materralReference
Glossary. Terms used across Materral.
Short definitions, in alphabetical order.
Terms#
- Basis point (bp)
- One hundredth of a percent: 0.01%. 100 bps is 1%.
- BBO
- Best bid and offer: the top of an order book.
- Capacity
- The size, in USD, that both legs of a route can fill from the visible depth.
- Gap
- A route whose gross spread has reached 2 bps on fresh quotes. It stays open until gross falls under 0.5 bps.
- Gross spread
- The price gap between two venues at your size, before any fee.
- Immediate-or-cancel (IOC)
- An order that fills what it can at once, up to its limit, and cancels the rest.
- Latency risk
- A charge for how far the price could move while legs are in flight: 1.65 × σ × √t × notional.
- Leg
- One side of a route: the buy on one venue or the sell on the other.
- Legged out
- A paper-trade outcome where one leg filled and the other did not, leaving residual exposure.
- Multicall3
- A contract that bundles many reads into one call, so they all see the same chain state.
- Net
- Gross minus every cost: venue fees, pool fees, gas, quote conversion and latency risk.
- Paper trade
- A trade filled against live quotes inside Materral, with no real order sent.
- Pool fee
- The fee tier a pool charges inside each swap.
- Quote conversion
- The cost of holding two quote currencies (USD, USDT, USDC): half the FX spread plus a 0% stablecoin conversion fee.
- Route
- A pair of markets, buy on one and sell on the other, evaluated in both directions.
- Stale
- A quote older than its source's maximum age. Stale routes are excluded from ranking.
- Taker fee
- The fee an order-book venue charges an order that takes existing liquidity.
- Tick
- A price boundary in a concentrated-liquidity pool where liquidity can change.
- VWAP
- Volume-weighted average price: the average price across every level a fill reaches.
- Wrapped token
- A token that represents another asset, such as WBTC or UETH. Valued 1:1 with a warning.
materral docs. Read-only, no keys, no real orders. Not investment advice.