> For the complete documentation index, see [llms.txt](https://docs.bullpen.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bullpen.fi/support/glossary.md).

# 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.


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