Glossary

Short definitions used on EPIC. They are not venue rules.

Equity perpetual: A derivative without a fixed expiry that references an equity, ETF or equity index. In the products described here it is cash-settled and does not transfer the underlying.
Mark price: The venue's price used for margin and, usually, liquidation. It is not always the last trade.
Index price: A venue or index-provider price used inside the mark or funding formula. It may differ from the cash print.
Reference price: The anchor EPIC uses for basis. It should be named. In this demonstration it is a fixed illustrative anchor, not a live cash print.
Last trade: The latest matched price on that venue's book. It can diverge from the mark.
Basis: Mark minus reference, also shown as a percentage of the reference. Not an arbitrage signal.
Funding rate: The rate exchanged between longs and shorts each interval. A positive rate here means longs pay shorts.
Simple annualisation: The interval funding rate scaled by the number of intervals in a 365-day year. An illustration, not a yield.
Open interest: The notional or size of open positions reported by the venue. Definitions differ and are not always comparable.
Collateral: The asset posted as margin. It can differ from the quote currency and from the settlement asset.
Settlement: How profits and losses are paid. Cash settlement does not deliver shares.
Initial margin: Collateral required to open or increase a position under the venue's sample rule.
Maintenance margin: The level below which the sample contract can be reduced or liquidated.
Liquidation: A forced reduction of a position under the venue's margin rules. Mechanisms differ and are not fully comparable.
Insurance fund: A mutualised balance some venues describe for losses beyond a liquidated account. Absence of a figure is recorded as not disclosed.
Auto-deleveraging: A process that reduces winning positions if a deficit remains. Ranking rules matter and are often missing.
Socialised loss: Spreading a residual deficit across other users. Named only where the sample file names it.
Reference Confidence Score: EPIC's 0–100 reading of anchor quality. Not fair value, not a buy or sell indicator.
AfterClose: EPIC's view of equity perpetuals when the underlying cash market is outside its regular session.
Not disclosed: The source file we hold does not state the fact. It is not the same as a statement that the fact is harmless.
Unverified: EPIC has not checked the figure against an official source. The entire demonstration book is unverified.
Dispersion: The range of marks, basis or funding for one ticker across venues in this book. Not a signal to trade the widest pair.
Constructed path: A deterministic series whose last point is the snapshot. Earlier points are not a historical tape.
Depth ladder: An eight-level book built from the snapshot spread and depth. Not resting orders.
Maintenance sketch: A textbook distance between initial margin and the sample maintenance fraction. Not a liquidation prediction.
Saved screen: A named set of filters stored on your account. It does not run in the background and it does not send a message.