Glossary

The words these docs use for Knockout and its SDK, each in one or two sentences, with a link to the page that has the rules.

Each term has one meaning on every page. The links go to the page that has the full rules.

The basics

Term	Meaning
Knockout	The product, and what happens when the price hits your barrier: the position ends and the stake is gone.
Stake	What you put into a position, from $0.20 to $1,000. It is the most you can lose.
Long, short	Long gains when the price goes up. Short gains when it goes down.
1000x	Every position is 1000x its stake, on every market. It sets how close the barrier and the take profit are.
Take profit	The target: when the price reaches it, the position closes with a gain.
Cash out	Closing your own position before it hits the barrier or the take profit.

Positions

Term	Meaning
Barrier	The level at which a position is knocked out and you get nothing back. It is a distance from the entry, and the 1000x sets that distance. See the barrier.
Target	The take-profit level: a multiple of the stake, at or above 2.00x and up to config.params.payoutCapMultiple. A position with no target of its own has the payout cap as its target.
Rung	The target as the program reads it: rung_bps, in basis points of the stake. 20_000 is 2.00x, the lowest target.
Tenor	The protocol’s own clock for a position, config.params.tMaxSeconds, frozen onto the position at open. It is the indefinite value, so a position has no protocol clock. See the tenor.
Book	Your trader account: one account that holds all your positions. init_trader_account creates it, with 1 to 12 position slots. open does not create it.
Slot (book)	A place for one position in a book. Slots are reused, so a slot index is not a handle.
Slot (time)	A Solana slot. Every wait on the venue is a count of slots.
seq	The sequence number of a position, and its handle. Every later instruction addresses a position by its seq.

Orders and closes

Term	Meaning
Commit	An open or an add_collateral that lands. The stake is taken in that transaction and the order waits for its fill. Events give its slot as commitSlot.
Fill	The step that writes the entry price of an order: the first price of the venue’s price feed at or after the order’s target slot. See orders and closes.
Filler	A key on the venue’s list that sends the fill. You cannot fill your own order (NotAListedFiller).
Returned order (void)	An order that is not filled. The whole stake comes back (OpenVoided). After d + T_fill slots anyone may send void_open, and the venue’s keepers do. A returned order is a normal outcome.
Close request	request_close, signed by the owner or a session key. It carries no price and cannot be withdrawn. A settle completes it.
Stamp	stamp_book records on the book that a price touched a level. The settle that pays it follows.
Window quote	The first price of the venue’s price feed at or after the start of the current exit window, exitTarget + K × W. A settle of a requested or marked exit needs it.
Keeper	A program that sends settles, stamps and returns of orders. Anyone may send these. The venue runs keepers, and nobody is paid for sending a close.

Timing settings

Each one is a governed count of slots. Read them through the SDK on each request. See the timing settings.

Term	Meaning
d	The delay from an order, an add, a close request or an expiry mark to its target slot.
T_q	The latest slot after the target at which the first price can still fill an order or an add.
T_fill	The slots after the target in which a filler can fill. After them, anyone can return the order.
W	The exit window: the slots in which one price prices a requested or marked exit.
W_ko	How old a price can be and still prove a knockout or a take-profit.
M_add	The slots after a filled double-down’s price in which the position is held.

Units

Term	Meaning
Base units	Money in the SDK is a bigint in USDC base units, six decimals. 1_000_000n is one dollar.
Basis point	One hundredth of one percent. Rates such as exitFeeBps are in basis points.
Micro-basis-point	One millionth of a basis point. barrierMicroBp and takeProfitMicroBp are distances from the entry in this unit. See units.