Resources
Glossary
| Term | Meaning |
|---|---|
| Vault | The USDT pool that is the counterparty to every position, owned by TLP holders |
| TLP | The Vault's share token; its value is equity divided by supply |
| Equity | Vault USDT minus queued claims minus the open profit and loss of all positions facing the Vault |
| Equity per share | Equity divided by TLP supply, floored at zero |
| Vault balance | Vault USDT that can pay profit and redemptions right now; zero while winners are queued |
| Rebate | TLP minted to a losing trader, worth the rebate rate times the credited loss |
| Rebate rate (r) | The share of a credited loss returned as TLP; 0.5% to 10% |
| Credited loss (L) | The part of a loss or forfeited margin that enters the Vault |
| Settlement queue | First-in, first-out claims for profit the Vault could not pay immediately |
| Deposit queue | Deposits waiting for the liquidation sweep and processing at equity per share |
| Liquidation sweep | A check of every position before deposits are processed; overdue positions are liquidated and the rest re-marked |
| Floor price | 30% of the highest equity per share reached; the minimum price at which TLP is minted |
| External cap | The 20% limit on deposited capital as a share of the Vault |
| Price buffer | The 0.2 bp move against a winner before profit is calculated |
| Asymmetric deduction | The share of profit retained after the buffer, at most 90% |
| Signed price | An oracle price signed by the keeper; valid for 3 seconds and never older than the last used |
| Session key | A key that can trade without wallet prompts but cannot move funds |
| Relayer | An optional service that pays gas and batches signed orders |
| Pause guardian | The role that can pause openings or delist a market |
| Timelock | The delay between a governance change and its effect |
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Glossary
| Term | Meaning |
|---|---|
| Vault | The USDT pool that is the counterparty to every position, owned by TLP holders |
| TLP | The Vault's share token; its value is equity divided by supply |
| Equity | Vault USDT minus queued claims minus the open profit and loss of all positions facing the Vault |
| Equity per share | Equity divided by TLP supply, floored at zero |
| Vault balance | Vault USDT that can pay profit and redemptions right now; zero while winners are queued |
| Rebate | TLP minted to a losing trader, worth the rebate rate times the credited loss |
| Rebate rate (r) | The share of a credited loss returned as TLP; 0.5% to 10% |
| Credited loss (L) | The part of a loss or forfeited margin that enters the Vault |
| Settlement queue | First-in, first-out claims for profit the Vault could not pay immediately |
| Deposit queue | Deposits waiting for the liquidation sweep and processing at equity per share |
| Liquidation sweep | A check of every position before deposits are processed; overdue positions are liquidated and the rest re-marked |
| Floor price | 30% of the highest equity per share reached; the minimum price at which TLP is minted |
| External cap | The 20% limit on deposited capital as a share of the Vault |
| Price buffer | The 0.2 bp move against a winner before profit is calculated |
| Asymmetric deduction | The share of profit retained after the buffer, at most 90% |
| Signed price | An oracle price signed by the keeper; valid for 3 seconds and never older than the last used |
| Session key | A key that can trade without wallet prompts but cannot move funds |
| Relayer | An optional service that pays gas and batches signed orders |
| Pause guardian | The role that can pause openings or delist a market |
| Timelock | The delay between a governance change and its effect |