Glossary

Key terms used throughout Bullpen.

A

ALO (Add Liquidity Only): An order that only executes as a resting order on the book. Cancels if it would immediately match. Guarantees maker fees/rebates.

AMM (Automated Market Maker): A DEX design that uses liquidity pools and algorithms instead of order books. Common on Solana.

B

BULL Multiplier: A bonus applied to your weekly BULL Points earnings. Earned by completing Quests.

BULL Points: Bullpen's rewards program. Points are earned through trading, referrals, social activity, and platform usage. Distributed weekly. Separate from Volume Tiers.

C

CLOB (Central Limit Order Book): A trading system where orders are matched by price-time priority. Used by Hyperliquid for perps and by Polymarket for prediction markets.

Convergence Signal: When multiple tracked smart money wallets independently take the same side of a prediction market. Higher convergence indicates stronger directional consensus among profitable traders.

Copy Trading: Automatically mirroring the trades of a selected wallet. When the copied wallet buys or sells, the same trade executes on your account based on your configured settings.

Cross Margin: Margin mode where your entire account balance backs all positions. Gains can offset losses across positions.

D

DEX (Decentralized Exchange): An exchange that operates without a central intermediary. Trades execute via smart contracts.

E

Eventscope: A view in the Predictions tab showing a live trade feed for a specific prediction market event, with filters and quick-buy functionality.

F

Funding Rate: Periodic payments between long and short traders to keep perp prices aligned with spot. Positive rate = longs pay shorts.

G

GTC (Good 'Til Canceled): An order that stays on the book until filled or manually canceled.

H

HyperCore: Hyperliquid's core matching engine and clearinghouse for perps and spot trading.

HyperEVM: Hyperliquid's EVM-compatible execution environment.

I

IOC (Immediate or Cancel): An order that fills immediately or cancels. No resting on the book.

Isolated Margin: Margin mode where each position has dedicated collateral. Liquidation in one position doesn't affect others.

J

Jupiter Ultra: Jupiter's meta-aggregation layer for Solana swaps with MEV protection and optimized execution.

L

Liquidation: Forced closure of a position when margin falls below maintenance requirements.

Liquidity: The ease of buying/selling without significantly moving the price. Deep liquidity = tight spreads.

M

Maker: A trader who adds liquidity by placing resting orders on the book. Often receives fee rebates.

Mark Price: A manipulation-resistant price used for margin calculations, PnL, and liquidations.

MEV (Maximal Extractable Value): Value extracted by reordering or inserting transactions. Includes front-running and sandwich attacks.

Margin: Collateral deposited to open and maintain a leveraged position.

O

Oracle Price: External reference price derived from spot markets. Used for funding rate calculations.

Outcome Token: A token representing one side of a prediction market (Yes or No). Trades between $0.00 and $1.00. Winning tokens pay out $1.00 at resolution.

P

Passkey: Device-based authentication using biometrics (Face ID, fingerprint). Used to secure Bullpen wallets.

Perp (Perpetual Future): A derivative contract that tracks an underlying asset price with no expiration date.

Prediction Market: A market where you trade on the outcome of real-world events. Each outcome is a token priced between $0.00 and $1.00. Winning outcomes pay $1.00.

R

Reduce Only: Order flag that ensures the order only reduces (not increases) your position.

Resolution: When a prediction market settles. The event outcome is determined, winning shares pay $1.00, losing shares become worthless.

S

Slippage: The difference between expected and actual execution price. Can be positive (better than expected) or negative.

Slippage Tolerance: The maximum price difference you're willing to accept between the expected and actual execution price. Configurable in copy trading settings.

Smart Money: Wallets identified as having strong historical performance on Polymarket based on P&L, win rate, volume, and consistency.

SPL Token: Solana Program Library token standard. The standard for tokens on Solana.

Stop Loss: An order that triggers when price moves against your position to limit losses.

T

Take Profit: An order that triggers when price moves in your favor to lock in gains.

Taker: A trader who removes liquidity by executing against resting orders. Pays taker fees.

TIF (Time-in-Force): How long an order remains active. Options: GTC, IOC, ALO.

TWAP (Time-Weighted Average Price): An order that splits into smaller pieces executed over time to minimize market impact.

U

UNIT: Integration that provides access to Hyperliquid spot orderbook for major assets.

USDC: USD Coin stablecoin. Primary collateral for Hyperliquid perps and spot trading.

USDC.e: Bridged USDC on Polygon. Collateral for Polymarket prediction markets.

V

Volume Tier: Your rank based on total Polymarket trading volume on Bullpen. Higher tiers unlock more cashback on trading fees. Separate from BULL Points.

W

Walletscope: A view in the Predictions tab that provides a real-time filtered feed of trades from wallets across Polymarket, with filters for trader quality metrics.

Whale: A trader or wallet with significant capital that can move markets.