A token that is a security under applicable law: ownership, debt, or investment-contract rights, usually with transfer restrictions.

The asset in which a contract's realized obligations or profit and loss are paid, which may differ from its quote or collateral currency.

The chance one side delivers and the other does not, classic in cross-border and OTC crypto.

Excess return per unit of volatility. A simple way to compare strategies after adjusting for swing size.

A position that profits if price falls, typically via a borrowed asset or a derivative.

A forced buy-back cascade when shorts are liquidated into a rising tape.

The difference between the expected price and the fill price, usually worse in thin markets or large orders.

Posting large orders you intend to cancel to trick others about supply or demand.

Trading the actual asset for immediate settlement, not a future or perpetual.

Earning the bid-ask as a market maker, before inventory and adverse-selection costs.

Security token offering. A regulated-style issuance of tokenized securities, contrasted with unregistered ICOs.

A trigger that becomes a sell (or buy) if price trades through a level, used to cap a losing position.

A price area where buyers have repeatedly shown up and slowed a decline.