Glossary
Plain-language definitions of the terms used across PerpsX.
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| Term | Meaning |
|---|---|
| pUSD | The collateral asset Polymarket Perps uses for margin and settlement. |
| Perpetual (perp) | A futures contract with no expiry, kept near the index price by funding. |
| Mark price | The reference price used for PnL and liquidation. |
| Index price | The underlying asset's price that funding pulls the perpetual toward. |
| Notional | Size × price, the full value of a position or order. |
| Initial margin | Collateral locked to open a position: notional ÷ leverage. |
| Maintenance margin | Minimum equity to keep a position open. Below it, the position is liquidated. |
| Funding rate | Periodic payment between longs and shorts. |
| Maker / taker | A maker adds liquidity with a resting order; a taker removes it. |
| Reduce-only | An order that can only decrease a position. |
| Post-only | A limit order that is only accepted as a maker. |
| GTC / IOC / FOK | Good-til-cancelled, immediate-or-cancel, fill-or-kill. |
| Trading session | A delegated, expiring credential that lets the terminal place orders for you. |
| Liquidation | Forced closing of a position whose equity fell to maintenance margin. |