Glossary

Plain-English definitions for the trading terms used across Leap.

Account value

The current value associated with your trading account, including the effects of open positions where applicable.

Available margin

Collateral that remains available to support positions or new exposure.

Conditional order

An order that becomes active after a defined trigger condition is met.

Copy trading

A feature that can mirror eligible trading activity from a selected trader into your account according to your copy settings.

Cross margin

A margin mode where collateral is shared across cross-margin positions rather than being reserved for only one position.

Entry price

The average price associated with opening the current position.

Funding

A periodic payment between long and short holders of a perpetual contract. On Hyperliquid, funding is paid hourly.

Leverage

A multiplier that lets you control a position larger than the initial margin committed to opening it.

Limit order

An order that specifies the price you are willing to trade at. It may remain unfilled if the market does not reach that price.

Liquidation

Forced reduction or closure of leveraged exposure when required maintenance margin is no longer available.

Long

A position that benefits when the market price rises and loses when the price falls.

Margin

Collateral used to support leveraged exposure.

Mark price

A fair-price reference used for risk calculations such as margining and liquidation on Hyperliquid-backed perpetuals.

Market order

An order intended to execute immediately against available liquidity.

Open interest

The value represented by open derivative positions in a market.

Open order

An order that has been submitted but has not fully executed or been cancelled.

Oracle price

An external reference price used by the underlying market infrastructure.

P&L

Profit and loss. It describes how much value a trade or account has gained or lost.

Perpetual

A derivative contract without an expiry date. Perpetuals use mechanisms such as funding to stay aligned with the underlying market.

Position value

The total market exposure of a position. With leverage, position value can be larger than the margin used to open it.

Reduce only

An order instruction that allows an order to reduce existing exposure without increasing or reversing it.

ROI

Return on investment. In trader discovery, it gives a percentage-based view of performance relative to capital.

Short

A position that benefits when the market price falls and loses when the price rises.

Slippage

The difference between the expected execution price and the actual fill price.

Spot

Direct purchase or sale of an asset rather than a leveraged perpetual position.

Stop loss

An exit instruction designed to reduce or close a position after an adverse price condition is reached.

Take profit

An exit instruction designed to reduce or close a position after a favorable price condition is reached.

Unrealized P&L

Profit or loss on a position that is still open.