Glossary

Achieved z — the z-level a pair trade would actually lock in after walking both legs' order books β-weighted — the tape z minus the edge eaten by market impact.

Agent (order-only) — a credential your wallet approves on Hyperliquid itself when you enable trading: it can place the orders you arm, never withdraw or transfer funds, and expires on its own. Revocable at any time — the Revoke key button on the account rail kills it site-side within seconds, and Hyperliquid's own API settings page removes the venue approval.

Aggressor — the side that crossed the spread in a trade (the taker). The tape's 60s gauge measures aggressor buy vs sell notional.

All-in cost — fee plus price impact for a given clip size, quoted per side before you trade.

ALO (add-liquidity-only) — an order flag that rejects the order rather than let it cross the spread; also called post-only. Guarantees a resting maker order — the mechanism behind every maker-first algo.

Armed — committed but unfilled: a watch or exit plan the server-side engine monitors and fires when its band crosses — even with your browser closed. Nothing rests on the exchange until it fires.

β (hedge ratio) — the coefficient that sizes leg B against leg A in the spread. Fitted daily.

Builder fee — Hyperliquid's mechanism for an interface to attach a per-fill fee to orders carrying its code. Priced per algo here, capped by the single 0.04% approval your wallet signs, revocable at any time.

Clip — a single child order's size; algos slice a parent order into clips.

Client order id (cloid) — a deterministic id the engine assigns each child order, letting a restarted worker reconcile its book against the venue's exactly — resume is a lookup, never a guess.

Cointegration — a statistical property of two price series whose combination is mean-reverting even though each series individually wanders.

Custom exit — an exit plan whose target, stop, or timeout you amended away from the model's entry-frozen terms, typed as a distance from your entry (% of leg A, or σ). Marked with an amber chip, shown beside the model's numbers, and revertible to the model's terms at any time; a custom stop fires at exactly the level you typed.

Dead-man switch — a venue-side scheduled cancel the engine registers when arming an algo: if the engine ever goes silent, the exchange auto-cancels the remaining children on its own. It guards the parent, not each child, because the venue allows at most 10 per day.

Edge erosion — the portion of a pair's statistical edge (in σ) given back to market impact when filling at size.

Entry band — the |z| level beyond which a pair's stretch is considered tradeable.

Exit (travel) — the exit target measured as distance traveled back from the entry threshold, not a fixed z-level.

Fill balance — whether both legs of a pair can fill in β-weighted ratio from visible depth; an out-of-band ratio means the "hedge" would be directional.

Funding — the periodic payment between longs and shorts that anchors a perpetual to its index. Net funding on a pair = funding on the long leg minus funding on the short leg.

Give-up — a pre-committed escape from passivity: after a set time unfilled (Chase), or when hedge costs exceed captured edge (Autospreader), the algo crosses or stands down rather than grinding on.

HIP-3 market — a builder-deployed Hyperliquid perpetual market; may carry a deployer fee multiplier, which the terminal shows.

Iceberg — an order showing only a small visible slice, refreshed on fill, hiding the full size.

IOC (immediate-or-cancel) — an order that fills whatever it can immediately and cancels the rest; the manual ticket's mechanism.

Ledger ownership — the desk's accounting rule: a pair owns exactly the fills its engine placed for it (tagged by client order id), never the venue's netted coin total. Venue total = pair leg + personal residual; exits size off the ledger, capped by what the venue holds in the pair's direction.

Liquidated (close reason) — a Book row closed because a leg was liquidated on the venue, confirmed by the liquidation flag on the account's own fills — never inferred from a snapshot.

Live z — the current z-score, computed in real time from live prices against the day's locked μ, σ, and β.

μ (spread mean) — the fitted mean of the spread over the lookback window.

Maker / taker — a maker order rests on the book and is filled by others; a taker crosses the spread. Makers pay lower fees, which is why maker-first algos exist.

Near touch / far touch — the near touch is the side of the book your order can rest on (the bid when buying, the ask when selling); the far touch is the price you would have to cross to trade immediately. Spread-walkers start at the near touch and escalate toward the far.

One coin, one pair — the desk's ownership rule: a coin can be a leg of at most one of your open pairs. The coin itself stays free — hold it outright, trade it yourself, resize the pair — but two hedge-weighted pairs through the same coin would net into one unattributable venue position, so the terminal refuses the state rather than display a guess.

Open interest (OI) — the total size of outstanding perpetual positions in a market.

Pair handle — the A-B name of a pair, e.g. SUPER-SUSHI.

Parent / child order — an algo execution is one parent order sliced into many child orders over time or price.

Recipe — the full set of fitted parameters and band levels (β, μ, σ, entry, exit, stop, timeout) for a pair on a given day.

Residual — the difference between the venue's netted coin position and a pair's own fill ledger, created by your personal trading in a pair-leg coin. Any sign, unrestricted, yours — shown as a neutral chip, never touched by pair exits, and never "corrected," because trimmed-vs-personal is unknowable.

Re-peg — moving a resting order to a new price with the venue's modify action instead of cancel-and-replace: one action, and the order never leaves the book. The mechanism behind Chase and Adaptive Market.

σ (spread volatility) — the fitted standard deviation of the spread; the ruler that turns a spread into a z-score.

Spread — price_A − β · price_B.

Stop — the |z| level at which a divergence is treated as a broken relationship.

Suspended — a pair whose latest daily fit is incomplete; hidden from live readings rather than shown with mismatched numbers.

Sweep — a burst of same-side aggressive prints in a short window, usually one participant clearing several levels.

Timeout — the maximum holding period for a position before the thesis is considered failed.

TWAP (time-weighted average price) — an execution style that slices a parent order into even clips over time to approximate the average price of the window.

Vacuum — a stretch of a market with neither traded volume nor resting depth; rendered as canyons in the Liquidity Terrain.

Z-score — (spread − μ) / σ; the number of standard deviations the spread sits from its mean.