> ## Documentation index
> Fetch the complete documentation index at: https://hypertake.net/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The words used across Hypertake and Hyperliquid, defined in one line each

Source: https://hypertake.net/docs/glossary · Last updated: 2026-10-17

Every term these docs use, in plain words. Each links to the page that explains it in full.

## Prediction markets

- **Outcome**: A HIP-4 market with two sides, Yes and No, that settles at a fixed time. See [What are prediction markets?](https://hypertake.net/docs/outcomes/prediction-markets.md).
- **Share**: One unit of a side. A winning share pays $1 at settlement; a losing one pays $0.
- **Price (¢)**: What a share costs now, from 0¢ to 100¢. It reads as the market's chance. See [Price is the chance](https://hypertake.net/docs/outcomes/price-is-the-chance.md).
- **Strike**: The price a price market is measured against ("BTC above **81,355**").
- **Close**: The moment a market stops trading and its result is measured.
- **Settlement**: Converting shares to USDC after the close by the market's rules. See [How markets settle](https://hypertake.net/docs/outcomes/settlement.md).
- **Settlement source**: The price feed and time window a market's rules name (a perp mark price, a Pyth price, candles).
- **Question**: A market with several outcomes, exactly one of which wins (who wins a match, a Fed decision).
- **Take profit**: A resting sell of all your shares at a price you choose. See [Take profit](https://hypertake.net/docs/outcomes/take-profit.md).
- **Bid / ask**: The best price a buyer will pay now / a seller will accept now.

## Perps

- **Perpetual future (perp)**: A contract that tracks a price with no expiry, traded with leverage. See [What are perps?](https://hypertake.net/docs/perps/what-are-perps.md).
- **Long / short**: A position that gains when the price rises / falls.
- **Leverage**: Position size divided by your margin. 10× means a $1,000 position on $100.
- **Margin (cross / isolated)**: Collateral behind a position: shared across positions (cross) or ring-fenced per position (isolated).
- **Liquidation price**: Where Hyperliquid closes your position because margin has run out. See [Liquidation](https://hypertake.net/docs/perps/liquidation.md).
- **Mark price**: Hyperliquid's fair price for a perp, used for margin and liquidations.
- **Funding**: Hourly payments between longs and shorts that keep the perp near the spot price.
- **TP / SL**: Take profit / stop loss: orders that close a position when the price reaches a level.

## Account and security

- **Unified account**: One USDC balance for outcomes and perps on Hyperliquid. See [Unified account](https://hypertake.net/docs/money/unified-account.md).
- **Trading key (agent wallet)**: A key made in your browser and approved by your wallet to sign orders, never withdrawals. See [The trading key](https://hypertake.net/docs/security/trading-key.md).
- **Builder fee**: The fee an interface adds to the orders it sends, up to a maximum you approve. See [Fees](https://hypertake.net/docs/fees.md).
- **Relay**: The third-party bridge Hypertake uses to carry deposits from Arbitrum to Hyperliquid. See [Deposits](https://hypertake.net/docs/money/deposit.md).
- **Arbitrum One**: The Ethereum network deposits come from and withdrawals go to.
- **HIP-4**: The Hyperliquid upgrade that added outcome markets. See [Hyperliquid and HIP-4](https://hypertake.net/docs/hyperliquid-and-hip-4.md).