Glossary

A key your wallet approves on Hyperliquid that can place, change and close trades for you, and can never withdraw. Lance’s trading key is one. It lasts up to 180 days.

An order to sell at a price. The lowest ask is the cheapest price a seller will take right now; a market buy fills there first.

How far the price typically moves in one candle, averaged over 14 candles. A guide to how far away a stop should be.

An order to buy at a price. The highest bid is the most a buyer will pay right now; a market sell fills there first.

A 20-candle average with bands two standard deviations above and below it. The bands widen when the price swings more.

The fee your community’s bot charges on each fill, on top of Hyperliquid’s own. 0.05% on a typical bot; your bot shows its exact fee before every trade. You approve the most it can be once, when you connect.

One period on a chart, showing the open, high, low and close. Green if it closed higher than it opened, red if lower.

Positions backed by your whole account’s available balance. It gives more room before liquidation, but puts more of the account at stake.

When the price and an indicator like RSI disagree: a new high in price without a new high in the indicator. A sign that momentum is fading.

How far an account has fallen from its peak. Deep drawdowns need large gains to recover: −50% needs +100%.

A moving average that weighs recent candles more, so it turns sooner than an SMA.

The average price your position was opened at. Adding to a position moves it toward the price you added at.

An hourly payment between longs and shorts on Hyperliquid that keeps a perp near the real price. Positive: longs pay shorts. Negative: shorts pay longs.

A limit order that stays on the book until it fills or you cancel it.

A position backed only by its own margin. If it is liquidated, only that margin is lost, but liquidation comes sooner.

How many times bigger your position is than the margin behind it. At 10x, $100 of margin holds a $1,000 position, and a 1% move is 10% of the margin.

An order with a price. It fills only at that price or better, and waits on the book until then.

When losses use up a position’s margin (down to the maintenance margin), Hyperliquid closes the position. The margin behind it is lost.

A position that gains when the price rises and loses when it falls.

The 12-candle EMA minus the 26-candle EMA, with a 9-candle average of it and a histogram of the gap. A momentum measure built from averages.

The least margin a position must keep. Liquidation comes when the account falls to it, a little before the margin is completely gone.

An order that rests on the book and is filled later by someone else. Pays Hyperliquid’s lower fee, 0.015%.

Your money set aside to back a position: the position size divided by the leverage. Losses come out of it first.

The fair price Hyperliquid uses for unrealized PnL and liquidations, built from the order book and prices on other exchanges, so one odd trade can’t liquidate you.

An order that fills straight away against the order book, nearest price first, within your bot’s slippage limit. Pays the taker fee.

Halfway between the highest bid and the lowest ask.

What a trade made or lost in the end: the PnL before fees, less the fee to open, the fee to close and any funding paid (or plus funding received). Lance shows each of these when you close.

The coin’s price on other major exchanges, as Hyperliquid’s validators report it. Funding is worked out against it.

A contract that tracks a coin’s price with no expiry date. You can go long or short, with leverage, and funding keeps it near the real price.

What a position has gained or lost from the price move, before fees. Open (unrealized) PnL is what the move is worth if you closed now; realized PnL is what closed trades made or lost.

The full value of a position in USD. Amounts in Lance are position sizes, and fees are worked out on them.

A limit order that may only rest on the book. If it would fill straight away, it is cancelled instead, so it always pays the maker fee.

A trade’s gain or target measured in units of its risk. A target twice as far as the stop is 2R.

Open PnL as a percentage of the margin. At 10x, a 1% move in the price is a 10% ROE.

One whole trade: a position from its first open to its final close, however many fills it took. Its result includes fees both ways.

Momentum from 0 to 100, comparing recent gains with recent losses over 14 candles. 70 and 30 are the usual marks.

A position that gains when the price falls and loses when it rises.

The difference between the price you expected and the average price you got, when a market order walks through several rows of the book.

The average close of the last n candles, each weighted the same.

The gap between the highest bid and the lowest ask. Wide spreads make every round trip cost more.

Where RSI sits within its own recent range, from 0 to 100. Quicker and noisier than RSI.

An order that closes your position at market when the price reaches your limit, so a loss stays the size you planned.

Prices where falls (support) or rises (resistance) have stopped before. Zones many traders watch, not walls.

An order that closes your position at market when the price reaches your target.

An order that fills straight away against orders already on the book. Pays Hyperliquid’s higher fee, 0.045%.

How much traded in a period. Moves on high volume had more traders behind them.

The day’s average price weighted by how much traded at each price. Lance Trade’s chart starts it again at 00:00 UTC.