Glossary

Tarvis never holds your money. It stays on your own exchange account.

A key that can place and cancel orders and cannot withdraw. See The trade-only key.

Hyperliquid's name for a trade-only key: a separate wallet authorized to trade for your account.

Your Hyperliquid account's public address, starting with 0x. It holds your funds.

Your account's total value, with open positions at their current price.

A simulated balance trading on real prices. No money at risk.

A contract that follows a coin's price and has no expiry. You can profit from a rise (long) or a fall (short), with leverage.

Buying the coin itself, without leverage.

A long earns when the price rises. A short earns when it falls.

Holding a position larger than your balance. It magnifies gains and losses alike.

The part of your balance the exchange locks to back a position.

Two margin modes. Cross shares margin between positions. Isolated gives each trade its own, so one can be liquidated while the rest are untouched.

The exchange closes your position by force because the margin no longer covers the loss.

The total size of all open positions in a market. Rising means traders are adding positions; falling means they are closing.

Who is buying and selling at market right now, and how hard.

A regular payment between longs and shorts that keeps a perpetual's price near the spot price. Depending on the market, you pay it or receive it.

Fills right now at the best available price, which can differ from the price on screen.

Waits at your price and fills only there or better.

An order that closes a losing position at a chosen price, to cap the loss.

An order that closes a winning position at a target price.

A stop moved to just past the entry price, so that a trade already ahead cannot turn into a loss.

The gap between the price you expected and the price you got.

A resting order that gets filled pays the maker fee. An order that fills at once pays the taker fee, which is higher.

Profit and loss. Realized comes from closed trades; open or unrealized comes from positions still running.

Return on investment. In Tarvis, account PnL over the most you ever deposited.

A fall from a previous high. Max drawdown is the deepest one in a period.

The share of trades closed in profit. On its own it says little.

Gross profit divided by gross loss. Over 1 means money was made.

Running a strategy's rules over past data. Its results are hypothetical.

A way of testing on data the rules were not tuned on, so the result is harder to fool.