Glossary

Market value if every token that will ever exist were circulating at the current price.

Periodic payment between longs and shorts that anchors perpetual price to spot.

Temporary divergence in value when providing liquidity vs holding the assets.

How much size a pool can absorb; constant-product AMMs use x·y=k.

Market cap uses circulating supply; FDV uses total/fully diluted supply.

Value that can be extracted by reordering, inserting, or censoring transactions in a block.

Total outstanding size of open derivative contracts for a market.

Difference between expected price and executed price; impact moves the book.

Scheduled release of locked tokens; a cliff delays the first unlock.

Aggregate value of assets deposited in a protocol or across DeFi.