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.

When Korean exchange BTC prices trade far above global prices due to capital controls and local demand.

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.

A trend-following oscillator built from two moving averages and their difference.

Made in China is a market sector used to group crypto assets with similar use or design.

Made in USA is a market sector used to group crypto assets with similar use or design.

A fee schedule that rebates resting orders (makers) and charges crossing orders (takers).

Collateral posted to open and maintain a leveraged position.

A fair-price index used to trigger liquidations so a single print on one venue cannot hunt positions.

Circulating supply multiplied by current price. The primary ranking metric for crypto assets.

An instruction to buy or sell immediately at the best available prices.

Capital moving from one story (L2s, AI, DePIN, memes) to the next.

Net asset value. The per-share value of a fund's holdings, used to judge ETF premiums and discounts.

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

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

Self-dealing volume to fake demand. Common in thin NFT markets.

Net unrealized profit/loss. Another on-chain sentiment gauge derived from realized price.

Moving collateral at a custodian so trades can net without depositing to an exchange wallet.

A service that turns crypto back into bank money.

Open, high, low, close prices over a fixed interval, drawn as a candlestick on price charts.

When price and open interest move in opposite ways, hinting at short or long covering.

A cascade of liquidations that wipes open interest and often marks a local extreme.

Publishing or settling fund net asset value through on-chain oracles or issuer updates for tokenized funds.