> For the complete documentation index, see [llms.txt](https://docs.jaawle.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jaawle.xyz/protocol/glossary.md). # Glossary **AccessRegistry.** The one contract that holds roles, the KYC allowlist and pause flags. Not upgradeable. See [Governance and roles](/protocol/governance-and-roles.md). **acceptable price.** The worst price a trader will take on an open or close; the transaction reverts `PriceNotAcceptable` if the feed has moved past it. Triggers execute without one. **ADMIN.** Role 0, held by the timelock. Configures, upgrades, unpauses. **bad debt.** A trader's loss beyond their collateral. The insurance vault covers it under caps; the rest is booked in `PositionManager.badDebtUsd` and borne by the pool. **bid, ask, mid.** Pyth's price (mid) and the price minus and plus its confidence interval. Longs fill at the ask and close at the bid; shorts the reverse; marks use the mid. **borrow.** The per-second charge a position pays the pool for the capital it reserves, `borrowRatePerSecond x utilisation`. Tracked as a per-market index; settled with funding as one leg. **closing mark.** The last accepted print, served by the PriceFeed with bid = ask = mid while a stock market is Closed and the feed is quiet, for up to `maxMarkAge` (4 days). NAV and liquidation detection keep working on it; nothing executes at it. **collateral.** USDC posted against a position, held by the PositionManager. Fees are taken from it. **dividend pass-through.** On an ex-date, the credit to longs and debit to shorts of `tokens x perShare`, so the perp stays fair against a spot index. Funded by the dividend on the shares the pool holds. **dividendFeeBps.** The share of the net dividend a pool would route to the treasury. Deployed at 0: dividends are LP yield. **dShare.** The issuer's tokenized share (Dinari), one token per share, backed by the stock held at a broker. What a share-backed pool holds. **equity.** `collateral + unrealised P&L at the mid + dividend adjustment − borrow owed − close fee`. Compared with the maintenance margin. **FACTORY.** Role 5, held by the PoolFactory. Registers a new market with the PositionManager. **fee switch.** `protocolFeeBps`: the share of taker fees and of the borrow leg paid to the treasury. 10 % in the local deployment. **flag.** A public call that records a liquidatable position (or a crossed trigger) and starts the keeper's priority window. **funding.** The skew charge paid by the heavier side of a market to the pool, `maxFundingPerSecond x skew`. The lighter side receives nothing. **GUARDIAN.** Role 4. Can pause a contract or everything; can never unpause. **idle USDC.** A pool's USDC above its reserve floor: what redemptions, parent withdrawals and issuer buys can draw on. **index vault.** The parent vault (`IndexVault`, token `RWA-LP`) that spreads one USDC deposit across the share-backed pools at target weights. **insurance vault.** Protocol-owned USDC funded by 10 % of fees and the borrow leg and 70 % of liquidation penalties; covers bad debt up to $50 000 per transaction and $200 000 per day. **inventory.** The shares a share-backed pool holds (`stockBalance`). Longs reserve it; sells and stock redemptions can only use the unreserved part. **issuer.** The partner that mints and redeems the tokenized shares and pays their dividends. Today Dinari. The contracts see an `issuerAdapter` wallet and a SETTLER role. **issuer adapter.** The operator wallet at the issuer that holds a pool's escrow while an order is in flight. A transient escrow, not custody. **KEEPER.** Role 1, the off-chain operator: pushes prices, executes requests, places issuer orders, shifts the index, sweeps dividends, liquidates and fires triggers first. Bounded on-chain. **leverage.** `size / collateral`, checked after fees: at most `maxLeverage` (10x stocks, 20x crypto, 5x memes). **liquidation.** The forced close of a position whose equity is at or below maintenance. Keeper first, anyone after 30 s from a flag; 1.5 % penalty split 30 % liquidator, 70 % insurance; positions above $50 000 in 30 % chunks. **LP token.** A pool's ERC-20 share, priced at `NAV / supply` with a virtual share and dollar. Minted and burned through requests. **maintenance margin.