100-docs/reference/glossary.md).

# Glossary

**ADL (auto-deleveraging)** — A last-resort mechanism that closes the highest-profit positions in a market when pending profits approach a safety threshold. See [auto-deleveraging](/fx100-docs/how-the-system-works/adl.md).

**Closing impact** — The price impact of unwinding a position into the vault. Realized only on close, so it never appears in unrealized PnL.

**Constant spread** — The fixed baseline component of the dynamic spread, configured per market.

**Depth spread** — The component of the spread that grows with order size, on a convex curve.

**Dynamic spread** — The total adjustment applied to the oracle price to produce your fill price. Constant + depth + skew.

**Entry price** — `sizeInUsd / sizeInTokens`. Your actual execution price including spread, recorded once and never re-marked.

**Est. receive** — What lands in your balance if you close now, after closing impact, closing fee, and pending funding.

**Execution fee** — On-chain gas paid to the keeper executing your order.

**Floor factor** — The baseline funding rate paid by longs to the vault, applied even when the market is balanced.

**Isolated margin** — Each position is backed only by its own collateral. Losses cannot spill between positions.

**Liquidation protection** — The 15-minute window after opening during which a position cannot be liquidated. A timer, not active position management.

**Mark price** — The price used for unrealized PnL and liquidation. Equivalent to the oracle price.

**`minCollateralFactor`** — The minimum collateral ratio required to open a position. Determines maximum openable leverage.

**`minCollateralFactorForLiquidation`** — The maintenance collateral factor. Lower than the opening requirement; the difference is your buffer.

**Net collateral** — Collateral plus closing impact, minus pending funding.

**Oracle price** — The on-chain reference price, sourced from Chainlink Data Streams. Split into mid, ask, and bid.

**Position fee** — Charged on open and on close, as a fraction of notional size.

**Reserve factor** — The share of pool value that can back positions in a given market.

**`sizeInTokens`** — Position size denominated in units of the underlying asset.

**`sizeInUsd`** — Position size denominated in USD, recorded at the entry execution price.

**Skew** — The EMA of `(longOI − shortOI) / totalOI`. Drives both the skew component of the spread and the funding rate.

**Skew impact** — The component of the spread that rewards trades reducing market imbalance and charges trades that worsen it.

**Trigger order** — A conditional order that converts to a market fill when the oracle reaches the trigger price. Covers limit, stop, take profit, and stop loss.

**Vault** — The single unified USDC pool that acts as counterparty to every trade on FX100.

**Withdrawal cooldown** — The seven-day period between requesting an LP withdrawal and claiming it. Capital stays fully active throughout, earning all yields and absorbing trader PnL until the withdrawal is claimed.