Glossary
Stable. New terms added with each protocol expansion.
Defined terms used throughout the docs. Cross-linked where the topic has its own page.
A
ADL — Auto-deleverage. Loss-mutualisation mechanism that claws back unrealised PnL from profitable counter-parties when the insurance pool can't cover a T3 liquidation shortfall. See ADL.
Agent wallet. A signing key approved by a master account to act on its behalf, without withdrawal authority. See agent wallets.
ALO — Add-Limit-Only. Order TIF that rejects the order entirely if any portion would cross the book. Guaranteed maker. See order types.
Asset ID. A market's canonical integer identifier. On the wire the field is signing_id, on markets_meta. It carries that name because it is the value a signed action puts in market (perp) or pair (spot). There is no asset_id field. Ids differ across networks, so read them at start-up.
Action. A state-mutating call to POST /exchange. Tagged variant union with about 30 types. See exchange.md.
B
Backstop (T3). Liquidation tier where the protocol seizes a sub-threshold account's position into the insurance pool. See tiered liquidation.
Band, mark-price. Per-block clamp on how far the mark price can move. Defends against oracle/mid manipulation. See mark prices.
Batch ID. Auction batch identifier for FBA markets. See FBA.
bps — Basis point. 0.01% (= 1e-4). Fee rates are denominated in bps; 5 bps = 0.05%.
Broker credit. Extra fee charged on top of the taker fee and paid to the address that originated an order (front-end, aggregator, automation service). See fees and broker codes.
C
CCTP — Cross-Chain Transfer Protocol. Circle's Cross-Chain Transfer Protocol. MetaFlux does not use CCTP; instead USDC is bridged via MetaBridge (a validator-signed custody bridge).
chainId. EIP-712 domain field selecting the network. 31337 a node you run yourself, 114514 testnet, 8964 mainnet. See networks.
Cloid — Client Order ID. 16-byte identifier set by the client; enables cancel_by_cloid and order idempotency. See exchange.md submit_order.
Clearing price (FBA). The single uniform price at which an FBA batch settles. See FBA.
Cross margin. Margin mode where all positions share account-wide collateral. Capital-efficient; not isolated. See margin modes.
D
Delegation (staking). A delegator's MTF stake assigned to a validator's pool. Earns rewards, exposed to slashing. See staking.
Domain separator. EIP-712 32-byte constant per network; one of the inputs to the signed hash. See signing.
E
EIP-712. Ethereum standard for typed structured signed data. MetaFlux signing uses the EIP-712 envelope (0x1901 || domain || hash). See signing.
EMA — Exponential Moving Average. Used in mid-price smoothing for mark computation. See mark prices.
F
FBA — Frequent Batch Auction. Discrete-time matching alternative to continuous CLOB. See FBA.
FIFO — First-In-First-Out. Order matching priority at the same price level on the continuous CLOB.
Funding rate. Per-asset discrete user-to-user payment (default 1h period, governance-configurable per asset) that pegs perp price to underlying oracle. See funding rates.
G
Grouping. Order parameter that links legs into an OCO family (NormalTpsl) or position-attached braces (PositionTpsl). See order types.
GTC — Good-Till-Cancelled. Default TIF; order rests on the book indefinitely. See order types.
H
Health ratio. account_value / cross_maintenance_margin_used. Drives the tiered liquidation ladder. The default account_state body gives you the computed health but not cross_maintenance_margin_used; ask for that denominator with detail: "margin".
High-water mark. Highest historical share price for a vault, used to gate performance-fee accrual. See vaults.
I
IOC — Immediate-Or-Cancel. TIF; match what's available, cancel any unfilled remainder. See order types.
Idempotency. Property whereby retrying a request causes the same observable effect. See idempotency.
Insurance pool. Subset of the Metaliquidity vault reserved for T3 backstop coverage. See vaults.
Isolated margin. Margin mode where a per-asset bucket caps the loss on that asset. See margin modes.
L
L2 book. The order book at a given depth (top-N levels per side). See l2_book info.
Liquidation tier. Stage in the tiered ladder: T0 yellow card, T1 partial, T2 full, T3 backstop, T4 ADL.
Lock-up (staking / vault). Time required between unstake/withdraw signal and funds availability. See staking, vaults.