** `size x maintenanceBps`, times 1.5 outside the Regular session. The equity floor below which a position is liquidatable. **mint and burn fee.** The pool's LP fee on executed requests: 30 bps base, minus a rebate or plus a tax of up to 50 bps by how the request moves the pool's split relative to its target. Flat 30 bps on synthetic pools. **NAV.** A pool's net asset value: USDC, USD+, order escrow, shares at the bid, minus what it owes traders (`poolExposure`). **one-click trading.** A subaccount key the account grants limited rights to through the TradeRouter; its signed actions are relayed by the keeper for a bounded USDC fee. Payouts always go to the account. **open interest (OI).** Total size open per side of a market. Longs are capped by inventory, shorts by a share of the pool's USDC. **partial close.** A `decreasePosition` for less than the whole size; realised P\&L and the requested collateral are paid, the rest stays open. **pool (MarketPool).** One per market; holds the market's assets, mints the LP token and is the counterparty to every position in that market. **PoolFactory.** Creates pools as BeaconProxies and registers them. **poolExposure.** The net amount a pool owes its traders: unrealised P\&L at the mid plus the dividend pass-through accrued. Subtracted from NAV. **POSITION\_MANAGER.** Role 3, held by the PositionManager; lets it draw on the insurance vault. **PositionManager.** The trading engine: positions, fees, borrow, funding, dividends, liquidations. **PriceFeed.** The Pyth wrapper: bid, ask, mid, the guards, the session, the closing mark. **protocol fee.** See fee switch. With the 10 bps fee on dShare purchases through the terminal, the platform's revenue. **Regulation S.** The US securities exemption under which only non-US persons may access the product. **request.** A queued deposit or redemption with a `minOut` and a TTL, executed by the keeper at the NAV of execution; cancellable by the requester after the TTL. **reserve floor.** 15 % of NAV that a pool keeps in USDC and never spends on stock or pays out below. **ROUTER.** Role 6, held by the TradeRouter and the TriggerBook: may act for an account through the `...For` entry points, whose payouts go to the account. **session.** Regular, Extended or Closed, pushed by the settler from the NYSE calendar and expiring to Closed after 2 hours. Opens only in Regular; closes and liquidations in Regular or Extended; detection only while Closed. Crypto markets are always Regular. **SETTLER.** Role 2, the issuer adapter wallet: sets the session, books issuer fills, refunds stale orders, swaps USD+. **short cap.** `shortCapBps` of a pool's USDC (80 %, 50 % on memes): the most short open interest the pool will face. On a synthetic pool the long cap is the same amount in tokens. **size, notional.** The USD value of a position at entry. **tokens** is its share count of exposure, `size / entry price`. **skew.** `|long OI − short OI| / (long OI + short OI)`; drives funding. **staking.** Depositing dShares into the stock's pool: a `DepositStock` request, valued at the bid, minted at NAV. **synthetic pool.** A cash-only pool for an asset the pool does not hold (crypto, memes). Both sides are P\&L bets sized by the cap. **take-profit, stop-loss.** Levels stored per position in the TriggerBook; checked against the bid (longs) or ask (shorts); executed as a market close by the keeper, or by anyone after the priority window from a flag. **timelock.** The `TimelockController` that holds ADMIN and owns the pool beacon. 24 hour delay in production. **TradeRouter.** The one-click trading contract: grants, signed actions, relay fees. **treasury.** The address that receives the protocol fee (and any `dividendFeeBps` share, which is 0). The multisig in production. **TriggerBook.** The take-profit and stop-loss contract. **USD+.** The issuer's settlement stablecoin. A pool counts it at par and the settler swaps it for USDC one-for-one. **utilisation.** `(long OI + short OI) / NAV`, capped at 100 %; drives borrow. **virtual shares.** The 1e18 share and 1e18 dollar added to the LP token's conversion so the first depositor cannot be griefed and the share price starts at $1. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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