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

# Glossary

| Term                       | Meaning                                                                                                                                                       |
| -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Ask                        | An offered selling price                                                                                                                                      |
| Basis risk                 | Mismatch between the event contract and the exposure being hedged                                                                                             |
| Bid                        | An offered buying price                                                                                                                                       |
| CLOB                       | Central limit order book for matching buy and sell orders                                                                                                     |
| Collateral                 | Asset backing the contract's defined payout                                                                                                                   |
| Complete set               | One Yes share and one No share for the same condition                                                                                                         |
| Depeg                      | Deviation from a specified peg or reference relationship                                                                                                      |
| Event                      | Group of related markets                                                                                                                                      |
| Exposure                   | Sensitivity of a position to a price, cost, event, or other condition                                                                                         |
| Funding                    | Periodic transfers associated with a perpetual contract under the venue's rules                                                                               |
| Gross payout               | Amount received at settlement before deducting purchase cost and other costs                                                                                  |
| Hedge                      | Position intended to offset some loss from another exposure                                                                                                   |
| Impermanent loss           | Difference between an LP position's asset value and holding the corresponding initial assets, under the comparison assumptions; fees are a separate component |
| Limit order                | An order that executes only at a specified price or better                                                                                                    |
| Liquidity                  | Executable buying and selling interest available at different prices                                                                                          |
| Maker                      | Participant whose resting order supplies liquidity                                                                                                            |
| Market                     | Tradable question with its own outcomes and resolution rules                                                                                                  |
| Market-implied probability | Probability interpretation of a traded price, subject to market frictions                                                                                     |
| Net hedge contribution     | Hedge payout or sale proceeds minus purchase cost and applicable costs                                                                                        |
| Observation window         | Period over which the contract's condition is evaluated                                                                                                       |
| Outcome share              | Token representing a position in a market outcome                                                                                                             |
| Premium                    | Informal name for the cost of purchasing a hedge; not a platform fee                                                                                          |
| Range break                | Departure from a stated band under the contract's measurement rules                                                                                           |
| Resolution                 | Determination of the market result                                                                                                                            |
| Resolution source          | Data or evidence designated to establish the result                                                                                                           |
| Slippage                   | Difference between an indicative price and execution price                                                                                                    |
| Spread                     | Difference between best bid and best ask                                                                                                                      |
| Taker                      | Participant executing against an existing order                                                                                                               |
| VP                         | Vigilan Points                                                                                                                                                |