> ## Documentation Index
> Fetch the complete documentation index at: https://docs.leap.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# 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.