Coins that have not moved in a long time, used in on-chain analytics as HODL proxies.

The annualized rate you earn or pay from a perp's funding, used to compare carry across venues.

The volatility priced into options. It is a market forecast, not a historical statistic.

Redeeming ETF shares for the actual asset (BTC, ETH) rather than cash. U.S. crypto ETFs have mixed permissions here.

Speculation around U.S. political calendars (elections, inaugurations) that spilled into memecoins and prediction markets in 2024 to 2025.

Index Coop Defi Index is a market sector used to group crypto assets with similar use or design.

A composite of spot venues used as the reference for derivatives.

The pace at which new supply is issued, often quoted as an annual percentage of circulating supply.

Infrastructure is a market sector used to group crypto assets with similar use or design.

A venue pool that backstops bankrupt liquidations before ADL is used.

The directional risk a market maker takes while holding coins between hedges.

When a market maker shades quotes because they already hold too much of one side.

A derivative commonly quoted in fiat units whose margin and profit or loss are calculated in the underlying cryptocurrency using inverse-price arithmetic.

Indication of interest. A non-binding hint of size used to find the other side without showing a firm order.

Margin assigned to one position so a wipeout cannot drain the rest of the account.