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

# Glossary

<table><thead><tr><th width="232.76171875">Term</th><th>Definition</th></tr></thead><tbody><tr><td><strong>Ask</strong></td><td>The lowest price a seller is currently willing to accept.</td></tr><tr><td><strong>Base</strong></td><td>The blockchain network Strix Lab runs on. Deposits and withdrawals of USDC must use the Base network — see <a href="https://docs.strixlab.io/getting-started/deposit-funds">Deposit Funds</a>.</td></tr><tr><td><strong>Bid</strong></td><td>The highest price a buyer is currently willing to pay.</td></tr><tr><td><strong>CLOB</strong></td><td>Central-limit order book — the engine that matches buy and sell orders by price and time, used by professional exchanges.</td></tr><tr><td><strong>Collateral</strong></td><td>The asset backing positions and settlement. On Strix Lab this is USDC.</td></tr><tr><td><strong>Confirming</strong></td><td>The brief state (usually seconds) in which a matched trade is being finalized on the blockchain. Not to be confused with a market <em>settling</em> — a confirming order is never waiting on the real-world event.</td></tr><tr><td><strong>Depth</strong></td><td>How many shares are available at each price level. More depth means larger trades move the price less.</td></tr><tr><td><strong>Embedded wallet</strong></td><td>A self-custodial blockchain wallet created and secured behind your email/social login (via Privy). See <a href="https://docs.strixlab.io/getting-started/connect-your-wallet">Connect Your Wallet</a>.</td></tr><tr><td><strong>Event</strong></td><td>A real-world question that a market or group of markets is about (e.g. <em>"Who wins the tournament?"</em>).</td></tr><tr><td><strong>Fill</strong></td><td>The execution of an order, in whole or in part, against a matching order.</td></tr><tr><td><strong>FOK / FAK</strong></td><td>Fill-or-kill / fill-and-kill — execute immediately and cancel any unfilled remainder. &#x3C;!-- TODO: these appear nowhere else in the docs. If supported, add them to the Order Types page (note if API-only); if not supported, delete this row. --></td></tr><tr><td><strong>GTC / GTD</strong></td><td>Good-'til-cancelled / good-'til-date — how long a limit order stays active. See <a href="https://docs.strixlab.io/trading/order-types#time-in-force">Order Types</a>.</td></tr><tr><td><strong>Limit order</strong></td><td>An order to trade at a specific price or better. Rests in the book until matched or cancelled.</td></tr><tr><td><strong>Liquidity</strong></td><td>How easily a market can absorb trades without the price moving — the product of tight spreads and real depth on both sides. See <a href="https://docs.strixlab.io/trading/order-book#the-four-terms-you-need">The Order Book</a>.</td></tr><tr><td><strong>Maker</strong></td><td>The resting order that gets matched by an incoming one — it "made" the market by offering a price in advance. Makers pay no fee.</td></tr><tr><td><strong>Market order</strong></td><td>An order that fills immediately at the best available price(s).</td></tr><tr><td><strong>Mid-price</strong></td><td>The midpoint between the best bid and the best ask — the reference point for how "tight" a quote is.</td></tr><tr><td><strong>Multi-outcome event</strong></td><td>An event with several possible outcomes, each traded as its own Yes/No market.</td></tr><tr><td><strong>Outcome share</strong></td><td>A tradeable token for one side of a market. Settles at <strong>$1</strong> if that outcome happens, <strong>$0</strong> if not.</td></tr><tr><td><strong>Position</strong></td><td>The shares you currently hold in an outcome.</td></tr><tr><td><strong>Settlement</strong></td><td>When a market's real-world outcome is confirmed: the market closes, correct shares are redeemed at $1, and the USDC is credited to holders automatically. Sometimes called <em>resolution</em> elsewhere. See <a href="https://docs.strixlab.io/trading/market-settlement">Market Settlement</a>.</td></tr><tr><td><strong>Size</strong></td><td>The number of shares — in your order, or resting at a price level in the book.</td></tr><tr><td><strong>Spread</strong></td><td>The gap between the best bid and best ask. Tighter spread = more liquid market.</td></tr><tr><td><strong>Taker</strong></td><td>The order that crosses the spread for instant execution against a resting order. Takers pay the <a href="https://docs.strixlab.io/trading/fees">fee</a>.</td></tr><tr><td><strong>Tick size</strong></td><td>The smallest price increment for a market — <code>0.01</code> (1¢) or <code>0.001</code> (0.1¢).</td></tr><tr><td><strong>tokenId</strong><em>(developer)</em></td><td>The unique identifier for an outcome, used in the API for orders, order-book queries, and WebSocket subscriptions.</td></tr><tr><td><strong>USDC</strong></td><td>A US-dollar stablecoin (1 USDC ≈ $1) used as collateral, for balances, and for all settlements on Strix Lab.</td></tr></tbody></table>


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