> For the complete documentation index, see [llms.txt](https://perps.gitbook.io/perps./llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://perps.gitbook.io/perps./overview/glossary.md).

# Glossary

## Base Sepolia

The Base test network used for the current public testnet.

## Bonding Curve

An on-chain pricing model where token price changes as users buy and sell along configured supply distribution.

## Creator Market

A market associated with a creator profile or creator token.

## Curve Sold

The percentage of bonding-curve supply already distributed through trading.

## Graduation

The transition point where a creator token exits its initial bonding-curve phase after reaching the configured distribution target.

## Index Price

Reference price path used for market alignment and pricing context.

## Mark Price

Operational price reference used for perp PnL and risk checks.

## Funding Rate

Periodic transfer mechanism between longs and shorts that helps align perpetual-market pricing with the reference market.

## Margin

Collateral posted to support a leveraged perpetual position.

## Notional

Total exposure size of a position, typically larger than posted margin when leverage is used.

## Leverage

Multiplier that scales position exposure relative to margin.

## Liquidation Price

Estimated price level where a position may be liquidated if margin is insufficient for maintenance requirements.

## Slippage

Difference between expected and actual execution due to market movement or liquidity conditions.

## Open Interest (OI)

Aggregate notional value of open positions in a market.

## XP

Testnet participation points used for profile progress, badges, and rank.