M
Maintenance margin. Minimum collateral required to keep a position open. Health = account_value / cross_maintenance_margin_used. The account-level field covers the CROSS bucket only; an isolated leg carries its own maint_margin on its position row. Read cross_maintenance_margin_used from account_state with detail: "margin" — the default body omits it. See margin modes.
Maker / Taker. Maker provides liquidity (resting order); taker removes it (crossing order). Different fee rates. See fees.
Mark price. Protocol's authoritative price for margin/liquidation. Median composition of mid + oracle + EMA. See mark prices.
Master account. The account whose state is mutated by actions; can be signed by itself or by an approved agent. See agent wallets.
Metaliquidity vault. Protocol-operated insurance + market-making pool (vault kind: "Metaliquidity"). See vaults.
MIP — Market Improvement Proposal. Numbered protocol improvement (analogous to the improvement-proposal schemes used by established on-chain perp protocols). See MIP.
Action JSON. An action goes on the wire as JSON. The signature covers the EIP-712 typed-data digest of the action, not the JSON bytes. The JSON bytes are hashed separately for the action_hash correlation key. See signing.
MTF. The MetaFlux protocol token. Used for gas, staking, governance, and the fee buyback.
Multi-sig. M-of-N signature requirement for an account. See multi-sig.
N
Nonce. Per-sender strictly-monotonic uint64 included in every action; replay protection. See idempotency.
O
Oid — Order ID. Server-assigned uint64; returned in the Order response and on the order_updates / fills / open_orders WS channels. See exchange.md.
Oracle. External price feed composed from CEX prices via TWA. Input to mark price + funding. See mark prices.
P
PnL. Profit-and-loss. Unrealised (mark-to-market on open position) vs realised (closed at exit fill).
Portfolio margin (PM). Cross-asset scenario-based margin model; capital-efficient for hedged books. See portfolio margin.
Premium index. EMA of mid - oracle; input to funding. See funding rates.
R
Reduce-only. Order flag that rejects the order at admission if it would grow position size. See order types.
RFQ — Request for Quote. The option trade path: a taker asks makers for a premium on one option series, and accepts one quote. It refuses every market that is not a live option series. See RFQ.
S
Sender. The address whose state mutates on a POST /exchange request. May be signed by itself or by an approved agent.
Share (vault). Unit of vault participation; minted at deposit at the current share_price, burned at withdrawal at the current share_price. See vaults.
Slashing. Validator punishment for double-signing or downtime; reduces validator (and delegator) stake. See staking.
STP — Self-Trade Prevention. Order parameter selecting what happens when your new order would match your own resting order. See order types.
Strict-Iso. Margin mode like Isolated, with the additional property that the position is excluded from any portfolio-margin netting. See margin modes.
Sub-account. Derived account under a master; isolated positions and orders, shares deposit/withdraw with master only. See sub-accounts.
T
Taker. Liquidity remover; the side of a fill that crosses the book.
Tick size. Minimum price increment for a market. Orders must align.
TIF — Time-In-Force. Order parameter: GTC / IOC / ALO. There is no FOK (fill-or-kill) or all-or-none value. See order types.
TPSL — Take-Profit / Stop-Loss. Trigger-order grouping for protective braces. See order types.
TVL — Total Value Locked. Sum of vault NAV across all depositors.
TWAP — Time-Weighted Average Price. Order primitive that slices a large order over time. See order types.
U
Universe. The active list of markets (perp + spot) on the protocol. Read markets for the dynamic figures, or markets_meta for the static grids and ids. There is no meta read; it answers UNKNOWN_TYPE.
Unrealised PnL. Mark-to-market profit/loss on open positions. Not yet realised by closing.
USDC. The quote currency for MetaFlux markets; bridged in/out via MetaBridge.
V
Validator. Consensus participant; proposes blocks and votes. Earns commission on delegator rewards; subject to slashing.
Vault. Pool of USDC under a manager's signing authority, with mint/burn share semantics. See vaults.
W
Withdrawable. Free balance that can leave the account (not held as margin against open positions, not in an isolated bucket, not vault-locked).
Y
Yellow card (T0). First liquidation tier. ALO orders cancelled; positions untouched; client notified. See tiered liquidation.