Basic Terminology

Term	Definition
Perpetual/Perp	A leverage contract with no expiration date.
Long	Buying a contract betting the asset price will rise.
Short	Selling a contract betting the asset price will fall.
Leverage	Multiplier on your collateral (e.g., 10x = $1K controls $10K position).
Mark Price	The current fair price of the contract used for funding and liquidation calculations.
Index Price	The spot price of the underlying asset from external oracles (e.g. Chainlink).
Liquidation Price	The price at which your position will be automatically closed to prevent bad debt.
Funding Rate	Payment swapped between longs and shorts to keep the perp price near the spot price.
Sharpe Ratio	A metric used in tournaments: (Return - Risk Free Rate) / Volatility. Higher is better.
Tournament	A real-time competitive trading event where you are ranked by Sharpe Ratio.