An OTC or FX habit of confirming a quote after the client hits it. Controversial in crypto RFQ.

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

Layer 0 (L0) is a market sector used to group crypto assets with similar use or design.

Layer 1 (L1) is a market sector used to group crypto assets with similar use or design.

Layer 2 (L2) is a market sector used to group crypto assets with similar use or design.

Lending/Borrowing Protocols is a market sector used to group crypto assets with similar use or design.

Controlling a larger position than the cash posted as margin. Gains and losses both scale.

An instruction to buy or sell only at a chosen price or better. It may rest unfilled.

A derivative whose profit or loss changes proportionally with the underlying price change for a fixed position size, before fees and funding.

Tokens unlock smoothly over time rather than in one cliff.

Forced close of a leveraged position when margin falls below maintenance. The venue seizes collateral to pay the loss.

Hundreds of millions in forced closes within hours, a recurring headline in leverage-heavy markets.

A map of estimated leverage liquidation levels, used to hunt squeezes.

The mark price at which a leveraged position is force-closed.

How easily size can be traded without moving the price much. Deep books and pools mean better liquidity.

A wick through obvious stops that fills liquidations or stop orders before reversing.

Contractual period when insiders cannot sell. Separate from on-chain vesting schedules.

A position that profits if price rises.

Forced selling of leveraged longs that cascades price down. Common on perpetual futures venues.

A forced sell cascade when longs are liquidated into a falling tape.

The count or notional of retail longs versus shorts on a venue. A crowded side is fuel for a squeeze.