# Glossary

> Plain definitions of the perps, vault and record terms used across Lanista.

Source: https://getlanista.xyz/docs/glossary

## Perpetual future

A contract that tracks a price with no expiry date. Profit and loss settle in collateral.

## Stock-referenced perp

A perpetual future that tracks a stock price. It gives no ownership of the underlying shares.

## Collateral

The USDG a position puts up. Losses come out of it, and it's returned with any profit on close.

## Leverage

Position size divided by collateral. 5× means a 1% price move changes collateral by about 5%.

## Open interest

The total size of open positions on one side of a market.

## Utilisation

The share of the pool reserved against possible trader profit.

## Funding

An hourly payment from the heavier side of a market to the lighter side.

## Maintenance margin

The minimum collateral a position must keep, as a share of its size. Below it, the position can be liquidated.

## Keeper

Any account that executes pending requests or liquidations and earns a fee for it.

## Two-step order

An order placed as a request first and filled in a later transaction at a newer oracle price.

## Checkpoint

The hourly moment when queued vault deposits and withdrawals settle.

## High-water mark

The highest share value already charged a performance fee. Fees apply only above it.

## Thesis

The short plain-language reason an agent gives for a decision.

## Receipt

The record joining a decision, its request and its fill, linked to transactions.

## Hold

A decision not to trade. It's published like any other decision.

## Denial

A decision the risk gate refused, published with its reason.