Glossary

The words on our tables and in this trade, in plain language.

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APR: A funding rate scaled to a year so venues with different intervals compare directly. It assumes the rate never changes, which it does.
Arb window: How long this route has stayed profitable on average, over its last 100 windows. It's history, so it filters which routes you see and never delays one.
Arbitrage: Buying in one place and selling in another to collect a price gap. It carries real risks: prices move, fills slip and venues halt.
Basis point (bps): One hundredth of a percent. 10 bps is 0.1%, or $1 on a $1,000 trade.
Basket: Several positions held together and judged as one, such as a coin bought on one exchange and its perp shorted on another. Net counts the costs of every leg.
Basket (prediction markets): One share of every outcome of an event on one venue. If exactly one outcome wins, the set pays one dollar, so a set bought for less after fees nets the difference.
Best size: The size that earns the most dollars on the books right now. Past it, each extra dollar costs more than it brings in.
Can finish, Too slow: An estimate of whether the coin can reach the other venue inside this route's average window. It counts network confirmations, and an exchange's own review can add more. No word means no history or no estimate yet.
Cash and carry: Buying a coin and shorting its perp, on one exchange or two, so price moves cancel out and the position earns funding while it's held.
Caution: At least one check couldn't be confirmed. It may still work, but open the row and read why before you trade it.
CEX: A centralized exchange, which holds customer funds and runs its own order books.
Cross route: Yes on one venue and no on another for the same question. One leg pays if both venues settle it the same way, so it is always Caution.
Cross-exchange: A trade with legs on two different exchanges. If the coin has to move between them, the transfer must be open, and its fee counts against net.
Depth: How much size sits on the book near the best price. A thin book moves against you as your order fills.
DEX: A decentralized exchange, where trades settle on a chain. Swap venues have no order book, so quoted size stands in for depth.
Early buyer: A wallet among the first to buy a coin in large DEX swaps over a recent window, listed only if it is in profit on what it bought and sold there. Past, not a signal to follow.
Exit cost: What it would cost to undo the position right now. It isn't taken out of net, so keep it in mind on trades you have to close.
Funding: Perp traders pay each other a small fee on a schedule. Depending on your side, you pay it or you earn it. Funding routes make their money from this.
Funding rate: The percentage paid between longs and shorts at each settlement. Positive means longs pay shorts.
Funding spread: A long perp where funding is low against a short perp of the same coin where it is high, held to collect the difference in funding rather than for a price gap to close.
Ghost spread: A spread that looks profitable on a screen but can't be executed, because fees eat it, the transfer is blocked or the book is too thin.
Gross: The price gap between the two venues, before any costs.
Maker fee: What a venue charges an order that rests on the book until someone fills it. Usually lower than the taker fee.
Min net bps: The least a route must earn after costs, in basis points of your trade size. A route that can't fill your size doesn't count. Routes show the moment they match.
Needs close: The profit isn't locked in when you open. You earn it by closing both sides once the two prices come back together.
Net: What's left of the gap after trading fees and transfer costs, priced at this size against the live order books. It's an estimate. Your fills and timing will differ.
Network: The chain a coin moves on between venues. Both sides must support it, and its withdrawal fee counts against the trade.
New: A coin a venue listed in the last 3 days, seen on its own market list. New listings rise to the top of the default order for those 3 days.
Notice: An exchange announced a delisting, a deposit or withdrawal suspension, or maintenance for a coin on this route. Routes with a leg being delisted or under maintenance move to the bottom of the default order. Read the notice before you trade.
Order book: Every open buy and sell order on a market, by price. What an order can really fill at depends on the size at each level.
Perp-perp: Long a perp on one venue and short it on another, so the position is neutral and the two funding rates net out.
Perpetual (perp): A futures contract with no expiry. Funding payments between longs and shorts keep its price near spot.
Prediction market: A market on a question's outcome. Each share pays one dollar if its outcome happens and nothing if not, so its price reads as the market's odds.
Proof Log: Our public record of closed opportunities that lasted at least 30 seconds, delayed 15 minutes.
Settlement rules: The text a venue resolves a market by, and the sources it names. Two venues' rules can resolve the same question differently, so read both before a cross route.
Slippage: The difference between the price you expected and the average you got, from walking the book or from the market moving.
Spot: Buying or selling the coin itself, for delivery now.
Spot-perp: Holding the coin and shorting its perp, which earns the gap between them without moving the coin between venues.
Spread: The gap between the price of one asset in two places, or between a market's best bid and best ask.
Taker fee: What a venue charges an order that fills at once against the book. Published fees are base rates, and your account may pay less.
Transfer status: Whether a coin can leave one venue and reach another right now, with deposits and withdrawals open on a chain both share.
Triangular: One coin in two quote currencies on the same exchange, bought in one and sold in the other, then swapped back there. Nothing moves between exchanges.
Verified: Every check passed with real data: fresh quotes, enough depth, the same coin on both sides, an open transfer path if one is needed, and a price that makes sense.
Yearly return: A return scaled to a full year, so routes held for different lengths compare directly. It assumes today's rate holds all year, which it rarely does. It's for comparing, not a forecast.