Glossary

Venues

AMM — high-market-program. An LMSR automated market maker that always quotes both sides. Live on mainnet.

CLOB — markets. A central limit order book with off-chain matching and on-chain settlement.

LMSR — Logarithmic Market Scoring Rule. The AMM’s cost function, C = b·ln(e^(q_yes/b) + e^(q_no/b)), giving price_yes = 1/(1 + e^((q_no−q_yes)/b)).

b — the AMM’s liquidity parameter. Controls how far a trade moves the price; higher b means deeper, more expensive-to-move markets.

q_yes / q_no — outstanding YES and NO share supply on an AMM market.

Squads — the V4 multisig holding admin authority for both venues and for tournament prize custody.

Markets and outcomes

Market — One binary question with a deadline and a resolution source. A Market PDA at ["market", market_id], in whichever venue’s program owns it.

Event — A group of related markets. Linked on-chain by a MarketEventLink PDA, which drives the parlay correlation guard.

Outcome token — A YES or NO SPL token. Pays 1 USDC if its outcome happens, 0 otherwise.

Collateral — USDC. The only asset markets settle in.

Mint / Merge — Par conversions between collateral and a matched YES+NO pair. Not trades: no price, no counterparty.

Redeem — Exchange winning outcome tokens for collateral, 1:1, after resolution.

Refund — Reclaim collateral after a market is cancelled.

Identifiers

Market ID — The u64 in the Market PDA seed.

Condition ID — The market’s key in the catalogue and the order manager.

Token ID / Asset ID — Identifies one side of one market. What you place orders against.

Order hash — Domain-separated SHA-256 over an order’s fields. The orderID, the de-dup key, and the digest verified on-chain. Computed identically in four places, pinned by known-vector tests.

Question ID — An alternate market lookup key.

Trading

CLOB — Central Limit Order Book.

Maker — A trader whose order rests on the book.

Taker — A trader whose order crosses and executes against resting orders.

Price-time priority — Best price first; at equal price, earliest first; order ID as the final tiebreak.

Tick size — The price grid. Orders off the grid are rejected.

GTC / GTD / FOK — Good-til-cancelled; good-til-date; fill-or-kill.

Match type — COMPLEMENTARY (opposite sides), MINT (both BUYs) or MERGE (both SELLs).

Price-distortion guard — Caps how far a taker’s walk may push the price from a reference.

Self-trade filter — Excludes your own resting liquidity from the walk.

Game start — A market’s scheduled start. When it fires, every order created before it is ejected.

Markout — How the fair price moved after a fill. The measure of whether flow was informed.

Settlement

execute_trade — The settlement instruction. Settles one maker leg as a direct swap.

Delegate PDA — ["delegate", maker]. The program-signable address a maker approves so its tokens can move without co-signing. The real ceiling on a maker’s exposure.

Operator — The config key that must sign every settlement.

Executor — The service that builds, signs and sends settlements. The trusted single settlement instance — the program keeps no per-order fill state, so replay protection lives here.

Trade key — Taker and maker order hashes, fill amounts, fee rate and bucket. The executor’s de-duplication key.

MINED / CONFIRMED / FAILED — Trade states. CONFIRMED means finalized on Solana; that is the settlement point.

Reconciliation — After a failed settlement, invalidating the resting orders that backed it.

Parlays

Parlay / Combo / GoCombo — One slip with 2–10 legs. All must land.

Leg — One market plus a YES/NO pick, as a component of a parlay.

probability_at_entry — A leg’s probability, locked at create time and never recomputed.

Combined probability — ∏ pᵢ, accumulated at 1e12 fixed point.

Multiplier — 1 / combined_probability.

potential_payout — stake × multiplier. Mutable only on the cancelled-leg path.

min_payout — The user’s slippage floor at create time.

Voided leg — A leg whose market cancelled. Divided out of the multiplier; doesn’t kill the slip.

total_exposure — Sum of potential_payout over all open, unclaimed slips.

The 80% rule — total_exposure + new_payout ≤ 0.8 × vault.amount.

Headroom — 0.8 × vault.amount − total_exposure. What predicts user-visible rejections.

user_seq — Per-user sequence number in the Parlay PDA seed. Two tabs can race it.

Same-event correlation — The guard rejecting two legs from one event, because the multiplier assumes independence.

Solana

PDA — Program Derived Address. A deterministic account address.

ATA — Associated Token Account. An SPL token account tied to an owner.

Mint — An SPL token mint.

CPI — Cross-Program Invocation. The parlay deliberately avoids it, deserialising market accounts directly instead.

Discriminator — Anchor’s 8-byte account type tag, sha256("account:<Name>")[..8].

Compute budget — Solana’s gas limit.

Priority fee — An extra fee to prioritise a transaction.

Commitment — processed → confirmed → finalized.

LUT — Address Lookup Table. Lets v0 messages reference accounts beyond the legacy size limit. Required for MINT/MERGE settlements.

Off-chain

SIWS — Sign-In with Solana. Wallet-signed, self-verifying HTTP authentication.

Notifications stream — The ledger’s Redis stream carrying every order and trade state change.

Markets API — The catalogue service. The source of truth for token id → mint resolution.

Platform API — The Django backend indexing the on-chain programs and serving product data.

Helius — The webhook provider delivering Solana transactions to the indexer.

DeferredParlayEvent — Raised when a LegSettled arrives before its parent row. The webhook answers 503 and Helius retries.

TWAP — Time-Weighted Average Price. A one-hour window maintained by both venues; what parlay legs actually price against.