Crypto Glossary

A cryptocurrency exchange operated by a company that holds user funds in custody.

A periodic payment exchanged between long and short perpetual futures traders to keep contract prices anchored to spot.

The forced closure of a leveraged position or undercollateralized loan when collateral falls below a required threshold.

The total value of outstanding derivatives contracts — futures or options — that have not been settled.

Derivative contracts that track an asset's price without an expiry date, kept in line with spot via funding rates.

The difference between the expected price of a trade and the price at which it actually executes.