> 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 | --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.vigilan.market/platform/glossary.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.