> For the complete documentation index, see [llms.txt](https://exliquid.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://exliquid.gitbook.io/docs/reference/glossary.md). # Glossary ## Application chain A blockchain network whose execution is specialized for a defined application domain. Exliquid specializes its native execution around trading. ## Canonical transaction A versioned signed Exliquid transaction with one protocol-defined interpretation. ## Committed transaction A transaction whose final network result is available for confirmation and account/market reconciliation. ## Confirmation The client-visible status indicating whether a submitted transaction has reached a committed result. ## Idempotency key A client-provided key used to retry the same logical REST submission safely without intentionally creating a second action. ## Index price The network-accepted external-market reference used as an anchor for perpetual-market pricing and risk. ## Mark price The risk-oriented price used for unrealized PnL, margin evaluation and liquidation eligibility. ## Last trade price The price of the most recent trade. It is useful for market display but is not automatically the same as the mark price. ## Liquidation Protocol-driven risk reduction when an account or position no longer satisfies the applicable maintenance requirement. ## Liquidation price An account- or position-specific estimate of the mark-price level at which maintenance requirements would be breached. It is not an order-book execution price. ## Maintenance margin The minimum collateral requirement for keeping an existing leveraged position open. ## Initial margin The collateral requirement applied to actions that create or increase exposure. ## Nonce A replay-protection and ordering value associated with a specific account/signer/action domain. ## Price-time priority An order-book rule where better prices execute before worse prices and queue priority applies among orders at the same price. ## Realized PnL Profit or loss recognized when position exposure is reduced or closed. ## Reduce-only An order constraint that prevents the action from increasing the absolute position exposure it is intended to reduce. ## Simulated asset A test-only balance with no claim on an external-chain or real-world asset. ## Unrealized PnL The current mark-to-market profit or loss of an open position using the protocol's risk price. ## WebSocket snapshot / delta The streaming model in which a client first establishes a snapshot and then applies ordered incremental updates, resynchronizing if sequence continuity is lost. --- # 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://exliquid.gitbook.io/docs/reference/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.