Glossary
Boundary
An upper or lower price level defining a Vanilla Boundary Perp. The upper boundary crosses when the mark reaches or exceeds it. The lower boundary crosses when the mark reaches or falls below it.
Chosen Boundary
The boundary selected by the user. Crossing it first produces Resolved — Won.
Non-Chosen Boundary
The other boundary. Crossing it first produces Resolved — Lost.
Stake
The USDC committed to a position. It is the position's maximum loss and becomes part of the book's hedge collateral.
Fixed Payout
The gross liability recorded after a win, including the returned stake. It is fixed when the position opens. A last-resort socialized-loss adjustment can reduce the final amount paid during insolvency.
Protocol Fee
A fee charged on top of the stake at opening. It accrues separately from assets backing positions and LP shares.
Buyback
A contract-quoted early close of an active position. Accepting it pays the quoted amount and produces Resolved — Closed Early.
First Touch
The first qualifying stored or in-call mark reading at or beyond one of the two boundaries.
Book
An isolated Boundary Perps contract instance with its own assets, liabilities, positions, LP buffer, risk controls, and HyperCore hedge account.
Open Interest
The sum of stakes across active positions in one book. It is capped by maxOI.
Net Exposure
For one underlying, the signed sum of active positions' hedge deltas. This is the exposure the protocol hedges in that underlying's perpetual.
Hedge Notional
The summed absolute notional of the protocol's per-underlying net hedge positions.
Buffer
LP-funded USDC capital that supplements user stakes, supports hedge margin, and absorbs hedge and cost variance.
Book Assets
The book contract's payout-backing USDC plus its HyperCore account equity. Accrued protocol fees are excluded.
Marked Liability
The sum of active positions' current probability-weighted payouts plus resolved but unclaimed winning payouts at full value.
NAV
The net asset value belonging to LPs:
Book Shortfall
The positive amount by which marked liabilities exceed book assets:
Socialized Loss
A last-resort proportional reduction applied across affected user positions when a book cannot cover its liabilities. It distributes the shortfall according to position value rather than claim order.
Core Equity
The book's HyperCore account equity, including posted collateral and unrealized hedge profit or loss.
Spread
The pool margin included in a quote after expected funding and execution cost recovery. It combines a base spread and a signed book-imbalance adjustment.
Quote
An indicative payout and fee for one product configuration. It expires and is recomputed during acceptance.
minPayout
The minimum binding payout a user will accept. The opening transaction reverts if repricing produces a lower amount.
Mark Worker
A permissionless service that calls the contract to read and store authenticated HyperCore mark prices.
Settlement Keeper
A service that watches positions and submits permissionless settlement calls when valid crossing evidence exists.
Restricted
A circuit-breaker mode that permits only actions considered safe or corrective for the active condition.
Freeze
A circuit-breaker mode that halts most protocol actions and outflows while still allowing LP deposits and mark-worker publications.
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